HOUSTON, Oct. 1, 2012 /PRNewswire/ -- Prosperity Bancshares, Inc. ® (NYSE: PB), the parent company of Prosperity Bank ®, announced the completion of the merger with Community National Bank, Bellaire, Texas. This transaction continues Prosperity's strategic growth and expansion of the franchise in the greater Houston area.
Community National Bank operates one (1) banking office in Bellaire, Texas, within the Houston Metropolitan Area. Prosperity will now operate fifty-nine (59) banking centers in the Houston area. As of June 30, 2012, Community National Bank reported total assets of $180.6 million, total loans of $68.6 million and total deposits of $162.6 million.
Under the terms of the definitive agreement, Prosperity will issue up to 372,396 shares of Prosperity common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock.
Randy Dobbs, Chief Executive Officer of Community Bank will serve as President – Bellaire Banking Center and will be responsible for the day to day operations of the Bellaire Banking Center. John James, President of Community National Bank will serve as Executive Vice President at the Bellaire Banking Center."We are excited about the partnership of our bank with Community National Bank," commented David Zalman, Chairman and Chief Executive Officer of Prosperity. "The customers of Community National Bank will continue to experience the same level of personalized customer service that they are accustomed to and can take advantage of the fifty-nine (59) banking centers in the greater Houston area." "The combination of Community National Bank with Prosperity Bank provides significant value to our shareholders, our customers and our associates," said Randy Dobbs, Chief Executive Officer of Community National Bank. "Together, our combined organization will be able to offer our customers additional banking products and services while continuing to provide our tradition of true relationship banking." "We are excited about the opportunity to become a part of a successful and community driven organization that shares our values and understands the importance of our customers," said John James, President of Community National Bank. Community National Bank was advised in this transaction by Commerce Street Capital, LLC as financial advisor. Bracewell & Guiliani LLP was legal counsel to Prosperity.