1st Choice Bancorp operates two banking offices in Houston, Texas, with one location in South Houston and another in the Heights, which will be consolidated with Prosperity’s Heights location and remain in 1st Choice’s Heights banking office.
Under the terms of the definitive agreement, Prosperity will issue approximately 1.76 million shares of Prosperity common stock plus approximately $18.75 million in cash for all outstanding shares of 1st Choice Bancorp capital stock, subject to decrease in the event 1st Choice Bancorp equity capital is less than $26 million. The transaction values 1st Choice Bancorp at $68.2 million.
David Zalman, chairman and CEO of Prosperity, said: We are pleased that Don Harding and his group of experienced bankers have agreed to join the Prosperity team. The customers of 1st Choice Bank will continue to experience the same level of personalized customer service they are accustomed to and can take advantage of our continued expansion in the Houston CMSA, with forty seven banking centers after the merger.
