HOUSTON, Aug. 23, 2023 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX), ("Third Coast"), the holding company of Third Coast Bank, today announced that it has joined the Bankers Helping Bankers (BHB) Banking-as-a-Service (BaaS) Association. The BaaS Association is a premiere governance association whose primary goals include BaaS education, regulatory collaboration, and community bank sponsorship to source new revenue streams. BaaS is a highly specialized area seeing a tremendous increase in bank participation to meet the growing demand from Financial Technology (FinTech) platforms and financial start-ups.
Bankers Helping Bankers launched the BaaS Association in April 2022 via a bankers-only platform for collaboration and education. Through data tools and dynamic user groups, Bankers Helping Bankers provides community bankers with a knowledge base focused on bank technology and emerging FinTech companies, in areas such as BaaS, becoming a sponsor bank and launching a direct digital brand.
JK Walker, Managing Director of Innovation and Regional President at Third Coast Bank, said, "Community banking is at the heart of Third Coast Bank's business strategy and while we have been focusing on core business initiatives, we have naturally stepped into the FinTech revolution where technology and innovation are converging on exciting opportunities for customers and banks alike.
"Our entrepreneurial spirit aligns perfectly with the cutting-edge solutions available now due to BaaS partnerships between a FinTech and a bank. We are thrilled to have joined a similarly focused group of bankers building the future of payments, service, and security in banking," concluded JK Walker.
The BHB BaaS Association partnership will provide Third Coast Bank with the ability to share BaaS best practices through collaboration, stay ahead of key compliance and risk management initiatives, and remain in close contact with regulators on the changing regulatory environment around BaaS, as well as network with FinTech companies looking for a BaaS bank sponsor.
"Community Banks like Third Coast Bank are the lifeblood of small businesses and provide access to credit at the local level. Banking-as-a-Service is bringing new opportunities to consumers and communities through partnerships with businesses that allow banking products to be extended, unbound by geography. We believe this is the next step in delivering on the mission of community banking," said Tanner Mayo, Co-Founder of The BaaS Association.
Since its inception in 2008, Third Coast Bank has had a passion for serving the needs of its customers and pioneering innovative financial solutions. Now with BaaS partnerships as part of its business strategy, the Bank can deliver on its commitment to an even larger customer base.
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 16 branches and one loan production office encompassing the four largest metropolitan areas in Texas. For more information, please visit www.tcbssb.com.
About The BaaS Association
The BaaS Association is the voice of the BaaS (Banking-as-a-Service) industry. The association promotes, supports, and advocates for BaaS sponsor banks which help serve millions of customers in a safe and compliant manner. The BaaS association represents over 80% of current BaaS sponsor banks operating across the United States.
The BaaS Association provides education, collaboration, and best-in-class practices that serve the unique needs of BaaS Sponsor banks. The BaaS Association also helps establish sound bank-fintech partnerships, including those who provide banking services for underbanked and underserved communities. For more information, visit www.baasassociation.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "looking ahead," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: interest rate risk and fluctuations in interest rates; market conditions and economic trends generally and in the banking industry; our ability to maintain important deposit relationships; our ability to grow or maintain our deposit base; our ability to implement our expansion strategy; our ability to successfully execute on our efficiency, fintech and other internal initiatives; credit risk associated with our business; and changes in key management personnel. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the "SEC"), and our other filings with the SEC.
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
SOURCE Third Coast Bancshares