February 27, 2012 / 2:20 PM / in 6 years

UPDATE 1-Prosperity Bancshares to buy American State Financial

Feb 27 (Reuters) - 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.

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