Prosperity To Acquire First Victoria National Bank

Houston-based Prosperity Bancshares announced it is merging with First Victoria National Bank, the oldest independent bank in Texas.

The parent company of Prosperity Bank is acquiring First Victoria in a combined stock-cash transaction worth nearly $390 million.

David Zalman is Prosperity’s chairman and CEO. He says the company will gain from First Victoria’s strong presence not only in Victoria, but also in Corpus Christi, Central Texas, and Bryan/College Station.

“Probably in Houston, more importantly — we do have a lot of locations in the Houston market — but one area of town that we did not have was The Woodlands area. And they have two locations in The Woodlands area with very good people, also in Magnolia and Spring. So that really improves our position in the north part of Houston in a real growth area.”

Prosperity has completed six mergers in the last eighteen months. Pending regulatory approval, the merger with First Victoria is expected to close in November.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...