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home / news releases / PB - Prosperity Bancshares to acquire Lone Star State Bancshares unit

PB - Prosperity Bancshares to acquire Lone Star State Bancshares unit

Prosperity Bancshares Inc.

  • Prosperity Bancshares ( NYSE: PB ) is set to acquire Lone Star State Bancshares and its unit Lone Star State Bank of West Texas, having signed a definitive merger agreement.
  • PB will issue 2.4M shares and $64.1M in cash for all the outstanding shares of Lone Star, subject to certain conditions and potential adjustments.
  • The total consideration was valued at ~$228.7M, based on the company's Oct. 7 closing price of $69.27.
  • The merger, approved by the boards of both companies, is expected to close Q1 2023.
  • Lone Star CEO Alan Lackey will join Prosperity Bank as West Texas Area President, and Lone Star Chief Lending Officer Melisa Roberts will join the bank as West Texas Area Vice President.
  • PB shares were trading -0.45% pre-market.
  • Source: Press Release

For further details see:

Prosperity Bancshares to acquire Lone Star State Bancshares, unit
Stock Information
Company Name: Prosperity Bancshares Inc.
Stock Symbol: PB
Market: NYSE
Website: prosperitybankusa.com
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