Prosperity Bancshares to Acquire Stellar Bancorp in Two Billion Dollar Texas Regional Banking Deal
Prosperity Bancshares agreed to acquire Stellar Bancorp in a cash-and-stock deal to create the second-largest Texas-headquartered bank by deposits in the region.
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Prosperity Bancshares, Inc. has entered into a definitive agreement to acquire Stellar Bancorp, Inc. in a cash-and-stock transaction valued at $2.0 billion. This consolidation within the US 
USbanking sector will create the second-largest Texas-headquartered bank by deposits, operating a combined network of more than 330 banking centers. Prosperity Bancshares, Inc.offered 0.3803 of its shares and $11.36 in cash for each share of Stellar Bancorp, Inc.. The terms value Stellar Bancorp, Inc.at $39.08 per share, which represents a 19.8% premium to the stock's last closing price.
USbanking sector will create the second-largest Texas-headquartered bank by deposits, operating a combined network of more than 330 banking centers. Prosperity Bancshares, Inc.offered 0.3803 of its shares and $11.36 in cash for each share of Stellar Bancorp, Inc.. The terms value Stellar Bancorp, Inc.at $39.08 per share, which represents a 19.8% premium to the stock's last closing price.Following the announcement, shares of Stellar Bancorp, Inc.rose 11.2%, while shares of Prosperity Bancshares, Inc.fell 8.5%. The transaction is expected to close in the second quarter and will significantly expand the footprint of Prosperity Bancshares, Inc.in the greater Houston, Beaumont, and Dallas markets. Robert Franklin robert franklin, the current chief executive officer of Stellar Bancorp, Inc., is slated to join Prosperity Bancshares, Inc.as vice chairman upon completion of the deal. David Zalman david zalmancurrently leads Prosperity Bancshares, Inc., which went public in 1998 as a small community bank with less than $500 million in assets and has since completed over 30 acquisitions.
