Third Coast Bancshares agrees to buy Great Plains Bancshares in stock deal

Third Coast Bancshares agreed to acquire Great Plains Bancshares in a two-step merger, followed by merging Great Plains National Bank into Third Coast Bank. Great Plains shareholders will receive Third Coast common stock based on an exchange ratio tied to 5,570,352 shares issued in total. Consideration may be reduced if Great Plains falls below $153.3 million of capital, surplus, and retained earnings less intangibles at closing. The deal includes an $11.98 million termination fee payable by Great Plains under certain breakup scenarios. Third Coast plans to add two Great Plains directors to its board, naming Todd Taylor and Paul M. Dickinson. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Third Coast Bancshares Inc published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125