HOUSTON, May 1, 2023
/PRNewswire/ -- Prosperity Bancshares, Inc.® ("Prosperity") (NYSE:
PB), the parent company of Prosperity Bank®, today announced the
completion of the merger of First Bancshares of Texas, Inc. ("First Bancshares") with and into
Prosperity and the merger of First Bancshares' wholly owned
subsidiary, FirstCapital Bank of Texas, N.A. ("FirstCapital"), headquartered in
Midland, Texas, with and into
Prosperity Bank, all effective on May 1,
2023.
Under the terms of the definitive agreement, Prosperity issued
3,583,370 shares of Prosperity common stock plus approximately
$91.5 million in cash for all
outstanding shares of First Bancshares.
Ken Burgess, Greg Burgess and Jeremy
Bishop will join Prosperity Bank as Regional Presidents
overseeing specific geographic markets in Prosperity's West Texas and Central Texas areas and Brad Burgess will join the Bank as a director of
West Texas business development.
Other members of FirstCapital management will maintain leadership
roles in Texas markets.
FirstCapital operated 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.
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 full service banking centers.
About Prosperity Bancshares, Inc. ®
As of March 31, 2023, Prosperity
Bancshares, Inc.® is a $37.829
billion Houston, Texas
based regional financial holding company providing personal banking
services and investments to consumers and businesses throughout
Texas and Oklahoma. Founded in 1983, Prosperity believes
in a community banking philosophy, taking care of customers,
businesses and communities in the areas it serves by providing
financial solutions to simplify everyday financial needs. In
addition to offering traditional deposit and loan products,
Prosperity offers digital banking solutions, credit and debit
cards, mortgage services, retail brokerage services, trust and
wealth management, and treasury management.
Prosperity currently operates 288 full-service banking
locations: 65 in the Houston area,
including The Woodlands; 30 in the
South Texas area including
Corpus Christi and Victoria; 63 in the Dallas/Fort Worth area; 22 in the East Texas area; 32 in the Central Texas area including Austin and San
Antonio; 46 in the West
Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita
Falls; 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.
From time to time, oral or written forward-looking statements may
also be included in information released to the public. Such
forward-looking statements are typically, but not exclusively,
identified by the use in the statements of words or phrases such as
"aim," "anticipate," "believe," "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 may include
information about Prosperity's possible or assumed future economic
performance or future results of operations, including future
revenues, income, expenses, provision for loan losses, provision
for taxes, effective tax rate, earnings per share and cash flows
and Prosperity's future capital expenditures and dividends, future
financial condition and changes therein, including changes in
Prosperity's loan portfolio and allowance for loan losses, changes
in deposits, borrowings and the investment securities portfolio,
future capital structure or changes therein, as well as the plans
and objectives of management for Prosperity's future operations,
future or proposed acquisitions, including the integration of
FirstCapital and the pending transaction with Lone Star State
Bancshares, Inc. ("Lone Star"),
the future or expected effect of acquisitions on Prosperity's
operations, results of operations, financial condition, and future
economic performance, statements about the anticipated benefits of
each of the proposed transactions, and statements about the
assumptions underlying any such statement, as well as expectations
regarding the effects of the COVID-19 pandemic on Prosperity's
operating income, financial condition and cash flows. These
forward–looking statements are not guarantees of future performance
and are based on expectations and assumptions Prosperity currently
believes to be valid. Because forward-looking statements
relate to future results and occurrences, many of which are outside
of Prosperity's control, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. 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, including FirstCapital and Lone Star; 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, including FirstCapital and the pending
transaction with Lone Star, 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. Prosperity
disclaims any obligation to update such factors or to publicly
announce the results of any revisions to any of the forward-looking
statements included herein to reflect future events or
developments. These and various other factors are discussed in
Prosperity's Annual Report on Form 10-K for the year ended
December 31, 2022, and other reports
and statements Prosperity has filed with the Securities and
Exchange Commission ("SEC"). Copies of the SEC filings for
Prosperity may be downloaded from the Internet at no charge from
http://www.prosperitybankusa.com.
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SOURCE Prosperity Bancshares, Inc.