Prosperity Bancshares(US:PB) Prnewswire·2025-07-18 11:00Core Viewpoint - Prosperity Bancshares, Inc. has announced a definitive merger agreement to acquire American Bank Holding Corporation, enhancing its presence in South and Central Texas [1][6]. Company Overview - Prosperity Bancshares, Inc. is a regional financial holding company based in Houston, Texas, with total assets of approximately $38.765 billion as of March 31, 2025 [8]. - American Bank Holding Corporation operates 20 banking locations in Texas, with total assets of $2.5 billion, total loans of $1.8 billion, and total deposits of $2.3 billion as of March 31, 2025 [2][11]. Merger Details - Under the merger agreement, Prosperity will issue 4,439,981 shares of its common stock for all outstanding shares of American common stock, valuing the total consideration at approximately $321.5 million based on a closing price of $72.40 on July 16, 2025 [3]. - The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2025 or the first quarter of 2026, pending shareholder and regulatory approvals [6]. Leadership Changes - Following the merger, Stephen Raffaele, CEO of American Bank, will join Prosperity Bank as South Texas and San Antonio Area Chairman, while Ben Wallace will become South Texas Senior Chairman [4][5]. Strategic Rationale - The merger is expected to strengthen Prosperity's operations in South Texas and enhance its presence in Central Texas, particularly in the high-growth area of San Antonio [6]. - Both companies emphasize a commitment to relationship banking and excellent customer service, which aligns with their strategic goals [6].