In furtherance of its efforts to expand in the state of Okla.,
Prosperity Bancshares Inc.
) completed the merger deal with Coppermark Bancshares, Inc. and
the latter's fully-owned subsidiary, Coppermark Bank, announced
in Dec 2012. Under the terms of the deal, Coppermark Bank was
integrated with Prosperity Bank in Oklahoma City, Okla.,
effective Apr 1, 2013.
BOK FINL CORP (BOKF): Free Stock Analysis
FIRST FIN BK-TX (FFIN): Free Stock Analysis
PROSPERITY BCSH (PB): Free Stock Analysis
TEXAS CAP BCSHS (TCBI): Free Stock Analysis
To read this article on Zacks.com click here.
According to the agreement, Prosperity issued 3,258,845 shares of
its common stock and paid $60.0 million in cash for Coppermark's
outstanding capital stock.
Following the completion of the merger, Russell E. Swarts, the
present Chairman of Coppermark will now serve as the Senior
Chairman of the combined entity in the Central Oklahoma Region.
Thomas Legan, the current President of Coppermark, will be the
Chairman of the office at Central Oklahoma Region and will be
accountable for the daily operations and management of all
Moreover, Jacque Fiegel, the Chief Operating Officer at
Coppermark, will become the President of Central Oklahoma Region
and will be in-charge of retail and business banking operations
of all Oklahoma branches. In addition, he will be accountable for
certain other operational issues pertaining to the combined
Further, lending in Okla. will be looked after by Jeff Russell,
Coppermark's President of the Oklahoma Market and Chief Credit
Officer who will take up the mantel of the President at Central
Management at Prosperity has expressed its enthusiasm in being
associated with Coppermark, a successful company with values
driven by efficient customer service. Coppermark, on its part,
was delighted to join a strong banking institution like
Prosperity. The latter hopes to combine its steady track record
to help Prosperity expand its foothold in the Okla. region.
Prosperity has been aggressively growing inorganically over the
past one year. In Oct 2012, it acquired Community National Bank
in a cash-and-stock deal. In July, it purchased American State
Financial Corporation in a cash-and-stock deal. Previously, in
April, it completed the acquisition of The Bank Arlington in a
stock deal. Similarly, in Jan 2012, it acquired Texas Bankers,
Most recently in Jan 2013, the company declared the closure of
its merger with East Texas Financial Services Inc. and its
fully-owned subsidiary First Federal Bank Texas. Under the terms
of the agreement, East Texas Financial merged with Prosperity
whereas the subsidiary was merged with Prosperity Bank from Jan
Amid the sluggish economic recovery and uncertain regulatory
environment, where most of the U.S. banks are struggling to
maintain their profitability, Prosperity is better placed with
its strong capital position. Further, its strategic acquisitions
are expected to enhance its financials.
Prosperity currently retains a Zacks Rank #2 (Buy). Other
companies in the same sector include
First Financial Bankshares Inc.
) with a Zacks Rank #2, while
Texas Capital BancShares Inc.
BOK Financial Corporation
) carry a Zacks Rank #3 (Hold).