In what would be its first whole-bank acquisition since 2008, Prosperity Bancshares Inc. in Houston has announced plans to buy the $72 million-asset Texas Bankers Inc. in Austin.
The $9.7 billion-asset Prosperity said in a news release late Tuesday that it would exchange 315,000 of its shares for all of Texas Bankers' common stock. Based on Prosperity's closing price Tuesday, the deal would be valued at roughly $11.3 million.
Texas Bankers is the parent of Bank of Texas, a 104-year-old bank with three branches in Austin area. After merging two of the branches with existing Prosperity branches, Prosperity would have 34 branches in Central Texas and 176 full-service branches throughout the state.
Prosperity was one of the nation's most acquisitive banks last decade, buying up more than 20 community banks across Texas between 2001 and 2008. Its last whole-bank deal was in November 2008 when it bought the failed Franklin Bank in Houston, though it did it acquire 22 branches in 2010 in two separate transactions.
The deal for Texas Bankers is expected to close in early 2012.