Houston-based Third Coast Bancshares is expanding in Austin by acquiring Keystone Bancshares in a $123 million stock-and-cash deal..The deal, which includes Keystone’s two branches in Austin, one in the central Texas town of Ballinger and an LPO in Bastrop, Texas, is expected to close in the first quarter of next year. The combined company is expected to have more than $6 billion in assets and operate under the Third Coast name and brand. Third Coast Bancshares is the parent company of Third Coast Bank. Keystone Bancshares is the parent company of Keystone Bank. Founded in 2008 and headquartered in Humble, Texas, Third Coast Bank has 19 branches across Houston, Dallas-Fort Worth, Austin and San Antonio. Keystone Bank, established in 2018 and headquartered in Austin, reported $1.02 billion in assets as of June 30.“We are thrilled to join forces with Keystone — a partnership that aligns with our strategy to strengthen our presence in the greater Austin market,” said Third Coast CEO Bart Caraway. “Together, we will create significant benefits for our customers, driving innovation and operational excellence.”St. Petersburg, Fla.-based Raymond James & Associates served as financial advisor and Norton Rose Fulbright US LLP was legal counsel to Third Coast. Little Rock, Ark.-based Stephens Inc. advised Keystone, with Austin-based Fenimore Kay Harrison LLP providing legal counsel.
