Third Coast Bank SSB Selects Treasury Prime as Banking-as-a-Service (BaaS) Provider

Rhea-AI Summary

Third Coast Bancshares (NASDAQ: TCBX) has partnered with Treasury Prime, a leading Banking-as-a-Service (BaaS) provider, to enhance its embedded finance capabilities. This collaboration aims to streamline connections between fintech clients and Third Coast Bank, set to launch in Q3 2022. The partnership will allow Third Coast to offer a variety of banking services, including accounts and payments, enabling growth in non-interest income streams and low-cost deposits. Third Coast operates primarily in Texas and has secured multiple fintech clients through this initiative.

Positive

• Strategic partnership with Treasury Prime to enhance embedded finance capabilities.
• Launch scheduled for Q3 2022, indicating timely market entry.
• Potential for increased non-interest income and low-cost deposits.
• Multiple fintech clients secured enhances growth opportunities.

Negative

• None.

Platform to Drive Growth in Fintech Partnerships

HUMBLE, Texas and SAN FRANCISCO, June 21, 2022 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX) (the "Company" or "Third Coast"), the bank holding company for Third Coast Bank, SSB, today announced it has selected Treasury Prime, a leading banking-as-a-service (BaaS) company, as its strategic partner for its "future of banking" initiatives.

Through this partnership, fintechs and enterprise clients that are looking to add embedded finance services will be able to easily connect with Third Coast Bank through Treasury Prime's BaaS platform. The partnership is scheduled to go live in the third quarter of 2022 and Third Coast has already secured multiple fintech clients.

"Third Coast, through its high-tech suite of treasury management solutions, can now provide fintech companies with a supportive and reliable bank partner," said Bart Caraway, Third Coast's Chairman and Chief Executive Officer. "Together, Third Coast and Treasury Prime will build a program to enable fintech and enterprise clients to more quickly and easily embed banking services, including bank accounts, payments, and cards, into their products and service offerings. We're excited to partner with Treasury Prime to enhance our clients' experiences."

Phil Toscano, Third Coast's Senior Vice President, National Sales and Liquidity Manager, said, "Embedded finance is critical when delivering personalized day-to-day solutions to clients. By partnering with Treasury Prime, Third Coast will not only remain relevant in today's competitive banking and payments landscape, but also thrive by adding low-cost deposits and diversifying non-interest income streams."

"Adding Third Coast Bank to our already robust banking network was an easy decision," said Chris Dean, CEO of Treasury Prime. "Our companies have a similar DNA and outlook on what the future of banking will look like, recognizing that BaaS can dramatically reduce time to market for embedded finance while delivering new revenue opportunities for banks and enterprises alike."

About Third Coast Bancshares, Inc.

Third Coast Bancshares, Inc. 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 13 branches and one loan production office encompassing the four largest metropolitan areas in Texas. Please visit https://www.tcbssb.com for more information.

About Treasury Prime

Treasury Prime is the leading Banking as a Service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime's full integration into core banking systems gives fintechs and embedded finance companies access to a wide range of banking services from opening accounts to making payments to issuing cards. Treasury Prime is backed by Deciens Capital, Nyca Partners, Pacific Western Bank, QED Investors, SaaStr Fund, Susa Ventures, and Y Combinator. Developers can start building today at https://developers.sandbox.treasuryprime.com. For more information, visit www.treasuryprime.com and follow us on Twitter and LinkedIn.

View original content:https://www.prnewswire.com/news-releases/third-coast-bank-ssb-selects-treasury-prime-as-banking-as-a-service-baas-provider-301570640.html

SOURCE Treasury Prime

FAQ

What is the partnership between Third Coast Bancshares and Treasury Prime about?

The partnership aims to enhance embedded finance capabilities, allowing fintechs to connect with Third Coast Bank through Treasury Prime's BaaS platform.

When is the Third Coast Bancshares and Treasury Prime partnership launching?

The partnership is scheduled to go live in the third quarter of 2022.

How will the Third Coast Bancshares partnership with Treasury Prime impact its financial performance?

The partnership may lead to increased non-interest income and low-cost deposits, enhancing overall financial performance.

What services will Third Coast Bancshares offer through its partnership with Treasury Prime?

Third Coast will offer services such as bank accounts, payments, and cards embedded within fintech products.

How does Third Coast Bancshares plan to stay competitive in the banking industry?

By partnering with Treasury Prime, Third Coast plans to thrive in the competitive landscape through enhanced embedded finance solutions.