News & Events zu Prosperity Bancshares, Inc (PB)PBProsperity Bancshares, Inc

Prosperity Bancshares Acquires Stellar Bancorp, Deal Expected to Close July 1

Prosperity Bancshares (PB) is acquiring Stellar Bancorp (STEL) in a deal expected to close July 1.

Prosperity Bancshares Receives Regulatory Approval for Stellar Bancorp Acquisition

Prosperity Bancshares (PB), the parent company of Prosperity Bank, and Stellar Bancorp (STEL), the parent company of Stellar Bank, announced the receipt of all regulatory approvals necessary to complete Prosperity's previously announced proposed acquisition of Stellar. A waiver of prior approval with respect to the merger of the holding companies has been granted by the Federal Reserve Bank of Dallas, and each of the Federal Deposit Insurance Corporation and the Texas Department of Banking have approved the merger of Stellar Bank with and into Prosperity Bank following the merger of the holding companies.

Prosperity Bancshares Receives Regulatory Approval for Stellar Bancorp Acquisition

Prosperity Bancshares (PB), the parent company of Prosperity Bank, and Stellar Bancorp (STEL), the parent company of Stellar Bank, announced the receipt of all regulatory approvals necessary to complete Prosperity's previously announced proposed acquisition of Stellar. A waiver of prior approval with respect to the merger of the holding companies has been granted by the Federal Reserve Bank of Dallas, and each of the Federal Deposit Insurance Corporation and the Texas Department of Banking have approved the merger of Stellar Bank with and into Prosperity Bank following the merger of the holding companies. The special meeting of Stellar shareholders to consider and vote on the Agreement and Plan of Merger, dated January 27, by and between Prosperity and Stellar, is scheduled to be held on May 27. The merger is expected to be completed on or about July 1 subject to approval by Stellar shareholders and the satisfaction or waiver of other customary closing conditions set forth in the Merger Agreement.