HOUSTON, March 19, 2024 /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 Lone Star State Bancshares, Inc. ("LS Bancshares"),
the parent company of Lone Star State
Bank of West Texas
("Lone Star").
The merger is expected to be effective as of April 1, 2024, 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 Lone
Star customers and associates join the Prosperity Bank team
in several weeks," said David
Zalman, Prosperity's Senior Chairman and Chief Executive
Officer.
Alan Lackey, Lone Star Chief Executive Officer, will join
Prosperity Bank as West Texas Area President and Melisa Roberts, Lone
Star Chief Lending Officer, will join Prosperity Bank as
West Texas Area Vice President. Additional members of
Lone Star management will maintain
leadership roles in the combined organization.
Lone Star banking locations
will continue to operate under the Lone
Star name until the operational integration, which is
scheduled for October 28, 2024.
At that time, Lone Star customers
may begin using any of Prosperity Bank's combined 288 banking
centers. Upon completion of the merger, Prosperity's
West Texas Area will have 49
banking centers.
Lone Star operates five (5)
banking offices in the West Texas
area, including its main office in Lubbock, and one (1) banking center in each of
Brownfield, Midland, Odessa and Big
Spring, Texas. As of December 31,
2023, Lone Star, on a
consolidated basis, reported total assets of $1.372 billion, total loans of $1.081 billion and total deposits of $1.211 billion.
About Prosperity Bancshares, Inc. ®
As of December 31, 2023,
Prosperity Bancshares, Inc.® is a $38.548
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 283 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; 31 in the Central Texas area including Austin and San
Antonio; 44 in the West
Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita
Falls; 15 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
LS Bancshares and of the operational integration. 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 and weather. These and
various other factors are discussed in Prosperity Bancshares'
Annual Report on Form 10-K for the year ended December 31, 2023 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.
