Third Coast Bancshares, the parent of Third Coast Bank, SSB, has signed a definitive agreement to combine with Heritage Bancorp, the parent of Heritage Bank, in a merger of equals’ transaction.
Under the agreement, Heritage will merge into Third Coast.
The combined entity will adopt the Third Coast brand and manage over $1.1bn in assets. It will have 12 branches and one loan production office across Texas.
Third Coast chairman and CEO Bart Caraway said: “This transaction supplements the organic growth of our Houston footprint and compliments our Texas branch network with a high-quality bank operating in attractive Texas markets.
“The combined bank will have a presence in three of the four major Texas metropolitan areas and pro forma total assets over $1.1bn.”
Headquartered in Pearland of Texas, Heritage operates through five locations and oversees $290m in assets. The lender offers consumer, real estate, commercial and agricultural banking services.
Heritage president and CEO Dennis Bonnen said: “Our customers and employees will continue to benefit from our commitment to exemplary customer service and investment in our communities. We believe our company will meaningfully contribute to the combined organisation.”
The merger is pending shareholder and regulatory approvals, with closure anticipated in the fourth quarter of 2019.