First Victoria merges with Prosperity Bank
Prosperity Bank announced the signing of a definitive merger agreement with First Victoria National Bank Corporation and its wholly owned subsidiary First Victoria National Bank headquartered in Victoria, Texas, whereby First Victoria National Bank will be merged with and into Prosperity Bank. Prosperity has completed six merger transactions in the last eighteen months. First Victoria National Bank operates thirty-four banking offices including one loan production office, four in Victoria, Texas, seven in the South Texas area including Corpus Christi, six in the Bryan/College Station area including Hearne, five in the Central Texas area including New Braunfels, and twelve in the Houston area including The Woodlands and Huntsville. As of March 31, 2013, First Victoria National Bank, on a consolidated basis, reported total assets of $2.410 billion, total loans of $1.608 billion and total deposits of $2.147 billion.
Under the terms of the definitive agreement, Prosperity will issue approximately 5,570,818 shares of Prosperity common stock plus $91.250 million in cash for all outstanding shares of First Victoria National Bank Corporation capital stock, subject to certain conditions and potential adjustments.
“I could not be more excited about joining forces with all of the professionals of First Victoria National Bank,” commented David Zalman, Chairman and CEO of Prosperity. “We have always had a great deal of respect for the bank and for the people that have contributed to its success. Both of our banks do business in many of the same communities and we have knowledge of the specific needs of those communities in terms of financial products as well as community support. We believe this combination will further strengthen our already strong management and operations teams in South Texas and increase our ability to effectively compete and serve our customers. We look forward to joining with the new team members that we believe will help Prosperity grow to the next level.”
“The merger of two great Texas banks, First Victoria National Bank, the oldest independent bank in Texas, and Prosperity Bank, one of the largest and most successful banking franchises in Texas, is excellent news for both our customers and shareholders,” said Russell Marshall, President and Chief Executive Officer of FVNB. “Our customers can continue to expect the same level of service and support that they are accustomed to with First Victoria, with the added advantage of the much larger Prosperity network. Prosperity has an in-depth understanding of our markets and with the enhanced products our combined institutions can offer, I believe our customers will be pleased with this change. First Victoria National Bank is excited to be joining such a great organization.”
President and CEO of First Victoria, Russell Marshall, assured Robertson County News that the Hearne branch will have the same friendly faces and there will only be slight changes to accounts. He also said that this will be a huge benefit for the customers because with the merger there will be about 250 locations, which makes an even bigger footprint.
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