This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Prosperity Bancshares, Inc.® Completes Merger With Community National Bank - Bellaire

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. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs