Prosperity Bancshares, Inc.(R) Completes Merger With Texas United Bancshares, Inc.
01 Fevereiro 2007 - 10:30AM
PR Newswire (US)
- Increases Dallas/Fort Worth presence HOUSTON, Feb. 1
/PRNewswire-FirstCall/ -- Prosperity Bancshares, Inc.(R)
(NASDAQ:PRSP), the parent company of Prosperity Bank(R), completed
its previously announced merger with Texas United Bancshares, Inc.
(NASDAQ:TXUI) on January 31, 2007. Immediately following this
merger, TXUI's subsidiaries, State Bank, GNB Financial, n.a.,
Gateway National Bank and Northwest Bank have been merged into
Prosperity Bank(R). The transaction continues Prosperity's
strategic growth and expands the franchise in the attractive
central and south central Texas markets along with the Dallas/Fort
Worth metroplex. In conjunction with the acquisition, Prosperity
issued approximately 10,770,000 shares of its common stock for all
outstanding shares of Texas United common stock, and converted
approximately 180,000 outstanding options to acquire TXUI common
stock into options to acquire the same number of shares of PRSP
common stock. All remaining options to acquire TXUI common stock
were redeemed for cash. The result of this merger is a Texas-based
bank holding company with one hundred twenty-five (125) banking
locations across the state of Texas with approximately $6.3 billion
in assets, over $5.1 billion in deposits, over $3.4 billion in
loans, servicing over 340,000 deposit and loan accounts, with a
market capitalization of approximately $1.5 billion. "We're very
excited about this new partnership with Texas United," said David
Zalman, Prosperity's Chairman and Chief Executive Officer. "This
combination is an excellent fit for both companies and makes us the
largest Houston-based bank and the third largest Texas-based bank."
Mr. Zalman continued: "Texas United's strong presence in central
Texas will provide great opportunities for us to expand our
relationship based customer service. The addition of their seasoned
bankers to our team will strengthen our ability to meet our
combined customers' needs. Our commitment to local customer service
delivered by Real Bankers(R) is what sets us apart from our peers."
Don Stricklin, President and Chief Executive Officer of TXUI will
serve on the Board of Directors of Prosperity Bancshares, Inc.(R)
and Prosperity Bank(R). He also serves as a director of Texas
Independent Bank. Mr. Stricklin joined State Bank and its
predecessor Premier Bancshares, Inc. in 1996 and has been
President, Chief Executive Officer, and director since that time.
As a result of the acquisition of GNB Bancshares and Northwest
Bancshares, Mr. Stricklin became a director of GNB Financial and
Northwest Bank. Before joining State Bank, Mr. Stricklin held
numerous management positions in Bank One's community banking
division including Senior Vice President of Bank One Mortgage and
President and CEO of Bank One Abilene. Prior to that, he served as
a National Bank Examiner with the Office of the Comptroller of the
Currency. Mr. Stricklin received his Bachelor of Business
Administration from Texas State University. "We are pleased that
our employees and customers will now be a part of the Prosperity
family. We look forward to joining the Prosperity team to provide
excellent customer service to the combined company. I believe this
will prove to be a great opportunity for our shareholders and
employees as we continue to build a state-wide Texas based bank
franchise," said Stricklin. "The merger of Texas United and
Prosperity Bank will allow us to better serve our customers and
provide additional locations; we will more than double our banking
centers in the Dallas/Fort Worth metroplex and increase our
presence in central Texas. Customers of Texas United's subsidiary
banks will continue to find the same personal customer service that
they have been accustomed to," remarked Dan Rollins, President and
Chief Operating Officer of Prosperity Bancshares, Inc.(R). "We
welcome Texas United's customers and employees to the Prosperity
team and look forward to working with them." "The operational
integration of Texas United Bancshares' locations is progressing on
schedule. Texas United's subsidiary banks will convert to the
Prosperity systems on a staged basis; the conversions are scheduled
strategically throughout the first half of this year beginning with
Northwest Bank in February. New signage for the former Texas United
banking centers will coincide with system conversions," continued
Rollins. As of December 31, 2006, Texas United Bancshares had total
loans of approximately $1.212 billion and total deposits of
approximately $1.362 billion ($400.6 million were non-interest
bearing and $961.8 million were interest bearing). At year-end
2006, assets were $1.806 billion, shareholders' equity was $161.9
million and loans held for investment totaled $1.171 billion. The
net interest margin for the three months ended December 31, 2006
was 4.76%. Acquisition of SNB Bancshares, Inc. On April 1, 2006,
Prosperity completed the acquisition of SNB Bancshares, Inc. and
its subsidiary, Southern National Bank of Texas, in a stock and
cash transaction. Southern National Bank operated five (5) full
service offices in the Greater Houston Metropolitan Area, all of
which became full service banking centers of Prosperity Bank. In
addition, Southern National Bank had a banking center under
construction in Katy, Texas that opened as a full service banking
center of Prosperity Bank in July 2006. Prosperity Bancshares,
Inc.(R) Prosperity Bancshares, Inc.(R), a $6.3 billion Houston,
Texas-based regional financial holding company, formed in 1983, was
named to the Keefe Bruyette & Woods, Inc. 2006 Honor Roll for
achieving exceptional earnings per share growth for the past 10
years. Other recent honors include being named to the Sandler
O'Neill & Partners 2005 Bank and Thrift Small All Stars, listed
in US Banker's August 2005 Top 100 Publicly Traded Mid-Tier Banks,
ranked #2 out of 195 publicly traded companies in the 2005
Stephens, Inc. Bank and Thrift Performance Matrix and listed on the
Houston Chronicle's Houston 100 list. Operating under a community
banking philosophy, Prosperity seeks to develop broad customer
relationships based on service and convenience. Prosperity offers a
variety of traditional loan and deposit products to its customers,
which consist primarily of consumers and small and medium sized
businesses. In addition to established banking products, Prosperity
offers a complete line of services including: Internet Banking
services at http://www.prosperitybanktx.com/, Retail Brokerage
Services, MasterMoney Debit Cards, and 24-hour voice response
banking. Prosperity currently operates one hundred twenty-five
(125) full service banking locations, forty-one (41) in the Houston
CMSA; thirty-three (33) in the South Texas area including Corpus
Christi and Victoria; twenty-seven (27) in the Dallas / Fort Worth
metroplex; two (2) in the East Texas area; twenty-two (22) in the
Central Texas area including Austin and Bryan/College Station.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This release contains, and the remarks by our
management on the conference call may contain, forward-looking
statements within the meaning of the securities laws that are based
on current expectations, assumptions' estimates and projections
about Prosperity Bancshares(R), and its subsidiaries. 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, that 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: the risk that the businesses of Prosperity
and Texas United will not be integrated successfully or such
integration may be more difficult, time-consuming or costly than
expected; expected revenue synergies and cost savings from the
merger may not be fully realized or realized within the expected
time frame; revenues following the merger may be lower than
expected; deposit attrition, operating costs, customer loss and
business disruption following the merger, including, without
limitation, difficulties in maintaining relationships with
employees, may be greater than expected; the ability to obtain
regulatory approvals of the merger on the proposed terms and
schedule; the failure of Prosperity's or Texas United's
shareholders to approve the merger agreement; Prosperity's ability
to continue to provide products and services that appeal to its
customers; access to debt and equity capital markets may be limited
or not available; and Prosperity's sales objectives may not be
achieved. Other risks include 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); 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
fluctuations and interest rate fluctuations; weather; and the stock
price volatility associated with "small- cap" companies. These and
various other factors are discussed in our most recent Annual
Report on Form 10-K and other reports and statements we have filed
with the SEC. Copies of Prosperity Bancshares's(R) SEC filings may
be downloaded from the Internet at no charge from
http://www.prosperitybanktx.com/. DATASOURCE: Prosperity
Bancshares, Inc. CONTACT: Dan Rollins, President and Chief
Operating Officer of Prosperity Bank Plaza, +1-281-269-7199, or Web
site: http://www.prosperitybanktx.com/
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