Third Coast Bank, a community bank based in Humble, has completed its initial public offering (IPO). It raised $88 million by offering 3.5 million shares at $25, the mid-point of the range.
Yesterday, two large publicly-traded Houston community banks, Allegiance and CBTX, announced they would merge.
The bank has total assets of $2 billion. It has 12 branches mostly in small towns close to large metropolitan areas. It has 5 in the Houston-area, 2 in Dallas/Plano, 2 around San Antonio, 2 in Beaumont, 1 in Austin and 1 in Detroit, TX. Some of those came with the acquisition of Heritage Bank in January 2020.
Third Coast was formed in 2008 by founder and CEO Bart Caraway. He was previously the CFO and COO at Houston-based Patriot Bank.
The CFO is John McWhorter. He joined in January 2021 and was previously CFO at Bank of Houston and Cadence Bank