Prosperity Bancshares

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Prosperity Bancshares, Inc.
Type Public
Traded as NYSEPB
Founded Houston, Texas (1983)
Headquarters Houston, Texas
Products Banking
Revenue $221.398M (as of December 31, 2013)
Employees 2,995 (full-time equivalent as of December 31, 2013)
Website http://www.prosperitybankusa.com

Prosperity Bancshares, Inc. is a bank holding company operating in various areas in Texas and central Oklahoma. The company is headquartered in Houston, Texas.

The company (through its main subsidiary, Prosperity Bank) operates (as of April 1, 2014) [1] 248 branch locations, organized as follows:

  • 63 in the Greater Houston area
  • 26 in South Texas (including Corpus Christi and Victoria)
  • 38 in the Dallas/Fort Worth Metroplex
  • 22 in East Texas
  • 36 in Central Texas (including Austin and San Antonio)
  • 34 in West Texas
  • 16 in the Bryan/College Station area
  • 15 in the Central Oklahoma area (Oklahoma City and Tulsa)

History[edit]

The company was formed in 1983 as a vehicle to purchase a former Allied Bank branch in Edna, Texas. The Edna bank dated back to 1949 as the First National Bank of Edna.[2]

Beginning in the late 1980s, the company acquired several small- and medium-sized bank holding companies, all of which were located in Texas (except for Coppermark, which was headquartered in Oklahoma but had three Texas branch locations), and some of which had failed and were taken over by the Federal Deposit Insurance Corporation (FDIC). Notable acquisitions include:

  • the 46-branch Franklin Bank in 2008, another Houston-based bank which the FDIC had taken over.[3]
  • the 37-branch American State Bank, completed in July 2012 which provided the company its first locations in West Texas.[4]
  • a smaller, but notable, acquisition took place in 2010 when Prosperity purchased three Texas banks owned by U.S. Bancorp; U.S. Bancorp had earlier acquired those banks in the wake of the FBOP Corporation closure.[5]
  • the nine-branch Coppermark bank, completed in 2013, which provided the company its first presence outside the state of Texas, with six branches in Central Oklahoma.[6]
  • the 34-branch First Victoria National Bank, completed in 2013[7]
  • the 13-branch F&M Bancorporation, Inc. of Tulsa, Oklahoma, completed in 2014, which provided the company its first presence in the Tulsa market[8]

On December 28, 2011, the company began trading on the NYSE. It previously traded on NASDAQ under the symbol PRSP.[9]

Also in December 2011 Prosperity Bancshares was named by Forbes as "America's Best Bank",[10] a feat which it repeated in 2014.[11]

External links[edit]

References[edit]

  1. ^ https://www.prosperitybankusa.com/ContentDocumentHandler.ashx?documentId=26705
  2. ^ Prosperity Bank 2010 Form 10-K.
  3. ^ http://www.fdic.gov/news/news/press/2008/pr08113.html
  4. ^ https://www.prosperitybanktx.com/ContentDocumentHandler.ashx?documentId=16606
  5. ^ http://www.sec.gov/Archives/edgar/data/1068851/000119312510008896/dex991.htm
  6. ^ https://www.prosperitybanktx.com/ContentDocumentHandler.ashx?documentId=20411
  7. ^ https://www.prosperitybanktx.com/ContentDocumentHandler.ashx?documentId=23990
  8. ^ https://www.prosperitybankusa.com/ContentDocumentHandler.ashx?documentId=26705
  9. ^ https://www.prosperitybanktx.com/SiteContent/13297/NYSE%20Announcement%2012.14.11.pdf
  10. ^ http://www.forbes.com/sites/kurtbadenhausen/2011/12/13/full-list-americas-best-and-worst-banks/
  11. ^ http://www.forbes.com/sites/kurtbadenhausen/2013/12/19/americas-best-and-worst-banks-2014/