Key Developments For Prosperity Bancshares, Inc.
Prosperity Bancshares, Inc. (PRSP.O) (Nasdaq)
Prosperity Bancshares, Inc. Increases Cash Dividend
Prosperity Bancshares, Inc. announced an increase of their regular cash dividend to $0.62 per share per year. The fourth quarter cash dividend of $0.155, an increase of 12.7%, is payable on January 4, 2010 to all shareholders of record as of December 18, 2009.
Prosperity Bancshares, Inc. To Acquire All Deposits Of Franklin Bank From FDIC
Prosperity Bancshares, Inc. announced Prosperity Bank will assume approximately $3.7 billion of deposits, including all uninsured deposits, from the Federal Deposit Insurance Corporation (FDIC), acting in its capacity as receiver for Franklin Bank. The FDIC was named receiver of Franklin Bank SSB. The FDIC entered into a purchase and assumption agreement with Prosperity Bank, which paid a premium to ensure that all deposits of Franklin Bank, both insured and uninsured, were transferred to Prosperity Bank.
Prosperity Bancshares, Inc. Increases Cash Dividend
Prosperity Bancshares, Inc. announced the increase of their regular annual cash dividend to $0.55 per share. The fourth quarter cash dividend of $0.1375, an increase of 10%, is payable on January 2, 2009, to all shareholders of record as of December 12, 2008.
Prosperity Bancshares, Inc. Completes Acquisition Of 1st Choice Bancorp, Inc.
Prosperity Bancshares, Inc. announced acquisition of 1st Choice Bancorp., Inc. through the merger of 1st Choice with and into Prosperity on June 1, 2008. Immediately following this merger, 1st Choice Bank was merged with and into Prosperity Bank. The transaction continues Prosperity's strategic growth and expansion of the franchise in the Houston MSA. In connection with the acquisition, Prosperity will issue approximately 1,757,813 shares of Prosperity common stock plus approximately $18,750,000 in cash for all outstanding shares of 1st Choice Bancorp capital stock. The closing price of Prosperity common stock on May 30, 2008 was $31.94, which values 1st Choice Bancorp at approximately $74.895 million.
Prosperity Bancshares, Inc. To Acquire 1st Choice Bancorp, Inc.
Prosperity Bancshares, Inc. announced the signing of a definitive agreement to acquire 1st Choice Bancorp, Inc and its wholly- owned subsidiary, 1st Choice Bank. Under the terms of the definitive agreement, Prosperity will issue approximately 1,757,813 shares of Prosperity common stock plus approximately $18,750,000 in cash for all outstanding shares of 1st Choice Bancorp capital stock, subject to decrease in the event 1st Choice Bancorp equity capital is less than $26.0 million. The transaction values 1st Choice Bancorp at $68.2 million. (Based upon the closing price of PRSP on Wednesday, February 6, 2008 of $27.27 per share.)
