HOUSTON — Prosperity Bancshares, Inc., the parent company of Prosperity Bank, completed the previously announced acquisition of The Bank of Navasota, N.A through the merger of The Bank of Navasota into Prosperity Bank on August 31, 2007. The transaction continues Prosperity's strategic growth and expands the franchise in south central Texas.
In connection with the acquisition, Prosperity issued approximately 251,454 shares of its common stock and paid approximately $8.625 million in cash for all outstanding shares of The Bank Navasota. The closing price of Prosperity common stock on August 31, 2007 was $33.77, which values The Bank of Navasota at approximately $17.117 million.
As of August 31, 2007, The Bank of Navasota had total loans of approximately $31.5 million, total deposits of approximately $63.1 million, total assets of approximately $72.3 million and total shareholders' equity of $8.9 million.
"We're very excited about continuing our growth with the addition of The Bank of Navasota" said David Zalman, Prosperity's Chairman and Chief Executive Officer. "Our commitment to local customer service delivered by Real Bankers is what sets us apart from our peers. The Bank of Navasota, located between the Houston area and the vibrant Bryan/College Station area, fits nicely into our footprint."
"We are pleased that our employees and customers will now be a part of the Prosperity team and we all look forward to providing excellent customer service to the combined company. We believe this will prove to be a great opportunity for our shareholders and employees as our bank becomes a part of a statewide Texas based bank franchise," said Mike E. Harris, Chief Executive Officer of The Bank of Navasota.
"Customers of The Bank of Navasota will continue to find the same personal customer service that they have been accustomed to," remarked Dan Rollins, President and Chief Operating Officer of Prosperity Bancshares, Inc. "We welcome The Bank of Navasota's customers and employees to Prosperity and look forward to working with them."
"The operational integration of The Bank of Navasota is progressing on schedule. New signage for The Bank of Navasota will coincide with system conversions and should be completed before the end of September," continued Rollins.
