Third Coast Bancshares to Acquire Great Plains Bancshares in Definitive Merger
TCBX sits 20% above its 52-week low of $35.73.
Summary
Third Coast Bancshares has entered into a definitive merger agreement with Great Plains Bancshares, Inc. The all-stock transaction is valued at about $239.6 million. Third Coast expects to issue 5,570,352 shares, with Great Plains shareholders owning about 22% of the combined company; two Great Plains representatives will join Third Coast's boards and CEO Russell will continue in a leadership role. On a pro forma basis, the combined company is expected to have about $9 billion in assets. The deal expands Third Coast's footprint and follows its recent Keystone merger, which nearly doubled the balance sheet. The transaction is subject to regulatory and shareholder approvals. This is the first public disclosure of the agreement.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Third Coast expects to issue 5,570,352 shares, with Great Plains shareholders owning about 22% of the combined company; two Great Plains representatives will join Third Coast's boards and CEO Russell will continue in a leadership role.
At the time of this announcement, TCBX was trading at $43.02 on NYSE in the Finance sector, with a market capitalization of approximately $716.5M. The 52-week trading range was $35.73 to $46.36. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.