HOUSTON — Prosperity Bancshares, Inc. announced last week that it would acquire three Texas branches of U.S. Bank, including the North Houston Bank.
Prosperity Bancshares, Inc. President and COO Dan Rollins said they will pay $420 million in deposits, as well as purchase certain loans and other assets attributable to the branches.
Other branches included in the sale are the Madisonville State Bank in Madisonville and Citizens National Bank in Teague.
“With the addition of these three locations, Prosperity will operate 161 full service banking centers in Texas,” said David Zalman, Chief Executive Officer and Chairman of Prosperity Bancshares. “We look forward to serving the Texas customers of U.S. Bank.”
The agreement has been approved by both banks and is expected to close during the first quarter of 2010, although delays could occur. The transaction is subject to certain conditions, including customary regulatory approvals.
