Third Coast Bancshares, a Texas commercial bank with 12 branches, raised $88 million by offering 3.5 million shares at $25, the midpoint of the $24 to $26 range. The company originally filed to offer 3.0 million shares. At pricing, the company raised 17% more in proceeds than expected.
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 under the name Third Coast Bank. It also operates through Third Coast Commercial Capital, a commercial finance company. Third Coast currently operates 12 branch locations. 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.
Third Coast Bancshares plans to list on the Nasdaq under the symbol TCBX. Stephens Inc., Piper Sandler, and Deutsche Bank acted as joint bookrunners on the deal.
