Prosperity Bancshares

Prosperity Bancshares, Inc.
Company typePublic
NYSE: PB
S&P 400 component
IndustryBanking
Founded1983; 41 years ago (1983) in Houston, Texas
HeadquartersHouston, Texas, U.S.
Key people
David Zalman, Chairman & CEO
Asylbek Osmonov, CFO
Increase $526.9 million (2023)
Total assetsIncrease $37.8 billion (2023)
Total equityIncrease $7.08 billion (2023)
Number of employees
3,850 (2023)
Websitewww.prosperitybankusa.com
Footnotes / references
[1]

Prosperity Bancshares, Inc. is a bank holding company headquartered in Houston, Texas with operations in Texas and central Oklahoma. As of December 31, 2019, the company operated 285 branches: 65 in the Houston area, including The Woodlands, Texas; 30 in South Texas, including Corpus Christi, Texas and Victoria, Texas; 75 in the Dallas–Fort Worth metroplex; 22 in East Texas; 29 in Central Texas, including Austin, Texas and San Antonio; 34 in West Texas, including Lubbock, Texas, Midland–Odessa, and Abilene, Texas; 16 in Bryan–College Station; 6 in Central Oklahoma; and 8 in Tulsa, Oklahoma.[1]

History

The company was formed in 1983 to purchase a former Allied Bank branch in Edna, Texas. The Edna bank dated back to 1949 as the First National Bank of Edna.

In November 2008, in a transaction organized by the Federal Deposit Insurance Corporation, the company acquired Franklin Bank, which suffered from bank failure.[2]

In 2010, the company acquired three branches in Texas as part of the acquisition of FBOP Corporation by U.S. Bancorp.[3]

In July 2012, the company acquired the 37-branch American State Bank, which provided the company its first locations in West Texas.[4]

In April 2013, the company acquired Coppermark Bank and its nine branches, including six branches in Central Oklahoma, its first presence outside Texas.[5]

In November 2013, the company acquired First Victoria National Bank and its 34 branches.[6]

In April 2014, the company acquired F&M Bancorporation and its 13 branches, including several in Tulsa, Oklahoma.[7]

In November 2019, the company acquired LegacyTexas Bank and its 42 branches.[8][9]

In April 2024, the merger of Prosperity Bancshares and Lone Star State Bancshares and subsidiaries of LS Bancshares and Prosperity Bank was completed. The end of the operational integration is 28 October 2024.[10]

References

  1. ^ a b "Prosperity Bancshares, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Failed Bank Information for Franklin Bank, SSB, Houston, TX". Federal Deposit Insurance Corporation.
  3. ^ Sen, Anirban (February 8, 2010). "Prosperity Bank to buy First Bank's Texas branches". Reuters.
  4. ^ Pulsinelli, Olivia (July 2, 2012). "Prosperity, American State Bank merger complete". American City Business Journals.
  5. ^ "Prosperity Bancshares, Inc.® Completes Merger With Coppermark Bancshares, Inc" (Press release). PR Newswire. April 1, 2013.
  6. ^ "Prosperity Bancshares, Inc.® Completes Merger With FVNB Corp" (Press release). PR Newswire. November 1, 2013.
  7. ^ "Prosperity Bancshares, Inc.® Completes Merger With F&M Bancorporation Inc" (Press release). PR Newswire. November 1, 2013.
  8. ^ "Prosperity Bancshares, Inc. ® Completes Merger With LegacyTexas Financial Group, Inc" (Press release). PR Newswire. November 1, 2019.
  9. ^ Mathews, Chris (November 1, 2019). "Houston bank closes multibillion-dollar acquisition of North Texas bank". American City Business Journals.
  10. ^ "Prosperity Bancshares, Completes Merger With Lone Star State Bancshares". Globalfintechseries. April 2, 2024.
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