The deal, expected to close in the first quarter of 2027, will create a combined entity with about $9 billion in assets and 43 branches.
Great Plains National Bank, a centenarian institution, reported $1.9 billion in assets, $1.7 billion in loans, and $1.7 billion in deposits as of June. The merger will expand Third Coast’s presence into Oklahoma and deepen its reach in the Dallas market, where Great Plains entered in 2018 through its acquisition of Liberty Federal Savings Bank.
Under the agreement, Third Coast’s subsidiary, Thunder Merger Sub, will merge into Great Plains. Great Plains shareholders will receive Third Coast common stock in exchange for their shares. Post-merger, Great Plains will operate as a division of Third Coast Bank, retaining its name.
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Bart Caraway, founder and CEO of Third Coast, stated, “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.”
Mark Russell, CEO of Great Plains National Bank, emphasized the shared values between the two institutions: “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.”
Russell will remain in a leadership role after the deal closes. Additionally, two Great Plains representatives will join the boards of Third Coast and Third Coast Bank. Pro forma equity ownership will be approximately 78% for Third Coast shareholders and 22% for Great Plains shareholders.
