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Texas bank Third Coast Bancshares files for a $75 million IPO

October 15, 2021

Third Coast Bancshares, a commercially-focused Texas bank with 12 branches, filed on Friday with the SEC to raise up to $75 million in an initial public offering.

Third Coast Bancshares is a commercially-focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank. It also operates through Third Coast Commercial Capital, a commercial finance company. Third Coast currently operates 12 branch locations, with seven in the Greater Houston market, two in the Dallas-Fort Worth market, two in the Austin-San Antonio market, and one in Detroit, Texas. As of June 30, 2021, Third Coast had total assets of $2.0 billion, total loans of $1.6 billion, total deposits of $1.8 billion, and total shareholders' equity of $138 million.

The Humble, TX-based company was founded in 2008 and booked $82 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol TCBX. Third Coast Bancshares filed confidentially on August 12, 2021. Stephens Inc., Piper Sandler, and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.