More Topics:
Prosperity Bancshares to Acquire The Bank Arlington
Posted January 19, 2012
We Recommend...
HOUSTON -- Prosperity Bancshares, Inc.® (NYSE: PB) announced today the signing of a definitive agreement to acquire The Bank Arlington. This is the third acquisition announced by Prosperity within the past few months.
The Bank Arlington operates one (1) banking office in Arlington, Texas, in the Dallas-Fort Worth Metroplex. As of December 31, 2011, The Bank Arlington reported total assets of $37.3 million, total loans of $21.3 million and total deposits of $32.8 million.
Under the terms of the definitive agreement, Prosperity will issue up to 138,600 shares of Prosperity common stock for all outstanding shares of The Bank Arlington capital stock, subject to certain conditions and potential adjustments.
"Our team has wanted to expand our presence in the Dallas/Fort Worth Metroplex for some time and adding a location in Arlington is an excellent fit for us," commented David Zalman, Chairman and Chief Executive Officer of Prosperity. "The customers of The Bank Arlington will be able to use any of our locations across the state after the merger." Following the merger, Prosperity will have thirty-two (32) banking centers across the Dallas/Fort Worth MSA."
"To merge with Prosperity Bank, a large community bank, that is considered the #1 bank in the country, by Forbes, gives The Bank Arlington the ability to remain a community oriented bank serving the Tarrant County Market with the same people that founded the bank," said Billy W. Allen, President and CEO of The Bank Arlington. "The Bank Arlington sees this as an opportunity to be part of a larger community bank and offer its customers additional products, a larger branch network and the financial strength of a premier banking organization."
The merger has been approved by the Boards of Directors of both companies and is expected to close during the first half of 2012, although delays may occur. The transaction is subject to certain conditions, including the approval by The Bank Arlington's shareholders and customary regulatory approvals. Operational integration is anticipated to begin during the second quarter of 2012.
The Bank Arlington was advised in this transaction by Commerce Street Capital, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel. Bracewell & Guiliani LLP was legal counsel to Prosperity Bancshares, Inc.
Prosperity Bancshares, Inc.®
Prosperity Bancshares Inc.®, recently named "America's Best Bank" by Forbes is a $9.8 billion Houston, Texas based regional financial holding company, formed in 1983. Operating under a community banking philosophy and seeking 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,
To find out more about the company in this article and to see if you
have business connections, click below:
-
Prosperity Bancshares, Inc.
blog comments powered by