Third Coast Bancshares, Inc. Enters into Renewal, Extension and Modification of Loan of the Loan Agreement
April 24, 2024 at 04:12 pm
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Effective March 12, 2024 (the Effective Date), Third Coast Bancshares, Inc. entered into a Renewal, Extension and Modification of Loan (the Amendment") of the Loan Agreement, dated March 10, 2021, by and between the Company and American National Bank & Trust (the Loan Agreement"). As of March 12, 2024, the Company had outstanding borrowings under the Loan Agreement of $43,875,000 and it had pledged all of the issued and outstanding capital stock of Third Coast Bank as collateral for the loan under the Loan Agreement. The Amendment, among other things, (i) extends the maturity date of the loan under the Loan Agreement from September 10, 2024 to March 10, 2026; (ii) increases the maximum commitment under the Loan Agreement from $50,000,000 to $55,000,000; (iii) amends the interest rate provision to provide that the interest rate per annum under the Loan Agreement shall be equal to the U.S. Prime Rate" reported by The Wall Street Journal, less 0.625%, subject a floor rate of 5.00%; and (iv) modifies certain covenants under the Loan Agreement.
Third Coast Bancshares, Inc. is a bank holding company. The Company operates through its wholly owned subsidiary, the Bank, and the Bankâs wholly owned subsidiary, Third Coast Commercial Capital, Inc. It focuses on providing commercial banking solutions to small and medium-sized businesses and professionals with operations in its markets. The Banks deposits include checking accounts, money market accounts, savings accounts, a variety of certificates of deposit and individual retirement accounts. It provides a range of banking services, such as retail and commercial online banking platforms, mobile banking apps, debit cards, credit cards, a suite of treasury management solutions, merchant card services and customer digital solutions. The Banks investment portfolio includes state and municipal securities, mortgage-backed securities, agency collateralized mortgage obligations, United States treasury bonds, and corporate bonds. It conducts banking operations through 15 branches.
THIRD COAST BANCSHARES, INC. 
