(skip this header)

Westport News

Saturday, August 02, 2014

westport-news.com Businesses

« Back to Article

Houston's Prosperity Bank to buy First Victoria National Bank

Erin Mulvane, Houston Chronicle
Published 12:29 pm, Monday, July 1, 2013
Larger | Smaller
Email This
Font
Page 1 of 1

Houston's Prosperity Bank announced Monday that it will buy First Victoria National Bank.

Prosperity Bancshares, Inc. will issue 5.6 million shares of its stock and $91.3 million in cash to acquire Victoria-based First Victoria National Bank Corp. and its subsidiary.

Prosperity has completed six deals in the last 18 months.

First Victoria National Bank has 34 branches, including in Victoria, South Texas, Bryan/College Station area, Central Texas and 12 in the Houston area, with reported assets of $2.4 billion.

Executives from the Victoria-based bank, including Russell Marshall, who will be chairman in charge of wealth management operations, will remain with the combined company.

Kenneth Vickers, First Victoria chief lending officer, will serve on Prosperity Banks' executive loan committee and John Zacek, executive vice president of the Victoria region will become president of the South Texas area.

Several other officers from the Victoria company will join the new company in the Bryan/College station area, Corpus Christi, the Woodlands, New Braunfels and Victoria.

"I could not be more excited about joining forces with all of the professionals of First Victoria National Bank," said David Zalman, chairman and CEO of Prosperity, in a statement. "Both of our banks do business in many of the same communities and we have knowledge of the specific needs of those communities in terms of financial products as well as community support. We believe this combination will further strengthen our already strong management and operations teams in South Texas and increase our ability to effectively compete and serve our customers."

The merger has been approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2013.

"The merger of two great Texas banks, First Victoria National Bank, the oldest independent bank in Texas, and Prosperity Bank, one of the largest and most successful banking franchises in Texas, is excellent news for both our customers and shareholders," said Russell Marshall, president and chief executive officer of the Victoria bank in a statement.