Prosperity Bancshares

Prosperity Bancshares, Inc.
Public
Traded as NYSE: PB
S&P 400 Component
Founded Houston, Texas, United States (1983)
Headquarters Houston, Texas, United States
Products Banking
Revenue $297.441M (as of December 31, 2013)
Number of employees
 3,096 (full-time equivalent as of December 31, 2014)
Website http://www.prosperitybankusa.com

Prosperity Bancshares, Inc. is a bank holding company operating in various areas in Texas and central Oklahoma. The company is headquartered in Houston, Texas.

The company (through its main subsidiary, Prosperity Bank) operates (as of January 4, 2016) [1] 248 branch locations, organized as follows:

  • 67 in the Greater Houston area (including The Woodlands)
  • 30 in South Texas (including Corpus Christi and Victoria)
  • 36 in the Dallas/Fort Worth Metroplex
  • 22 in East Texas
  • 29 in Central Texas (including Austin and San Antonio)
  • 34 in West Texas
  • 16 in the Bryan/College Station area
  • 14 in Oklahoma (six in the Central Oklahoma area and eight in the Tulsa area)

History

The company was formed in 1983 as a vehicle to purchase a former Allied Bank branch in Edna, Texas. The Edna bank dated back to 1949 as the First National Bank of Edna.[2]

Beginning in the late 1980s, the company acquired several small- and medium-sized bank holding companies, all of which were located in Texas (except for Coppermark and F&M, which were headquartered in Oklahoma but each had Texas branch locations), and some of which had failed and were taken over by the Federal Deposit Insurance Corporation (FDIC). Notable acquisitions include:

  • the 46-branch Franklin Bank in 2008, another Houston-based bank which the FDIC had taken over.[3]
  • the 37-branch American State Bank, completed in July 2012 which provided the company its first locations in West Texas.[4]
  • a smaller, but notable, acquisition took place in 2010 when Prosperity purchased three Texas banks owned by U.S. Bancorp; U.S. Bancorp had earlier acquired those banks in the wake of the FBOP Corporation closure.[5]
  • the nine-branch Coppermark bank, completed in 2013, which provided the company its first presence outside the state of Texas, with six branches in Central Oklahoma.[6]
  • the 34-branch First Victoria National Bank, completed in 2013[7]
  • the 13-branch F&M Bancorporation, Inc. of Tulsa, Oklahoma, completed in 2014, which provided the company its first presence in the Tulsa market[8]

On December 28, 2011, the company began trading on the NYSE. It previously traded on NASDAQ under the symbol PRSP.[9]

Prosperity Bancshares was named by Forbes as "America's Best Bank" in 2012,[10][11] a feat which it repeated in 2014.[12]

References

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