Humble, Texas-based Third Coast Bancshares Inc. is set to acquire Pearland, Texas-based Heritage Bancorp Inc.

Heritage Bancorp had total assets of $290 million, total gross loans of $251 million and total deposits of $250 million as of June 30, according to a news release. Third Coast Bancshares had total assets of $856.3 million as of June 30, according to S&P Global Market Intelligence data.

The deal is expected to close in the fourth quarter. The combined company is set to have more than $1.1 billion in assets and 12 branches and a loan production office across southeast, north and central Texas.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between Sep. 12, 2018, and Sep. 12, 2019, averaged 172.86% of book and 181.23% of tangible book and had a median of 19.82x last-12-months earnings on an aggregate basis.

The combined company will operate two branches in Brazoria County, Texas, to be ranked No. 13 with a 2.27% share of approximately $5.65 billion in total market deposits, and it will operate one branch in Red River County, Texas, to be ranked fifth with a 10.44% share of approximately $167.97 million in total market deposits.

It will also operate one branch in Gonzales County, Texas, to be ranked fifth with a 6.95% share of approximately $543.86 million in total market deposits, and one branch in Wilson County, Texas, to be ranked fourth with an 11.05% share of approximately $422.32 million in total market deposits.

Stephens Inc. is Third Coast Bancshares' financial adviser, and it provided a fairness opinion to the company's board, while Norton Rose Fulbright US LLP is the company's legal counsel. Hillworth Bank Partners is Heritage Bancorp's financial adviser and rendered a fairness opinion to the company's board, while Larry Temple is the bank's legal counsel.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.