Third Coast Bancshares has agreed to acquire Great Plains Bancshares in an all-stock transaction valued at approximately $239.6 million, creating a combined banking organization expected to have approximately $9 billion in assets.
The transaction value is based on Third Coast’s closing stock price on October 6, 2026.
Third Coast Bancshares is the parent company of Third Coast Bank, while Great Plains Bancshares is the parent company of Great Plains National Bank.
The combination will expand Third Coast’s presence in the Dallas market and establish its entry into Oklahoma.
Great Plains is headquartered in Oklahoma City and operates a 23-branch franchise across Oklahoma and Texas. The bank has served western Oklahoma and surrounding markets for more than 100 years before expanding into the Oklahoma City metropolitan area and North Texas.
As of June 30, 2026, Great Plains reported approximately $1.9 billion in total assets, $1.7 billion in gross loans and $1.7 billion in deposits.
Under the merger agreement, Thunder Merger Sub, a wholly owned Third Coast subsidiary, will initially merge into Great Plains. Great Plains shareholders will receive Third Coast common shares in exchange for their Great Plains shares.
Great Plains will subsequently merge into Third Coast, and Great Plains National Bank will merge into Third Coast Bank.
Following completion, Great Plains will continue operating under the Great Plains brand as Great Plains Bank, a division of Third Coast Bank.
Third Coast will remain publicly traded on the NYSE and NYSE Texas under the ticker TCBX.
Third Coast expects to issue 5,570,352 shares of common stock in connection with the transaction.
Following the merger, existing Third Coast shareholders are expected to own approximately 78% of the combined company, with Great Plains shareholders owning approximately 22%.
Two representatives from Great Plains will join the boards of Third Coast and Third Coast Bank. Great Plains National Bank Chief Executive Officer Mark Russell has also agreed to continue serving in a leadership role following the transaction.
Third Coast currently operates primarily across the Greater Houston, Dallas-Fort Worth and Austin-San Antonio markets through Third Coast Bank. Founded in 2008 in Humble, Texas, the bank operates 20 branches across Texas’ four largest metropolitan areas.
Combined with Great Plains’ 23-branch network, the transaction will significantly expand Third Coast’s geographic reach across Texas and Oklahoma.
The boards of both companies unanimously approved the merger.
Closing is expected during the first quarter of 2027, subject to regulatory approvals, customary closing conditions, Great Plains shareholder approval of the merger and Third Coast shareholder approval of the common stock issuance.
Keefe, Bruyette & Woods, a Stifel company, is serving as financial advisor to Third Coast, with Norton Rose Fulbright US serving as legal advisor.
Stephens is financial advisor to Great Plains, while Fenimore Kay Harrison is serving as its legal advisor.
KEY QUOTES:
“We are thrilled to join forces with Great Plains, an exceptional franchise rooted in relationships across Oklahoma and North Texas, a talented team, and a well-earned reputation for doing right by its customers. Together, we are creating a stronger organization with greater scale, expanded capabilities, and increased capacity to support our customers. This combination will strengthen our ability to serve businesses and communities across our markets while creating long-term value for all stakeholders.”
Bart Caraway, Founder, Chairman, President and Chief Executive Officer of Third Coast
“Great Plains was built on the belief that strong relationships create strong communities. As we looked to the future, it was important to find a banking partner that shared that belief. Third Coast’s commitment to relationship banking, local leadership, and community investment makes this partnership a natural fit. Together, we can honor our heritage, expand opportunities for our customers and employees, and advance our shared purpose of growing communities throughout the markets we serve.”
Mark Russell, Chief Executive Officer of Great Plains National Bank
