SNB Bancshares, Inc. Approve Merger With Prosperity Bancshares, Inc.
25 March 2006 - 3:36AM
PR Newswire (US)
SUGAR LAND, Texas, March 24 /PRNewswire-FirstCall/ -- SNB
Bancshares, Inc. (NASDAQ:SNBT) announced that the Company's
shareholders yesterday approved its merger with Prosperity
Bancshares, Inc. (NASDAQ:PRSP). Over 99% of all votes cast at the
special meeting of shareholders were cast in favor of the
transaction. The votes cast in favor of the transaction constitute
approximately 62% of all outstanding Common shares and 86% of all
outstanding Class B shares. The closing of the transaction, which
remains subject to the satisfaction of customary closing conditions
contained in the merger agreement, is expected to occur early in
the second quarter. SNB Bancshares, Inc. is a registered bank
holding company listed on the Nasdaq National Market under the
symbol "SNBT" and headquartered approximately 15 miles southwest of
downtown Houston in Sugar Land, Texas. It's wholly- owned
subsidiary, Southern National Bank of Texas specializes in business
and industrial, construction and land development and commercial
mortgage loans to small to medium-sized owner-operated businesses
through its three full-service branch locations. Except for
historical information contained herein, this press release
contains forward-looking statements regarding SNB Bancshares'
prospective performance and strategies within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. SNB
Bancshares intends such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is
including this statement for purposes of said safe harbor
provisions. The following factors, among others, could cause actual
results to differ materially from the expectations stated in any
forward-looking statement: a change in general business and
economic conditions in the markets the Company serves; changes in
the interest rate environment, deposit flows, loan demand, real
estate values, and competition; changes in accounting principles,
policies or guidelines; changes in legislation and regulation; and
other economic, competitive, governmental, regulatory,
geopolitical, and technological factors affecting SNB Bancshares'
operations, pricing, and services. SNB Bancshares undertakes no
obligation to update these forward- looking statements to reflect
events or circumstances that occur after the date on which such
statements were made. Please also read the additional risks and
factors described from time to time in SNB Bancshares' reports
filed with the Securities and Exchange Commission, including SNB
Bancshares' prospectus dated August 17, 2004. Contact: Whitney
Rowe, Investor Relations & Corporate Secretary Phone: 281 269
7220 Email: DATASOURCE: SNB Bancshares, Inc. CONTACT: Whitney Rowe,
Investor Relations & Corporate Secretary of SNB Bancshares,
Inc., +1-281-269-7220, or Web site: http://www.snbtx.com/
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