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Prosperity Bancshares Closes FVNB Merger
PB SBSI BANC
Prosperity Bancshares Inc. ( PB - Analyst Report) completed its merger with Victoria, Texas-based FVNB Corp. and its fully owned subsidiary, First Victoria National Bank on Nov 1. The deal was announced in July.
First Victoria National Bank had been operating 34 banking offices in Victoria-Texas, South Texas, Central Texas, Bryan/College station area and Houston. As of Sep 30, 2013, FVNB Corp. on a consolidated basis had total assets of $2.410 billion, total loans of $1.608 billion and total deposits worth $2.147 billion.
As per the agreement, Prosperity issued around 5,570,818 shares of its common stock and paid $91.25 million cash for FVNB Corp’s outstanding stock.
The CEO of FVNB, M. Russell Marshall, will serve as the Chairman of Wealth Management/Private Banking of the merged entity and preside over Prosperity Bank’s wealth management operations.
Over the years, the Prosperity has strengthened through several acquisitions. Following four major deals in 2012, the company completed the merger of East Texas Financial Services Inc. in Jan 2013 and the merger of Coppermark Bancshares, Inc as well as the latter’s fully-owned subsidiary Coppermark Bank in Apr 2013.
In Aug 2013, Prosperity announced a proposed merger with F&M Bancorporation Inc. .
Prosperity currently carries a Zacks Rank #3 (Hold). Some better performing South-West banks include Banc of California, Inc. ( BANC - Snapshot Report) and Southside Bancshares Inc. ( SBSI - Snapshot Report) . Both of these stocks carry a Zacks Rank #1 (Strong Buy).