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American State Financial Corporation and Prosperity Bancshares complete merger

Prosperity Bancshares and American State Financial Corporation have announced the completion of their merger.

05 July 2012

The merger between American State Financial Corporation and Prosperity Bancshares has been completed, with subsidiary firm American State Bank (ASB) also combined with parent company Prosperity Bank.

WR Collier, chairman and chief executive officer of ASB, will become a director of Prosperity Bancshares when the first board meeting following the merger is held, with a number of other staff members changing roles as part of the move.

ASB operated 47 banking offices in 18 counties across West Texas and will add to Prosperity's existing portfolio in the state now that the business negotiations have been completed.

"This merger provides our customers with significantly expanded banking opportunities while maintaining our community bank approach to doing business," said Mr Collier.

He added that the firm is "excited" to become part of Prosperity's major Texas operation.

Prosperity, a $14.1 billion (£9 billion) financial holding company, recently acquired Community National Bank, another Texas institution formerly operating an office in Bellaire.

Posted by Ron Maverick

Source: Prosperity Bancshares, July 2nd

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