First Bancshares Of Texas, Inc. | Stephens

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Financial Advisor

First Bancshares Of Texas, Inc.

$342 Million 10/11/2022 Depository Pending
Public Companies
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Transaction Details

  • On October 11, 2022, Prosperity Bancshares, Inc. (NYSE: PB) (“Prosperity”) and First Bancshares of Texas, Inc. (“First Bancshares”), the parent company of FirstCapital Bank of Texas, N.A. (“FirstCapital Bank”), jointly announced the signing of a definitive merger agreement pursuant to which Prosperity will acquire First Bancshares and FirstCapital Bank
  • Prosperity will issue 3,583,370 shares of Prosperity common stock plus $93.4 million in cash for all outstanding shares of First Bancshares capital stock, subject to certain conditions and potential adjustments
  • FirstCapital Bank operates 16 banking offices in six different markets in West, North and Central Texas areas, including its main office in Midland, and banking offices in Midland, Lubbock, Amarillo, Wichita Falls, Burkburnett, Byers, Henrietta, Dallas, Horseshoe Bay, Marble Falls and Fredericksburg, Texas
  • As part of the transaction, Ken Burgess, Brad Burgess, Greg Burgess and Jeremy Bishop will join Prosperity Bank as Regional Presidents overseeing specific geographic markets in Prosperity’s West Texas and Central Texas areas
Sources: Company Press Release and Investor Presentation
  1. 1) Based on a PB stock price of $69.27 as of October 7, 2022

    2) Reflects bank-level financials as of 6/30/2022

    3) Excludes $369K one-time gain on sale of OREO realized in the second quarter of 2022

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