Latest Key Developments (Source: Significant Developments)
Prosperity Bancshares Inc Completes Merger With Coppermark Bancshares, Inc
Prosperity Bancshares Inc announced the completion of the merger with Coppermark Bancshares, Inc. and wholly owned subsidiary Coppermark Bank, headquartered in Oklahoma City, Oklahoma, whereby Coppermark was merged with and into Prosperity and Coppermark Bank was merged with and into Prosperity Bank, effective on April 1, 2013. Under the terms of the definitive agreement, Prosperity issued approximately 3,258,845 shares of Prosperity common stock plus $60.0 million in cash for all outstanding shares of Coppermark capital stock. Russell E. Swarts, Chairman of Coppermark will serve the combined entity as Senior Chairman- Central Oklahoma Region. Thomas Legan, Coppermark's President, will become Chairman- Central Oklahoma Region and will be responsible for the day-to-day operations and management of all Oklahoma locations. Jacque Fiegel, Coppermark's Chief Operating Officer, will become President- Central Oklahoma Region and will be responsible for retail and business banking functions of all Oklahoma locations and certain operational matters for the combined entity. Jeff Russell, Coppermark's President of the Oklahoma Market and Chief Credit Officer, will also be President-Central Oklahoma Region and will be responsible for lending in Oklahoma. Coppermark was advised in this transaction by Commerce Street Capital, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP and Cheek & Falcone, PLLC as legal counsel. Bracewell & Giuliani LLP was legal counsel to Prosperity. Full Article
Prosperity Bancshares Inc Declares Quarterly Cash Dividend
Prosperity Bancshares Inc announced that it has declared a quarterly cash dividend of $0.215 per share to holders of Prosperity's common stock. The first quarter dividend is payable on April 1, 2013 to all shareholders of record as of March 15, 2013. Full Article
Prosperity Bancshares Inc Completes Merger With East Texas Financial Services, Inc
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. Full Article
Prosperity Bancshares Inc to Merge With Coppermark Bancshares, Inc. in Oklahoma City, Oklahoma
Prosperity Bancshares Inc, the parent company of Prosperity Bank, (collectively referred to as Prosperity) announced the signing of a definitive merger agreement with Coppermark Bancshares, Inc. and its wholly owned subsidiary Coppermark Bank (collectively referred to as Coppermark) headquartered in Oklahoma City, Oklahoma, whereby Coppermark Bank will be merged with and into Prosperity Bank. This is the sixth transaction announced by Prosperity within the past fifteen months. Coppermark Bank operates nine full-service banking offices; six in Oklahoma City, Oklahoma and surrounding areas and three in the Dallas, Texas area. Under the terms of the definitive agreement, Prosperity will issue up to 3,258,845 shares of Prosperity common stock plus $60.0 million in cash for all outstanding shares of Coppermark Bancshares, Inc. capital stock, subject to certain conditions and potential adjustments. The merger has been approved by the Boards of Directors of both companies and is expected to close during the first quarter of 2013, although delays may occur. Operational integration is anticipated to begin during the second quarter of 2013. Full Article
Prosperity Bancshares Inc Declares Quarterly Cash Dividend
Prosperity Bancshares Inc announced that it has declared a quarterly cash dividend of $0.215 per share, an increase of 10.3% over the third quarter dividend of $0.195 per share, to holders of Prosperity’s common stock. The fourth quarter dividend is payable on December 31, 2012 to all shareholders of record as of December 14, 2012. Full Article
Prosperity Bancshares Inc Completes Merger With Community National Bank - Bellaire
Prosperity Bancshares Inc announced the completion of the merger with Community National Bank, Bellaire, Texas. Under the terms of the definitive agreement, Prosperity will issue up to 372,396 shares of Prosperity common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock. Community National Bank was advised in this transaction by Commerce Street Capital, LLC as financial advisor. Bracewell & Guiliani LLP was legal counsel to Prosperity. Full Article
Prosperity Bancshares Inc Announces Cash Dividend
Prosperity Bancshares Inc announced that it declared a quarterly cash dividend of $0.195 per share to holders of Prosperity's common stock. The third quarter dividend is payable on October 1, 2012 to all shareholders of record as of September 14, 2012. Full Article
Prosperity Bancshares Inc Completes Merger With American State Financial Corporation
Prosperity Bancshares Inc announced the completion of the merger with American State Financial Corporation and its wholly owned subsidiary American State Bank (collectively referred to as ASB) whereby American State Bank was merged with and into Prosperity Bank effective on July 1, 2012. Under the terms of the definitive agreement, Prosperity issued approximately 8.525 million shares of Prosperity common stock plus $178.5 million in cash for all outstanding shares of American State Financial Corporation capital stock. ASB was advised in this transaction by Sandler O'Neill + Partners, L.P. as financial advisor and Hunton & Williams LLP as legal counsel. Keefe, Bruyette & Woods, Inc. was the financial advisor and Bracewell & Guiliani LLP was legal counsel to Prosperity. Full Article
Prosperity Bancshares Inc To Acquire Community National Bank - Bellaire
Prosperity Bancshares Inc announced the signing of a definitive agreement to acquire Community National Bank, Bellaire, Texas. This is the fifth acquisition announced by Prosperity within the past nine months. Community National Bank operates one banking office in Bellaire, Texas, in the Houston Metropolitan Area. As of March 31, 2012, Community National Bank reported total assets of $182.9 million, total loans of $67.3 million and total deposits of $162.7 million. Under the terms of the definitive agreement, Prosperity will issue up to 372,396 shares of Prosperity common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock, subject to certain conditions and potential adjustments. The merger has been approved by the Boards of Directors of Prosperity and Community National Bank and is expected to close during the fourth quarter of 2012, although delays may occur. Operational integration is anticipated to begin late in 2012. Full Article
Prosperity Bancshares Inc Declares Quarterly Cash Dividend
Prosperity Bancshares Inc announced that it declared a quarterly cash dividend of $0.195 per share to holders of Prosperity's common stock. The second quarter dividend is payable on July 2, 2012 to all shareholders of record as of June 15, 2012. Full Article
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