Prosperity Bancshares Closes Merger With FVNB Corp. - Quick Facts

(RTTNews) - Prosperity Bancshares Inc. (PB), the parent company of Prosperity Bank, announced the completion of the merger of FVNB Corp. with and into Prosperity and the merger of FVNB's wholly owned subsidiary, First Victoria National Bank, Victoria, Texas, with and into Prosperity Bank, all effective on November 1, 2013.

As per the terms of the definitive agreement, Prosperity issued approximately 5.57 million shares of Prosperity common stock plus $91.250 million in cash for all outstanding shares of FVNB capital stock.

Russell Marshall, CEO of FVNB, will serve the combined entity as Chairman - Wealth Management/Private Banking and will be responsible for the wealth management operations for all of Prosperity Bank. Kenneth Vickers, Chief Lending Officer of FVNB, will join Prosperity Bank as Senior EVP and will serve on Prosperity Bank's Executive Loan Committee and John Zacek, EVP of the Victoria Region for FVNB, will become President - South Texas Area for Prosperity Bank and will have management responsibilities for Prosperity Bank's South Texas Area.

The company said Other area and regional officers of First Victoria that will join Prosperity Bank upon consummation of the merger include Tim Jones as President - Bryan/College Station Area, Kevin Kaplan as Regional President - Corpus Christi, Travis Freeman as Regional President - The Woodlands/Magnolia, Barry Williams as Regional President - New Braunfels, and Royce Moran as Regional President - Victoria.

In early July, Prosperity Bancshares announced the signing of a merger agreement with FVNB Corp. and its subsidiary First Victoria National Bank.