Prosperity Bank, the banking subsidiary of Prosperity Bancshares, has completed the previously announced acquisition of the 19 Texas retail bank branches of First Bank.
Prosperity will now operate 31 Dallas/Ft. Worth area banking centers and 60 Houston area banking centers. The 19 locations acquired by Prosperity are all in the Houston and Dallas metropolitan areas.
In connection with the acquisition, Prosperity assumed approximately $500m in deposits and purchased approximately $100m in loans.
David Zalman, EO and chairman of Prosperity Bancshares, said: “We are pleased to complete our transaction with First Bank. Our team is focused on serving the needs of our newest Texas customers.”
Dan Rollins, president and COO of Prosperity Bancshares, said: “Over this past weekend, all of the acquired customer accounts at these locations were moved onto the Prosperity computer systems. Within the next few weeks, all of the operational integration and rebranding of these locations will be complete.”