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