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Prosperity Bancshares Receives Approvals for First Bancshares of Texas Acquisition

April 19, 2023, 07:03 AM
Filed Under: Mergers & Acquisitions

Prosperity Bancshares, Inc., the parent company of Prosperity Bank, announced it has received all regulatory approvals necessary to complete its previously announced acquisition of First Bancshares of Texas, Inc., the parent company of FirstCapital Bank of Texas, N.A.

The merger is expected to be effective as of May 1, 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 FirstCapital customers and associates join the Prosperity Bank team in several weeks," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.

FirstCapital banking locations will continue to operate under the FirstCapital name until the operational integration, which is scheduled for May 15.  At that time, FirstCapital customers may begin using any of Prosperity Bank's combined 286 banking centers.

FirstCapital Bank operates 16 banking centers in six different markets in West, North and Central Texas, including Midland, Lubbock, Amarillo, Wichita Falls, Burkburnett, Byers, Henrietta, Dallas, Horseshoe Bay, Marble Falls and Fredericksburg, TX.  As of Dec. 31, 2022, First Bancshares, on a consolidated basis, reported total assets of $2.16 billion, total loans of $1.64 billion and total deposits of $1.80 billion.

Prosperity Bancshares is a $37.69 billion Houston, TX-based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. Prosperity currently operates 272 full-service banking locations.

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