The acquired bank runs 34 bank branches, including four in Victoria, Texas, seven in the South Texas area, six in the Bryan/College Station area, five in the Central Texas area, and 12 in the Houston area.
FVNB on a consolidated basis had total assets of $2.41bn, total loans of $1.608bn and total deposits of $2.147bn, as of 31 March 2013.
In lieu of all outstanding shares of FVNB Corp capital stock, Prosperity will issue nearly 5,570,818 shares of its common stock as well as $91.25m in cash, subject to certain conditions and potential adjustments.
FVNB CEO Russell Marshall will assume the post of chairman of wealth management/ private banking in the integrated business, with responsibilities to oversee the wealth management operations for all of Prosperity Bank.
Kenneth Vickers, chief lending officer of FVNB, will join Prosperity as senior evp and will serve on Prosperity Bank’s executive loan committee.
FVNB Victoria Region evp John Zacekwill become president of South Texas Area for Prosperity Bank and will have management responsibilities for the bank’s South Texas Area.
Anticipated to conclude during the fourth quarter of 2013, the transaction has been collectively approved by the boards of directors of both companies.
Keefe, Bruyette & Woods and Hunton & Williams offered advice to FVNB, while Bracewell & Giuliani served as adviser to Prosperity.
