Prosperity Bank(R) to Acquire Texas Branches of U.S. Bank
20 January 2010 - 9:30AM
PR Newswire (US)
HOUSTON, Jan. 19 /PRNewswire-FirstCall/ -- Prosperity Bancshares,
Inc.® (NASDAQ:PRSP) announced today the signing of a definitive
agreement whereby Prosperity Bank® will acquire the three (3) Texas
retail bank branches of U.S. Bank. Prosperity Bank will pay a
premium for approximately $420 million in deposits, as well as
purchase certain loans and other assets attributable to the
branches. The three locations being acquired by Prosperity are the
Texas locations U.S. Bank acquired from the FDIC on October 30,
2009 when U.S. Bank acquired the assets and deposits of the nine
(9) subsidiary banks of FBOP Corporation. The Texas banks were
Madisonville State Bank in Madisonville, Texas; Citizens National
Bank in Teague, Texas; and North Houston Bank in Houston, Texas.
"With the addition of these three (3) locations, Prosperity will
operate 161 full service banking centers in Texas," said David
Zalman, Chief Executive Officer and Chairman of Prosperity
Bancshares. "We look forward to servicing the Texas customers of
U.S. Bank." The agreement has been approved by both banks and is
expected to close during the first quarter of 2010, although delays
could occur. The transaction is subject to certain conditions,
including customary regulatory approvals. Prosperity Bancshares,
Inc.® Prosperity Bancshares, Inc.®, an $8.9 billion Houston, Texas
based regional financial holding company, formed in 1983, operates
under a community banking philosophy and 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 small and medium sized
businesses and consumers. 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
fifty-eight (158) full service banking locations; fifty-one (51) in
the Houston area; twenty-seven (27) in the South Texas area
including Corpus Christi and Victoria; twenty-four (24) in the
Dallas/Fort Worth area; twenty (20) in the East Texas area;
twenty-seven (27) in the Central Texas area including Austin and
San Antonio; and nine (9) in the Bryan/College Station area. "Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: This release contains, and the remarks by Prosperity's
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®, 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 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); 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 fluctuations and interest rate fluctuations; weather. These
and various other factors are discussed in Prosperity's Annual
Report on Form 10-K for the year ended December 31, 2008 and other
reports and statements we have filed with the SEC. Copies of the
SEC filings for Prosperity Bancshares's® 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 Bancshares,
Inc., +1-281-269-7199, Web Site: http://www.prosperitybanktx.com/
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