Prosperity Bancshares and Stellar Bancorp to merge in $2bn deal

Texas-based Prosperity Bancshares has agreed to acquire Stellar Bancorp and its subsidiary Stellar Bank in a deal valued at around $2bn. As per the agreed terms, Prosperity will offer 0.3803 shares of its common stock along with $11.36 in cash for each Stellar share. The deal expands the foothold of Prosperity Bancshares, the parent of Prosperity Bank, in its home market. Stellar Bank currently runs 52 branches in the greater Houston area, Beaumont, surrounding regions, and Dallas, Texas. As of 31 Dec ...