Feb 27 Financial holding company
Prosperity Bancshares Inc said it will buy privately held
American State Financial Corp as it looks to increase its
foothold in Texas.
Under the terms of the deal, Prosperity will pay $178.5
million in cash and issue about 8.52 million of its shares for
all outstanding shares of American State.
The deal is expected to close during the third quarter.
"Prosperity's conservative lending philosophy is a perfect
fit for us and our combined size and geographic presence provide
both organizations with entry into new markets," W.R. Collier,
chief executive of American State said in a statement.
Shares of Houston-based Prosperity closed at $41.14 on
Friday on the New York Stock Exchange.