On July 13, Third Coast Bancshares Inc., the holding company of Humble-based Third Coast Bank, announced that it has closed the sale of substantially all of the assets of Third Coast Commercial Capital Inc., a wholly owned subsidiary of the bank, to New Orleans, Louisiana-based Gulf Coast Bank & Trust Co.
“The sale…allows us to monetize the existing portfolio while maintaining a meaningful ongoing relationship with a strong, experienced partner,” says Bart Caraway, founder, chairman, president and CEO of Third Coast. “We believe this structure provides immediate capital benefits while preserving our ability to continue supporting clients who value access to factoring solutions.”
The transaction provides for total consideration of approximately $27.5 million at closing and a gain of $3.5 million, along with a structured ongoing revenue share. Following the transaction, Third Coast will continue to offer factoring solutions through a strategic partnership with Gulf Coast, a well-established, large bank-owned accounts receivable platform. Additionally, Third Coast will continue to focus on its core commercial banking, asset-based lending and specialty lending platforms, on which the company sees opportunities for continued growth and differentiation.
Third Coast Bancshares Inc. is a commercially focused bank holding company operating primarily in the Austin, Dallas/Fort Worth, Greater Houston and San Antonio markets through its wholly owned subsidiary, Third Coast Bank. Established in 2008, Third Coast Bank operates 21 branches.
With more than $3.8 billion in assets, Gulf Coast Bank & Trust Co. has 43 locations across the U.S., including 24 full-service banking centers spanning from Baton Rouge, Louisiana, to Panama City, Florida.
