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Prosperity Bancshares, Inc.® Announces Management Change

Stocks in this article: PB

HOUSTON, March 7, 2012 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB), the parent company of Prosperity Bank, today announced that Charlotte M. Rasche has joined the bank as Executive Vice President in the bank's legal department and will report to David Zalman, Chairman and Chief Executive Officer.

Initially, Rasche will assume responsibilities for managing the company's legal department including merger activity and litigation management. Immediately following Prosperity's Annual Shareholders Meeting on April 17, 2012, she will assume the additional role of General Counsel, succeeding Peter E. Fisher, 65, Executive Vice President and General Counsel, who plans to retire in April 2012.

Fisher joined Prosperity in September 1, 2002. Prior to joining Prosperity, Fisher was chief executive officer of Paradigm Bancshares, where he had responsibility for the overall management and growth of that bank prior to its merger with Prosperity.

" Peter Fisher has been an invaluable member of Prosperity's management team, adhering to high ethical and professional standards while leading positive change at Prosperity," said Zalman. "He and his Legal team helped guide our company through one of the most challenging economic environments in modern history. Peter will work with Charlotte over these next few weeks to ensure a smooth transition of legal responsibilities. We look forward to having Charlotte join us, as her significant experience in commercial banking and public company legal issues, including Securities Exchange Act reporting, regulatory compliance, mergers and acquisitions and corporate governance, and strong organizational leadership skills, will be a tremendous asset to us going forward."

Rasche joined Prosperity on March 1, 2012, from Bracewell & Giuliani LLP, where she was a partner in the financial institutions group, a position she held since 2006. She joined Bracewell & Giuliani in 1997.

Rasche earned a bachelor's degree in business administration from Stephen F. Austin University, a master's degree in higher education administration from Oklahoma State University and her JD from the University of Texas at Austin.

Prosperity Bancshares, Inc. First Quarter Dividend

Prosperity Bancshares, Inc. declared a quarterly cash dividend of $0.195 per share to holders of Prosperity's common stock. The first quarter dividend is payable on April 2, 2012 to all shareholders of record as of March 19, 2012.

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