Stellar Bancorp Acquisition | Financial Services Deal in TX

Prosperity Bancshares has acquired Stellar Bancorp, a banking business in Texas, for $2.0 billion. Stellar Bancorp provides retail and commercial banking services through Stellar Bank, and the merger acquisition expands Prosperity’s financial services footprint in TX. The strategic acquisition combines banking acquisition operations by merging Stellar Bank into Prosperity Bank as part of financial services M&A. This strategic acquisition is a merger acquisition with unanimous board approval, structured as a strategic acquisition of a Texas bank, and includes $11.36 per Stellar share in cash plus 0.3803 shares of Prosperity common stock for each share.