PROSPERITY BANCSHARES RECEIVES REGULATORY APPROVALS FOR FIRST BANCSHARES OF TEXAS, INC. ACQUISITION
Prosperity Bancshares, Inc. (NYSE: PB) announced the receipt of all regulatory approvals necessary to finalize its acquisition of First Bancshares of Texas, expected to take effect on May 1, 2023. Following the merger, FirstCapital banking locations will continue operating under their name until integration on May 15, 2023. First Bancshares reported total assets of $2.16 billion, total loans of $1.64 billion, and total deposits of $1.80 billion as of December 31, 2022. Prosperity Bancshares, with assets totaling $37.690 billion, is committed to expanding its services across Texas and Oklahoma through this acquisition, enhancing customer experience by increasing their network of banking centers.
- Acquisition expands Prosperity Bancshares' market presence in Texas.
- First Bancshares' substantial assets ($2.16 billion) enhance Prosperity's financial strength.
- Operational integration expected to boost customer access to 286 banking centers.
- None.
HOUSTON, April 17, 2023 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB), the parent company of Prosperity Bank®, today announced that it has received all regulatory approvals necessary to complete its previously announced acquisition of First Bancshares of Texas, Inc. ("First Bancshares"), the parent company of FirstCapital Bank of Texas, N.A. ("FirstCapital").
The merger is expected to be effective as of May 1, 2023, subject to the satisfaction or waiver of customary closing conditions described in the definitive merger agreement. "We are excited to have received the required regulatory and shareholder approvals for this transaction and look forward having the FirstCapital customers and associates join the Prosperity Bank team in several weeks," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.
FirstCapital banking locations will continue to operate under the FirstCapital name until the operational integration, which is scheduled for May 15, 2023. At that time, FirstCapital customers may begin using any of Prosperity Bank's combined 286 banking centers.
FirstCapital Bank operates sixteen (16) banking centers in six different markets in West, North and Central Texas, including Midland, Lubbock, Amarillo, Wichita Falls, Burkburnett, Byers, Henrietta, Dallas, Horseshoe Bay, Marble Falls and Fredericksburg, Texas. As of December 31, 2022, First Bancshares, on a consolidated basis, reported total assets of
About Prosperity Bancshares, Inc. ®
As of December 31, 2022, Prosperity Bancshares, Inc.® is a
Prosperity currently operates 272 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San Antonio; 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about Prosperity Bancshares and its subsidiaries. These forward-looking statements include statements regarding the expected effective date of the merger with First Bancshares. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks; continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); the possibility that the anticipated benefits of an acquisition transaction, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate, interest rate and commodity price fluctuations; the effect, impact, potential duration or other implications of the COVID-19 pandemic; and weather. These and various other factors are discussed in Prosperity Bancshares' Annual Report on Form 10-K for the year ended December 31, 2022 and other reports and statements Prosperity Bancshares has filed with the Securities and Exchange Commission ("SEC"). Copies of the SEC filings for Prosperity Bancshares may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.
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SOURCE Prosperity Bancshares, Inc.
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