Third Coast Agrees $240m Deal for Oklahoma Bank

Third Coast Bancshares has agreed to acquire Oklahoma City-based Great Plains Bancshares for approximately $239.6 million in stock, in a deal that will create a banking group with around $9 billion in assets.

The acquisition will bring Great Plains National Bank into Third Coast’s network, adding 23 branches across Oklahoma and Texas.

The combined group will operate 43 branches, strengthening the Texas-based lender’s presence in the Dallas market while giving it an entry point into Oklahoma.

Third Coast founder and CEO Bart Caraway said the link-up would create a stronger organization with greater scale and capacity, adding: “With us, they'll be able to continue to ride along with those same customers as they get bigger."

The transaction will be paid entirely in Third Coast shares, with the valuation based on the bank’s closing share price on October 6. Following completion, existing Third Coast shareholders are expected to own approximately 78% of the combined company, with Great Plains shareholders holding the remaining 22%.

Great Plains CEO Mark Russell will continue in a leadership role, while two Great Plains representatives will join the boards of Third Coast and Third Coast Bank.

The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions. Third Coast’s previous high-level acquisition was Austin-based Keystone Bancshares for $123 million last year.