Business
PROSPERITY BANCSHARES, INC.® AND AMERICAN BANK HOLDING CORPORATION IN CORPUS CHRISTI, TEXAS ANNOUNCE MERGER
Prosperity Bancshares, Inc.® (NYSE: PB) ("Prosperity"), the parent company of Prosperity Bank®, and American Bank Holding Corporation ("American"), the parent holding company of American Bank, N.A. ("American Bank"), headquartered in Corpus Christi, Texas, today jointly announced the signing of a definitive merger agreement whereby Prosperity will acquire American and American Bank.
About this update from American Bank, Inc.
[{"type":"text","content":"HOUSTON and CORPUS CHRISTI, Texas, July 18, 2025 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) ("Prosperity"), the parent company of Prosperity Bank®, and American Bank Holding Corporation ("American"), the parent holding company of American Bank, N.A. ("American Bank"), headquartered in Corpus Christi, Texas, today jointly announced the signing of a definitive merger agreement whereby Prosperity will acquire American and American Bank.","length":485,"tagName":"p"},{"type":"text","content":"American Bank operates eighteen (18) banking offices and two (2) loan production offices in South and Central Texas including its main office in Corpus Christi, and banking offices in San Antonio, Austin, Victoria and the greater Corpus Christi area including Port Aransas and Rockport and a loan production office in Houston, Texas. As of March 31, 2025, American, on a consolidated basis, reported total assets of $2.5 billion, total loans of $1.8 billion and total deposits of $2.3 billion.","length":493,"tagName":"p"},{"type":"text","content":"Under the terms and subject to the conditions of the definitive agreement, Prosperity will issue 4,439,981 shares of Prosperity common stock for all outstanding shares of American common stock, subject to certain potential adjustments. Based on Prosperity's closing price of $72.40 on July 16, 2025, the total consideration was valued at approximately $321.5 million.","length":371,"tagName":"p"},{"type":"text","content":"Stephen Raffaele, American Bank Chief Executive Officer and President, will join Prosperity Bank as South Texas and San Antonio Area Chairman and Ben Wallace, American Bank Chairman, will join Prosperity Bank as South Texas Senior Chairman. Additional members of American Bank management will maintain leadership roles in the combined organization.","length":348,"tagName":"p"},{"type":"text","content":"In addition, upon completion of the merger, Stephen Raffaele, Director and President of American and CEO and President of American Bank, and Patt Hawn Wallace, Chair of American and a Director of American Bank, will join the Board of Directors of Prosperity Bank.","length":263,"tagName":"p"},{"type":"text","content":""I could not be more excited about partnering with Ben, Patt, Steve and the management team and other professionals of Americ...