HOUSTON, Dec. 10, 2012 /PRNewswire/ -- Prosperity Bancshares, Inc. ® (NYSE: PB), the parent company of Prosperity Bank ®, (collectively referred to as "Prosperity") announced today the signing of a definitive merger agreement with Coppermark Bancshares, Inc. and its wholly owned subsidiary Coppermark Bank (collectively referred to as "Coppermark") headquartered in Oklahoma City, Oklahoma, whereby Coppermark Bank will be merged with and into Prosperity Bank. This is the sixth transaction announced by Prosperity within the past fifteen months.
Coppermark Bank operates nine (9) full-service banking offices; six (6) in Oklahoma City, Oklahoma and surrounding areas and three (3) in the Dallas, Texas area. As of September 30, 2012, Coppermark, on a consolidated basis, reported total assets of $1.3 billion, total loans of $874.2 million and total deposits of $1.2 billion.
Under the terms of the definitive agreement, Prosperity will issue up to 3,258,845 shares of Prosperity common stock plus $60.0 million in cash for all outstanding shares of Coppermark Bancshares, Inc. capital stock, subject to certain conditions and potential adjustments.
Russell E. Swarts, Chairman of Coppermark will serve the combined entity as Senior Chairman – Central Oklahoma Region. Thomas Legan, Coppermark's President, will become Chairman – Central Oklahoma Region and will be responsible for the day-to-day operations and management of all Oklahoma locations. Jacque Fiegel, Coppermark's Chief Operating Officer, will become President – Central Oklahoma Region and will be responsible for retail and business banking functions of all Oklahoma locations and certain operational matters for the combined entity. Jeff Russell, Coppermark's President of the Oklahoma Market and Chief Credit Officer will also be President – Central Oklahoma Region and will be responsible for lending in Oklahoma."It has been an honor and pleasure getting to know such a professional group, including Russell, Tom and the management team at Coppermark. The team has worked hard for the last 50 years nuturing and growing the bank from its start. When talking to the team it is very obvious how passionate they are in caring for the customers and associates of Coppermark, building one customer at a time. We intend to continue that passion and Coppermark has committed to help Prosperity grow in the state of Oklahoma. We could not be more proud to be affiliated with such a great group of people. I want to welcome the entire team at Coppermark to our family at Prosperity," said David Zalman, Chairman and Chief Executive Officer of Prosperity. "We have worked for 50 years to build a strong bank with a reputation for integrity and exceptional customer service," said Russell Swarts, Chairman of Coppermark Bancshares, Inc. "We are excited for our customers, officers, staff and stockholders to join with a strong partner like Prosperity." "Prosperity and Coppermark both have a long and consistent record of success," said Thomas Legan, President and Chief Executive Officer of Coppermark Bank. "We look forward to helping Prosperity continue to build upon that record, and all of us on the Coppermark team welcome Prosperity to Oklahoma," said Legan. The merger has been approved by the Boards of Directors of both companies and is expected to close during the first quarter of 2013, although delays may occur. The transaction is subject to certain conditions, including the approval by Coppermark Bancshares' shareholders and customary regulatory approvals. Operational integration is anticipated to begin during the second quarter of 2013.