The Bank Slate


Third Coast in Houston cuts 5% of its workforce

Third Coast Bancshares in Houston has cut about 5% of its employees as part of a cost-cutting effort.

The $4.2 billion-asset company said in a press release that the cuts are designed to “better align with current market conditions.” Roughly 20 jobs were cut based on the bank’s June 30 employment numbers.

Third Coast incurred $460,000 in severance costs during the third quarter.

The company had previously announced plans to wind down its auto-finance division.

Third-quarter profit fell by 37.1% from the second quarter and by 17.6% from a year earlier, to $5.6 million.

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