HOUSTON, April 17,
2023 /PRNewswire/ -- Prosperity Bancshares, Inc.®
(NYSE: PB), the parent company of Prosperity Bank®, today announced
that it has received all regulatory approvals necessary to complete
its previously announced acquisition of First Bancshares of
Texas, Inc. ("First Bancshares"),
the parent company of FirstCapital Bank of Texas, N.A. ("FirstCapital").
The merger is expected to be effective as of May 1, 2023, subject to the satisfaction or
waiver of customary closing conditions described in the definitive
merger agreement. "We are excited to have received the
required regulatory and shareholder approvals for this transaction
and look forward having the FirstCapital customers and associates
join the Prosperity Bank team in several weeks," said David Zalman, Prosperity's Senior Chairman and
Chief Executive Officer.
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 banking centers.
FirstCapital Bank operates 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. As of
December 31, 2022, First Bancshares,
on a consolidated basis, reported total assets of $2.16 billion, total loans of $1.64 billion and total deposits of $1.80 billion.
About Prosperity Bancshares, Inc. ®
As of December 31, 2022,
Prosperity Bancshares, Inc.® is a $37.690
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 272 full-service banking
locations: 65 in the Houston area,
including The Woodlands; 30 in the
South Texas area including
Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San
Antonio; 34 in the West
Texas area including Lubbock, Midland-Odessa and Abilene; 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.
Forward-looking statements are typically, but not exclusively,
identified by the use in the statements of words or phrases such as
"aim," "anticipate," "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 include
statements regarding the expected effective date of the merger with
First Bancshares. 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,
which 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); the possibility that the anticipated
benefits of an acquisition transaction, 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. These and various other factors are
discussed in Prosperity Bancshares' Annual Report on Form 10-K for
the year ended December 31, 2022 and
other reports and statements Prosperity Bancshares has filed with
the Securities and Exchange Commission ("SEC"). Copies of the SEC
filings for Prosperity Bancshares may be downloaded from the
Internet at no charge from http://www.prosperitybankusa.com.
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SOURCE Prosperity Bancshares, Inc.