Prosperity Bancshares (PB), Kentucky First Federal (KFFB), Bank of the Ozarks (OZRK) and Talmer Bancorp all entered 2013 with added heft.
The $13.7 billion-asset Prosperity in Houston said Wednesday that it had completed its previously announced purchase of East Texas Financial Services in Tyler in a stock deal valued at roughly $22.3 million based on the price of Prosperity’s shares at the close of trading Monday.
East Texas Financial was the parent of the $192 million-asset First Federal Bank Texas, which had four branches in and around Tyler. The deal, which was announced in December 2011, comes amid a string of deals by Prosperity in the past 15 months and ends a long search by East Texas Financial to find a buyer.
The $220 million-asset Kentucky First said Tuesday it had completed its previously announced deal to buy CKF Bancorp in Danville, Ky., for roughly $11.6 million in a cahs and stock purchase. The deal added two branches in Danville and one in Lancaster; Kentucky First now has eight branches in its home state.
The $3.8 billion-asset Bank of the Ozarks in Little Rock, Ark., said Monday that it has closed on its previously announced purchase of the $167 million-asset Genala Banc, the holding company of Citizens Bank of Geneva, Ala., for roughly $27.5 million in cash and stock. The deal provided Bank of the Ozarks, which has 117 branches in seven states, another branch in southeastern Alabama.
The $2.2 billion-asset Talmer in Troy, Mich., said Wednesday it had completed its purchase of the roughly $2.3 billion-asset First Place Bank in Warren, Ohio. Talmer agreed to pay $45 million for First Place’s stock, along with an infusion of more than $200 million to recapitalize the seller’s bank. The deal gave Talmer, which has 45 branches in the Michigan, Wisconsin and Illinois, 41 branches, primarily in the Midwest.
Talmer, which is backed by WL Ross & Co., a private equity firm, has grown by buying failed banks throughout the Midwest.