Prosperity Bancshares Completes Merger with East Texas Financial Services
Prosperity Bancshares (NYSE: PB), the parent company of Prosperity Bank, announced the completion of the merger with East Texas Financial Services, Inc. ("ETFS") and its wholly owned subsidiary First Federal Bank Texas, Tyler, Texas ("Firstbank"), whereby ETFS was merged with and into Prosperity and Firstbank was merged with and into Prosperity Bank effective on January 1, 2013.
ETFS operated four (4) banking offices in the Tyler MSA, including three (3) locations in Tyler, Texas and one (1) location in Gilmer, Texas. As of September 30, 2012, ETFS reported total assets of $191.2 million, total loans of $139.2 million and total deposits of $114.4 million.
Under the terms of the definitive agreement, Prosperity will issue approximately 531,000 shares of Prosperity common stock for all outstanding shares of ETFS capital stock, plus cash in lieu of fractional shares.
Derrell Chapman, Chief Executive Officer of ETFS and Firstbank, will serve as President – Tyler Banking Centers and Micheal Lavender and Joe Hobson will each serve as a Senior Vice President of Prosperity Bank.
David Zalman Chairman and Chief Executive Officer of Prosperity commented, "We are excited to expand our market share in Tyler, the "Rose Capital of the World."