Prosperity Bancshares, Inc. to Acquire First Bancshares of Texas, Inc. in Midland, Texas
What is happening?
Prosperity Bancshares Inc., the holding company for Prosperity Bank, has signed a definitive agreement to acquire First Bancshares of Texas, Inc. and FirstCapital Bank of Texas N.A.. The merger is expected to occur in the first quarter of 2023, although delays may occur. In the meantime, both FirstCapital Bank of Texas and Prosperity Bank will continue to operate on their own.
Who is Prosperity Bank?
Founded in 1983, Prosperity Bank believes in a community banking philosophy, taking care of customers, businesses, and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.
Prosperity currently operates 272 full-service banking locations: 65 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 62 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San Antonio; 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area.
How does this affect my account/loans?
We are actively in the transition process to ensure a smooth changeover for all customers involved following the merger. We will contact you through several mail pieces and will provide you with information about your accounts. However, until our conversion date following the effective date of the merger, your accounts and loans will function as normal under FirstCapital Bank of Texas.
How will the merger impact me as a customer?
We are working toward a seamless transition. You should see minimal changes to your day-to-day banking. However, once the merger and conversion of your accounts to Prosperity occurs, you will have access to a variety of new Prosperity Bank products and services when applying for a new loan, opening a new account, or establishing any other bank product or service in the future.
Will the same bank staff be working at the branch? Will my account officer still be the same?
Most retail bank officers, and commercial lenders will remain the same. Very few customer contacts will change.
How will the merger impact me as a shareholder?
Shareholders of First Bancshares of Texas, Inc., the parent company of FirstCapital Bank of Texas will receive a mixture of stock and cash as described in the merger agreement. A copy of our joint press release with more information can be found here.
In connection with the proposed merger, Prosperity Bancshares, Inc., the parent company of Prosperity Bank, will file with the Securities and Exchange Commission a registration statement to register the shares of Prosperity Bancshares common stock to be issued in the merger. This registration statement will include a proxy statement/prospectus which will be sent to the shareholders of First Bancshares of Texas seeking their approval of the proposed merger. The proxy statement will include additional information about the merger.
Who can I contact if I have more questions?
Up-to-date details can be found on FirstCapital Bank of Texas’ website, and you may also call 844-322-8392 for assistance or specific questions.