Third Coast Bancshares agreed to acquire Great Plains Bancshares in an all-share transaction valued at about $239.6 million. The proposed combination would create a bank with approximately $9 billion in assets and 43 branches across Texas and Oklahoma. Both boards unanimously approved the agreement, which remains subject to shareholder and regulatory approvals. The companies expect completion in the first quarter of 2027.
Houston-based Third Coast had about $7 billion in assets before the transaction, while Great Plains reported $1.9 billion at the end of June. Great Plains operates 23 branches across Oklahoma and Texas, complementing Third Coast's 20-branch network in major Texas markets. The acquisition would mark Third Coast's entry into Oklahoma and expand its presence in Dallas. It follows Third Coast's earlier purchase of Austin-based Keystone Bancshares.
SHARE TERMS AND GOVERNANCE
Third Coast expects to issue 5,570,352 common shares to Great Plains owners. Existing Third Coast shareholders would hold about 78% of the combined company and Great Plains shareholders about 22%. The stated value was based on Third Coast's closing share price on 6 October.
Great Plains National Bank would merge into Third Coast Bank after completion. The business would continue to operate under the Great Plains Bank name as a division of Third Coast Bank. Two Great Plains representatives would join the Third Coast and bank boards, while Great Plains chief executive Mark Russell would retain a leadership role.
APPROVALS AND INTEGRATION
The transaction requires Great Plains shareholders to approve the merger and Third Coast shareholders to approve the related share issuance. Regulatory clearances and other customary conditions must also be satisfied. The companies said closing was anticipated early in the first quarter of 2027.
The combination would give Third Coast greater scale in Texas and a new Oklahoma franchise, but those benefits depend on securing approvals and integrating the two banks. The next concrete milestones are the shareholder votes and regulatory decisions. Until completion, Great Plains and Third Coast will continue to operate separately.