UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
Effective September 10, 2022 (the “Effective Date”), Third Coast Bancshares, Inc. (the “Company”) entered into a Renewal, Extension and Modification of Loan (the “Amendment”) of the Loan Agreement, dated March 10, 2021, by and between the Company and American National Bank & Trust (the “Loan Agreement”). As of September 10, 2022, the Company had outstanding borrowings under the Loan Agreement of $30,875,000 and it had pledged all of the issued and outstanding capital stock of Third Coast Bank, SSB as collateral for the loan under the Loan Agreement.
The Amendment, among other things, (i) extends the maturity date of the loan under the Loan Agreement from September 10, 2022 to September 10, 2024; (ii) increases the maximum commitment under the Loan Agreement from $30,875,000 to $50,000,000; (iii) amends the interest rate provision to provide that the interest rate per annum under the Loan Agreement shall be equal to the U.S. “Prime Rate” reported by The Wall Street Journal, plus one-half percent (0.50%), subject a floor rate of five percent (5.00%); and (iv) modifies certain covenants under the Loan Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1 | Renewal, Extension and Modification of Loan, effective September 10, 2022, by and among Third Coast Bancshares, Inc. and American National Bank & Trust | |
| 104 | Cover Page Interactive Data File | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THIRD COAST BANCSHARES, INC. | ||||||
| Date: September 14, 2022 | By: | /s/ R. John McWhorter | ||||
| R. John McWhorter | ||||||
| Chief Financial Officer | ||||||