Third Coast Bancshares, Inc.

Third Coast Bancshares, Inc. and Great Plains Bancshares, Inc. jointly announced the signing of a definitive merger agreement under which Third Coast will acquire Great Plains in an all-stock transaction valued at approximately $239.6 million, based on Third Coast's closing stock price as of October 6, 2026. On a pro forma basis, the combined company is expected to have approximately $9 billion in assets following completion of the transaction. Third Coast expects to issue 5,570,352 shares of its common stock, resulting in pro forma equity ownership of approximately 78% by Third Coast shareholders and 22% by Great Plains shareholders. Great Plains, headquartered in Oklahoma City, Oklahoma, operates a 23-branch franchise across Oklahoma and Texas and reported approximately $1.9 billion in total assets as of June 30, 2026. The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2027, subject to customary regulatory approvals, approval by Great Plains' shareholders and approval by Third Coast's shareholders of the share issuance. Two Great Plains representatives will be appointed to the boards of directors of Third Coast and Third Coast Bank, and Great Plains Chief Executive Officer Mark Russell has agreed to continue serving in a leadership role following the closing.

Third Coast Bancshares, Inc. announced the appointment of Bernardo "Bernie" Lacayo as EVP, Head of Corporate Banking, effective immediately. Lacayo joined Third Coast in March 2026 and brings more than three decades of banking and financial services experience, with responsibility for advancing the Bank's corporate banking strategy and expanding its capabilities for larger, more complex client relationships. He spent nearly 18 years with CIBC Bank USA and its predecessor, The PrivateBank & Trust Company, most recently serving as Head of Loan Markets from 2025 to 2026, and previously as Head of Loan Syndications from 2008 through 2024. Earlier in his career he was Senior Vice President and Division Manager at Citizens Financial Group and held senior roles at LaSalle Bank. Third Coast Bancshares is the Texas-based holding company of Third Coast Bank, which operates 21 branches across the Austin, Dallas-Fort Worth, Greater Houston, and San Antonio markets.

Third Coast Bancshares posted a strong second quarter with record diluted earnings per share, net interest income rising 12.4% to $60.3 million, and net interest margin expanding to 3.83%, above management's post-Keystone target. Total loans increased by approximately $185 million, driven almost entirely by a $187 million rise in commercial and industrial lending, while total deposits grew $140.4 million and the average cost of deposits fell 12 basis points. The efficiency ratio improved sharply to 56.5% from 66.1%, and the company completed the sale of Third Coast Commercial Capital for total consideration of about $27.5 million, generating a $3.5 million gain. Credit quality remained healthy, with non-performing loans declining to 0.55% of total loans and the allowance for credit losses edging up to 0.99% of total loans. Management guided for quarterly loan growth of $75 million to $125 million and indicated the net interest margin could be flat to slightly higher in the third quarter before securitization benefits.