Houston-based Third Coast Bancshares has agreed to acquire Oklahoma City-based Great Plains Bancshares and its subsidiary, Great Plains National Bank, for roughly $239.6 million in stock. The transaction matters because it extends Third Coast beyond Texas into Oklahoma while also deepening its presence in the growing Dallas market, where Great Plains entered in 2018 through its acquisition of Liberty Federal Savings Bank. At closing, the combined company will have about $9 billion in assets and 43 branches, a scale that Third Coast says will create greater capacity to support customers.
The mechanics of the deal are structured as a merger of Third Coast's wholly-owned subsidiary, Thunder Merger Sub, into Great Plains, with Great Plains shareholders receiving Third Coast common stock in exchange for their shares. Great Plains will then merge into Third Coast, and Great Plains National Bank will merge into Third Coast Bank. The acquisition target will continue operating as Great Plains Bank, a division of Third Coast Bank. Pro forma equity ownership will be roughly 78% held by Third Coast shareholders and 22% by Great Plains shareholders. The deal is expected to close in the first quarter of 2027.
The factual basis for the transaction comes from a single full-text report by Banking Dive, a secondary trade publication. The report cites June figures showing Great Plains National Bank with $1.9 billion in assets, $1.7 billion in loans, and $1.7 billion in total deposits. The centenarian bank operates 23 branches spanning Oklahoma and Texas. Third Coast CEO Bart Caraway said the combination is "creating a stronger organization with greater scale, expanded capabilities, and increased capacity to support our customers." Great Plains CEO Mark Russell framed the fit around relationship banking, saying Third Coast's "commitment to relationship banking, local leadership, and community investment makes this partnership a natural fit." Russell will continue in a leadership role after closing, and two Great Plains representatives will be appointed to the boards of Third Coast and Third Coast Bank.
The deal follows roughly a year after Third Coast announced its $123 million purchase of Austin, Texas-based Keystone Bancshares, which closed in February and strengthened Third Coast's position in the Austin market. The Oklahoma transaction signals a continued expansion strategy focused on adjacent markets and relationship-oriented community banks. For the broader banking sector, the deal illustrates ongoing consolidation among regional and community banks seeking scale, branch efficiency, and geographic diversification. The stock-based consideration also suggests a structure that preserves capital while aligning the target's shareholders with the combined company's performance.
The evidence base is limited to one secondary source, and the dossier does not include the merger agreement itself, regulatory filings, or independent financial analysis. Key unknowns include the exchange ratio for Great Plains shares, any regulatory approvals required, potential branch consolidations, and the financial impact on Third Coast's earnings or capital ratios. The reported $9 billion in combined assets and 43 branches are forward-looking figures tied to closing, which is not expected until the first quarter of 2027. Readers should treat the valuation and ownership split as reported by the source rather than independently verified. What to watch next includes regulatory review, shareholder approval, and whether Third Coast pursues additional acquisitions after integrating Great Plains.