HOUSTON - Prosperity Bank, the subsidiary of Prosperity Bancshares, Inc., completed the previously announced acquisition of six Houston branches of Banco Popular North America on January 10, 2008. The transaction continues Prosperity's strategic growth and expands the franchise in the Houston Metropolitan area.
Prosperity Bank paid a premium of 10.10% for approximately $125 million in deposits, as well as purchased certain loans and other assets attributable to the branches. Prosperity will retain all branch-based employees of the branches.
"We are very excited about continuing our growth in the Houston Metropolitan Area," said David Zalman, Prosperity's Chairman and Chief Executive Officer. "Our commitment to local decision making and local customer service delivered by Real Bankers(R) is what sets us apart from our peers."
Mr. Zalman continued: "Banco Popular has created a strong presence in one of Houston's fastest growing niche markets. Their position in the market along with their team of professional bankers will provide opportunities to expand our brand of relationship based customer service."
"Customers of the Houston branches of Banco Popular will continue to find the same personal customer service that they have been accustomed to and will be able to take advantage of our expanding presence in the Houston CMSA, now with forty-six full service banking centers," remarked Dan Rollins, President and Chief Operating Officer of Prosperity Bancshares, Inc.(R). "We welcome the Banco Popular customers and associates to Prosperity and look forward to working with them."
Prosperity Bancshares, Inc.(R)
