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Regional bank Prosperity Bancshares (PB) - Get Prosperity Bancshares Inc. Report agreed to buy LegacyTexas Financial Group (LTXB) - Get LegacyTexas Financial Group, Inc. Report for $2.1 billion in cash and stock.

"Through the second-largest bank merger in the history of Texas, our combined companies create the second-largest bank by deposits headquartered in Texas," Prosperity Chairman and Chief Executive Officer David Zalman said Monday in a statement. "Our increased scale better positions us to invest in future opportunities and serve our customers." 

LegacyTexas shareholders will receive 0.5280 a share of Prosperity common stock and $6.28 cash for each LegacyTexas share, according to the terms of the deal announced Monday.

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The total consideration was valued at about $41.78 per share, based on Prosperity's closing price of $67.24 on June 14. The deal price is about a 9.3% premium to the closing price Friday of LegacyTexas of $38.22, according to Bloomberg.

As of March 31, LegacyTexas reported total assets of $9.3 billion on a consolidated basis. The bank also reported total gross loans of $8.1 billion and total deposits of $7.1 billion. LegacyTexas Bank operates 42 banking offices in the Dallas/Fort Worth Metroplex and surrounding counties.

Shares of Prosperity were down 4.36% to $64.32, while LegacyTexas rose 3.95% at $39.73.