Texas-based Prosperity Bancshares has completed its previously announced acquisition of LegacyTexas Financial Group through a cash-and-stock transaction valued at $2.1bn.
As per the agreement, LegacyTexas Bank, the subsidiary of LegacyTexas Financial Group, merged into Prosperity Bank.
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Currently, the LegacyTexas branches will operate as Prosperity Bank, dba LegacyTexas Bank. Once the systems are harmonised, slated for June next year, the combined lender will operate as Prosperity Bank.
As of 30 September 2019 data, LegacyTexas added $10.5bn in assets to Prosperity books. It also added 42 LegacyTexas Bank branches to Prosperity Bank network.
Prosperity Bancshares senior chairman and CEO David Zalman said: “This transaction represents a milestone in Prosperity’s strategic growth and we welcome the LegacyTexas customers and associates to Prosperity Bank.
“This merger creates one of the largest Texas-based banks by deposits, and makes Prosperity Bank a dominant player in the vibrant markets of Houston and Dallas/Fort Worth.”
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By GlobalDataLegacyTexas Financial Group acquisition: Background
In June, Prosperity Bancshares signed a definitive agreement to acquire LegacyTexas Financial Group.
Under the agreement, LegacyTexas stockholders received 0.5280 shares of Prosperity common stock and $6.28 cash for each share.
LegacyTexas president and CEO Kevin Hanigan was appointed as Prosperity Bancshares president and COO and Prosperity Bank president.
Formed in 1983, Prosperity Bancshares is a $22.1bn Texas based regional financial holding company.
It operates 243 branches offering conventional financial services to individuals and SMEs.
