HOUSTON, April 1,
2024 /PRNewswire/ -- Prosperity Bancshares, Inc.®
("Prosperity") (NYSE: PB), the parent company of Prosperity Bank®,
today announced the completion of the merger of Lone Star State
Bancshares, Inc. ("LS Bancshares") with and into Prosperity and the
merger of LS Bancshares' wholly owned subsidiary, Lone Star State Bank of West Texas ("Lone
Star"), headquartered in Lubbock,
Texas, with and into Prosperity Bank, all effective on
April 1, 2024.
Under the terms of the definitive agreement, Prosperity issued
2,376,182 shares of Prosperity common stock plus approximately
$64.1 million in cash for all
outstanding shares and dilutive securities of LS Bancshares.
Alan Lackey, Lone Star Chief Executive Officer, will serve
as West Texas Area President and Melisa
Roberts, Lone Star Chief
Lending Officer, will serve as West Texas Area Vice President,
joining Mike Marshall, Prosperity
Bank's West Texas Area Chairman. Additional members of
Lone Star management will maintain
leadership roles in the combined organization.
Lone Star operated five (5)
banking centers 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. 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 full service banking
centers.
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 288 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; 49 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.
From time to time, oral or written forward-looking statements may
also be included in information released to the public. Such
forward-looking statements are typically, but not exclusively,
identified by the use in the statements of words or phrases such as
"aim," "anticipate," "believe," "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 may include
information about Prosperity's possible or assumed future economic
performance or future results of operations, including future
revenues, income, expenses, provision for loan losses, provision
for taxes, effective tax rate, earnings per share and cash flows
and Prosperity's future capital expenditures and dividends, future
financial condition and changes therein, including changes in
Prosperity's loan portfolio and allowance for loan losses, changes
in deposits, borrowings and the investment securities portfolio,
future capital structure or changes therein, as well as the plans
and objectives of management for Prosperity's future operations,
future or proposed acquisitions, including the integration of
Lone Star, the future or expected
effect of acquisitions on Prosperity's operations, results of
operations, financial condition, and future economic performance,
statements about the anticipated benefits of each of the proposed
transactions, and statements about the assumptions underlying any
such statement. These forward‑looking statements are not guarantees
of future performance and are based on expectations and assumptions
Prosperity currently believes to be valid. Because
forward-looking statements relate to future results and
occurrences, many of which are outside of Prosperity's control,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. 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, including Lone Star; 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, including Lone
Star, are not realized when expected or at all, including as
a result of the impact of, or problems arising from, the
integration of Lone Star 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.
Prosperity disclaims any obligation to update such factors or to
publicly announce the results of any revisions to any of the
forward-looking statements included herein to reflect future events
or developments. These and various other factors are discussed in
Prosperity's Annual Report on Form 10-K for the year ended
December 31, 2023, and other reports
and statements Prosperity has filed with the Securities and
Exchange Commission ("SEC"). Copies of the SEC filings for
Prosperity may be downloaded from the Internet at no charge from
http://www.prosperitybankusa.com.
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SOURCE Prosperity Bancshares, Inc.
