Mergers & Acquisitions ·
On July 1, 2026, Prosperity Bancshares, Inc. completed the acquisition of Stellar Bancorp, Inc. Total consideration…
PBProsperity Bancshares Inc
On July 1, 2026, Prosperity Bancshares, Inc. completed the acquisition of Stellar Bancorp, Inc. Total consideration was approximately $590 million in cash and 19 million shares of Prosperity common stock. Stellar shareholders received 0.3803 shares of Prosperity stock and $11.36 in cash per share. Prosperity assumed approximately $2.17 billion in obligations from the Federal Home Loan Bank of Dallas. Robert R. Franklin, Jr. and Joseph B. Swinbank joined the Board of Directors, with Mr. Franklin also appointed as Vice Chairman of Prosperity and Prosperity Bank under a three-year employment agreement featuring an annual base salary of $1,120,187 and a $3 million signing bonus. The company operates in the financial services industry as a bank holding company.