Prosperity Buys East Texas Financial With Bracewell's Aid

Law360, New York (December 9, 2011, 6:10 PM EST) -- Prosperity Bancshares Inc. will acquire East Texas Financial Services Inc. in an all-stock deal, expanding its presence in East Texas, Prosperity announced Friday.

The deal is expected to close by the first half of 2012, with Prosperity exchanging 531,000 shares of its common stock for all outstanding East Texas capital stock.

Prosperity has signed a definitive agreement to acquire East Texas and its subsidiary, First Federal Bank Texas, which operates three banking offices in Tyler, Texas, and one in Gilmer, Texas, according to the companies.

"We are...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.