THIRD COAST BANK JOINS NATIONAL INNOVATION CONSORTIUM

Rhea-AI Summary

Third Coast Bancshares, Inc. (Nasdaq: TCBX) has joined Alloy Labs, a consortium aimed at enhancing technology adoption in community banks. This partnership allows Third Coast access to cutting-edge FinTech products and collaboration opportunities. The involvement in Alloy Labs positions Third Coast to innovate its technology platform, delivering cost-effective cloud-based solutions to meet customer demands. With over 50 members, Alloy Labs focuses on helping banks compete with larger institutions by modernizing their services and architecture. As of December 31, 2021, Third Coast reported $2.5 billion in assets.

Positive

• Joining Alloy Labs enhances access to innovative FinTech products and services.
• Participation allows collaboration for best practices among banks.
• Access to the Concept Lab fosters partnerships with startups.
• Strategic investments in technology may improve service offerings.

Negative

• None.

Alloy Labs Members Work Together to Drive Innovation, Build Partnerships, and Make Strategic Investments

HUMBLE, Texas, July 6, 2022 /PRNewswire/ -- Third Coast Bancshares, Inc. (the "Company" or "Third Coast"), the bank holding company for Third Coast Bank, SSB, today announced that it has joined Alloy Labs, a consortium of community and mid-sized banks focused on adopting technology more effectively and efficiently by speeding up the pace of innovation of new FinTech products. 

Participation in the consortium will allow Third Coast access to state-of-the-art FinTech products and services at the forefront of the banking industry, creating opportunities to share best practices through collaboration.  Third Coast will also have access to the Concept Lab, a reverse accelerator program that builds partnerships between banks and startups that provide services outside of traditional banking.  Ultimately, Third Coast's technology platform will bring a comprehensive suite of innovative and cost-effective cloud based FinTech products to market in response to the growing demand from its customers.

Members of Alloy Labs identify opportunities for differentiation and co-create solutions that give banks a competitive edge to drive innovation, build partnerships, and make strategic investments, allowing members to accelerate their transformation by tackling the challenges of modernizing bank architecture.  The consortium helps banks provide products and services that their customers' need and want, allowing a more level playing field with large, national banks. Alloy Labs Alliance was launched in 2018 by twelve founding banks from across the country, and has grown to over 50 institutional members.

About Third Coast Bank SSB

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, SSB. Founded in 2008 in Humble, Texas, Third Coast Bank, SSB conducts banking operations through 14 branches and one loan production office encompassing the four largest metropolitan areas in Texas.  As of December 31, 2021, the bank reached $2.5 billion in assets. For more information, please visit www.tcbssb.com.

About Alloy Labs

Alloy Labs is the only consortium that drives exponential growth for banks by leveraging network effects. Our members work together to identify opportunities for differentiation and co-create solutions that give them a competitive edge. In addition, they have exclusive access to The Concept Lab, a reverse accelerator that builds unique partnerships with startups, and the Alloy Alchemist Fund, which invests in the technology companies shaping the future of financial services. For more information visit alloylabs.com.

Media Contacts:
Ginger Kimbrell
Vice President, Marketing Manager
Third Coast Bank SSB
972-265-0066

JP Nicols
Co-Founder
Alloy Labs Alliance
jp@alloylabs.com
425-522-3579

View original content:https://www.prnewswire.com/news-releases/third-coast-bank-joins-national-innovation-consortium-301581791.html

SOURCE Third Coast Bancshares

FAQ

What is the significance of Third Coast Bancshares joining Alloy Labs?

Joining Alloy Labs enables Third Coast Bancshares to access advanced FinTech products and collaborate with other banks for innovation.

How will Third Coast Bancshares benefit from Alloy Labs?

Third Coast Bancshares will benefit by co-creating solutions with startups and adopting cutting-edge technology.

What is the current asset size of Third Coast Bancshares?

As of December 31, 2021, Third Coast Bancshares reported $2.5 billion in assets.

What markets does Third Coast Bank operate in?

Third Coast Bank operates primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets.

When did Third Coast Bancshares join Alloy Labs?

Third Coast Bancshares announced its participation in Alloy Labs on July 6, 2022.