Prosperity Bancshares, LegacyTexas Financial To Merge In $2.1 Bln Deal

(RTTNews) - Prosperity Bancshares, Inc. (PB), the parent of Prosperity Bank agreed Monday to merge with LegacyTexas Financial Group, Inc. (LTXB), the parent of LegacyTexas Bank.

Under the terms of the merger agreement, stockholders of LegacyTexas will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each LegacyTexas share, subject to certain conditions. Based on Prosperity's closing price of $67.24 on June 14, 2019, the total consideration was valued at about $2.1 billion, or approximately $41.78 per share.

The merger, unanimously approved by the Board of Directors of Prosperity and unanimously approved by the independent directors of LegacyTexas, is expected to close during the fourth quarter of 2019.

The transaction is subject to certain conditions, including the approval by LegacyTexas stockholders and Prosperity shareholders and customary regulatory approvals.