Prosperity Bancshares Inc Completes Merger With East Texas Financial Services, Inc

Wednesday, 2 Jan 2013 06:02am EST 

Prosperity Bancshares Inc announced the completion of the merger with East Texas Financial Services, Inc. (ETFS) and wholly owned subsidiary First Federal Bank Texas, Tyler, Texas (Firstbank), whereby ETFS was merged with and into Prosperity and Firstbank was merged with and into Prosperity Bank effective on January 1, 2013. Under the terms of the definitive agreement, Prosperity will issue approximately 531,000 shares of Prosperity common stock for all outstanding shares of ETFS capital stock, plus cash in lieu of fractional shares. Derrell Chapman, Chief Executive Officer of ETFS and Firstbank, will serve as President – Tyler Banking Centers and Micheal Lavender and Joe Hobson will each serve as a Senior Vice President of Prosperity Bank. ETFS was advised in this transaction by Commerce Street Capital, LLC as financial advisor and Silver, Freedman & Taff, L.L.P as legal counsel. Bracewell & Giuliani LLP was legal counsel to Prosperity. 

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