Prosperity Bancshares Inc., the parent company of Prosperity Bank, completed the acquisition of First Bancshares of Texas Inc.
Effective May 1, First Bancshares merged with and into Prosperity Bancshares. First Bancshares' unit, FirstCapital Bank of Texas NA, merged with and into Prosperity Bank.
Pursuant to the terms of the deal, Prosperity Bancshares issued 3,583,370 shares of its common stock plus about $91.5 million in cash for all outstanding shares of First Bancshares, according to a news release.
Ken Burgess, Greg Burgess and Jeremy Bishop will join Prosperity Bank as regional presidents overseeing specific geographic markets in Prosperity Bancshares' West Texas and Central Texas areas, and Brad Burgess will join the bank as a director of West Texas business development. Other members of FirstCapital management will maintain leadership roles in Texas markets.
FirstCapital banking locations will continue to operate under the FirstCapital name until the operational integration, which is scheduled for May 15.