Prosperity Bancshares Inc. acquired Texas Partners Bank. Texas Partners will become part of the Prosperity brand upon completion of the merger. Texas Partners Bank had nearly $2.52 billion in assets and operates 11 branches in Central and South Texas.
The merger doubled Prosperity’s presence in the San Antonio metropolitan area from seven to 14 locations, following the addition of American Bank’s seven local branches. Prosperity Bank has more than 300 banking locations total, with 36 in South Texas, including Corpus Christi and Victoria, and 28 locations in the Central Texas area.
Prosperity plans to issue over 4.06 million shares of its common stock in an all-stock transaction valued at around $268.9 million.
Property Bancshares Inc. (NYSE: PB), the parent company of Prosperity Bank, is a $38.3 billion regional financial holding company serving customers in Texas and Oklahoma.
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