Third Coast Bank's $60 Million Deal with Syntrio Solutions LLC to Propel Fiber Network Expansion

Rhea-AI Summary

Third Coast Bank, a subsidiary of Third Coast Bancshares, Inc. (NASDAQ: TCBX), has successfully completed a New Syndicated Senior Credit Facility for Syntrio Solutions , surpassing the initial $50 million goal to reach $60 million. Syntrio specializes in providing high-speed internet and advanced technology services to underserved communities in North Texas and Southern Oklahoma.

The partnership aims to bridge the digital divide in rural areas, with the funds supporting Syntrio's fiber deployment. This investment aligns with Third Coast's commitment to community development and is expected to spur economic growth by bringing essential high-speed internet services to overlooked regions.

Positive

• Successful completion of a $60 million New Syndicated Senior Credit Facility, exceeding the initial $50 million goal
• Strong interest from potential lenders led to oversubscription of the credit facility
• Partnership with Syntrio Solutions to expand fiber network in underserved areas
• Potential for increased business opportunities and community development through improved internet access

Negative

• None.

HOUSTON, Sept. 16, 2024 /PRNewswire/ -- Third Coast Bank (the "Bank," "Third Coast," "we," "us," or "our"), a wholly owned subsidiary of Third Coast Bancshares, Inc. (NASDAQ: TCBX), is pleased to announce today the successful completion of a New Syndicated Senior Credit Facility led by the Bank's Corporate Banking team. 

Surpassing the initial $50 million fundraising goal, strong interest from potential lenders led to oversubscription, increasing the senior credit facility to $60 million for Syntrio Solutions LLC.  Syntrio specializes in delivering exceptional high-speed internet and advanced technology services to underserved communities and new markets across North Texas and Southern Oklahoma.

Kirk Petty, CEO of Syntrio Solutions, conveyed his appreciation for the deal, remarking, "We are grateful for Third Coast Bank's trust in our vision. This funding will empower us to implement our plans and create a tangible impact on individuals and businesses. We look forward to a successful collaboration and the positive impact it will bring."

The partnership marks a significant milestone for both Third Coast and Syntrio, as they aim to bridge the digital divide in underserved regions. The allocated funds will support Syntrio's fiber deployment, ensuring high-speed internet access to communities that have long been overlooked by major service providers.

"We are thrilled to support Syntrio Solutions in their mission to deliver fast and reliable internet services to rural areas," said Elizabeth Falco, Executive Vice President of Corporate Banking at Third Coast Bank. "This investment not only aligns with our commitment to community development but also spurs economic growth and opportunities for the businesses and residents in the surrounding areas by bringing them essential services reliant on high-speed internet," Falco concluded.

Third Coast remains committed to investing in digital infrastructure that enhances communities by facilitating global market access, boosting business efficiency, providing educational resources, linking to healthcare services, expanding job prospects, and delivering real-time information in critical situations.

About Syntrio

Syntrio is part of the fabric of North Texas and Southern Oklahoma communities, connecting businesses and households to the rest of the world. At Syntrio, we act as a pillar in the communities we serve, providing dependable internet services that empower residents and businesses. Our mission remains to break down technological barriers and offer our customers the support and service they deserve. For more information, please visit https://syntrio.net.

About Third Coast Bank

Third Coast Bancshares, Inc. (NASDAQ: TCBX) is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank. Founded in 2008 in Humble, Texas, Third Coast Bank conducts banking operations through 19 branches encompassing the four largest metropolitan areas in Texas. Please visit https://www.thirdcoast.bank for more information.

Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations 
(713) 529-6600
TCBX@dennardlascar.com

View original content:https://www.prnewswire.com/news-releases/third-coast-banks-60-million-deal-with-syntrio-solutions-llc-to-propel-fiber-network-expansion-302248922.html

SOURCE Third Coast Bancshares

FAQ

What is the value of the credit facility Third Coast Bank (TCBX) arranged for Syntrio Solutions ?

Third Coast Bank arranged a $60 million New Syndicated Senior Credit Facility for Syntrio Solutions , exceeding the initial $50 million goal due to strong interest from potential lenders.

What will Syntrio Solutions use the $60 million credit facility from Third Coast Bank (TCBX) for?

Syntrio Solutions will use the $60 million credit facility to support their fiber deployment, ensuring high-speed internet access to underserved communities in North Texas and Southern Oklahoma.

How does the partnership between Third Coast Bank (TCBX) and Syntrio Solutions benefit communities?

The partnership aims to bridge the digital divide in rural areas by providing high-speed internet access, which is expected to spur economic growth, enhance business efficiency, provide educational resources, and improve access to healthcare services in underserved communities.

When did Third Coast Bank (TCBX) announce the completion of the credit facility for Syntrio Solutions ?

Third Coast Bank announced the successful completion of the $60 million New Syndicated Senior Credit Facility for Syntrio Solutions on September 16, 2024.