HOUSTON - Third Coast Bancshares, Inc. (NASDAQ: TCBX), the parent company of Third Coast Bank, has announced the successful conversion of its charter from a Texas state savings bank to a Texas banking association. This change took effect on Wednesday, allowing the bank to broaden its commercial lending while maintaining its existing range of services.
The charter conversion is part of Third Coast's strategic growth plan, which aims to better serve the commercial and retail banking needs of its customers. According to Bart Caraway, Chairman, President, and CEO of Third Coast, the shift supports the expansion of the bank's commercial loan portfolio without altering the level of service customers have come to expect since 2008.
Previously regulated by the Texas Department of Savings and Mortgage Lending, the Bank is now chartered and regulated by the Texas Department of Banking. Despite the change, Third Coast Bank will remain a Federal Reserve System member bank and continue to offer FDIC deposit insurance.
As part of the rebranding, Third Coast Bank has removed the "SSB" designation from its name and logo. The company will also update its website URL and email addresses to reflect the new status, with changes going live on March 16, 2024.
Third Coast Bancshares, Inc., headquartered in Humble, Texas, operates primarily in Texas's major metropolitan areas, including Houston, Dallas-Fort Worth, and Austin-San Antonio. The bank conducts its operations through 16 branches.
This press release includes forward-looking statements subject to risks, uncertainties, and assumptions. The company cautions that actual results could differ materially from those projected in the forward-looking statements due to various factors, including market conditions, economic trends, and regulatory changes.
The information in this article is based on a press release statement from Third Coast Bancshares, Inc.
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