Prosperity Bancshares Inc.
) completed its merger with Victoria, Texas-based FVNB Corp. and
its fully owned subsidiary, First Victoria National Bank on Nov
1. The deal was announced in July.
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First Victoria National Bank had been operating 34 banking
offices in Victoria-Texas, South Texas, Central Texas,
Bryan/College station area and Houston. As of Sep 30, 2013, FVNB
Corp. on a consolidated basis had total assets of $2.410 billion,
total loans of $1.608 billion and total deposits worth $2.147
As per the agreement, Prosperity issued around 5,570,818 shares
of its common stock and paid $91.25 million cash for FVNB Corp's
The CEO of FVNB, M. Russell Marshall, will serve as the Chairman
of Wealth Management/Private Banking of the merged entity and
preside over Prosperity Bank's wealth management operations.
Over the years, the Prosperity has strengthened through several
acquisitions. Following four major deals in 2012, the company
completed the merger of East Texas Financial Services Inc. in Jan
2013 and the merger of Coppermark Bancshares, Inc as well as the
latter's fully-owned subsidiary Coppermark Bank in Apr 2013.
In Aug 2013, Prosperity announced a proposed merger with
F&M Bancorporation Inc.
Prosperity currently carries a Zacks Rank #3 (Hold). Some better
performing South-West banks include
Banc of California, Inc.
Southside Bancshares Inc.
). Both of these stocks carry a Zacks Rank #1 (Strong Buy).