HOUSTON, April 1, 2013 /PRNewswire/ -- Prosperity Bancshares, Inc. ® ("Prosperity") (NYSE: PB), the parent company of Prosperity Bank ®, announced the completion of the merger with Coppermark Bancshares, Inc. ("Coppermark") and its wholly owned subsidiary Coppermark Bank, headquartered in Oklahoma City, Oklahoma, whereby Coppermark was merged with and into Prosperity and Coppermark Bank was merged with and into Prosperity Bank, effective on April 1, 2013.
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 December 31, 2012, Coppermark reported, on a consolidated basis, total assets of $1.3 billion, total loans of $853.4 million and total deposits of $1.2 billion.
Under the terms of the definitive agreement, Prosperity issued approximately 3,258,845 shares of Prosperity common stock plus $60.0 million in cash for all outstanding shares of Coppermark capital stock.
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.David Zalman, Chairman and Chief Executive Officer of Prosperity, commented, "I would like to welcome all the customers, associates, directors and shareholders to our combined company. It is very exciting to team up with such a dedicated team of professionals. Coppermark is noted for the personal service it provides to its customers as well as the loyalty and dedication of the associates to the company. It is our combined goal to continue the culture that Coppermark has been so successful at nurturing." "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. "We are excited about the opportunities for our customers, employees and shareholders to join a strong and community-driven bank like Prosperity with a dynamic presence in Texas and now Oklahoma." "Prosperity and Coppermark both have a long and consistent record of success, and this merger provides our customers with significantly expanded banking opportunities while maintaining our high level of personal service," said Thomas Legan, President and Chief Executive Officer of Coppermark. Coppermark was advised in this transaction by Commerce Street Capital, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP and Cheek & Falcone, PLLC as legal counsel. Bracewell & Giuliani LLP was legal counsel to Prosperity.