PROSPERITY BANCSHARES, INC.® COMPLETES MERGER WITH STELLAR BANCORP, INC.

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HOUSTON, July 1, 2026 /PRNewswire/ -- Prosperity Bancshares, Inc.® ("Prosperity") (NYSE: PB), the parent company of Prosperity Bank®, today announced the completion of the merger of Stellar Bancorp, Inc. ("Stellar") with and into Prosperity and the merger of Stellar's wholly owned subsidiary, Stellar Bank, headquartered in Houston, Texas, with and into Prosperity Bank, all effective on July 1, 2026. Under the terms and subject to the conditions of the merger agreement between Prosperity and Stellar, Prosperity issued 0.3803 shares of Prosperity common stock and paid $11.36 in cash for each outstanding share of Stellar common stock. Robert R. Franklin, Jr., Stellar's Chief Executive Officer and Stellar Bank's Executive Chairman, joined Prosperity and Prosperity Bank as Vice Chairman, and Ramon Vitulli, Stellar's President and Stellar Bank's Chief Executive Officer, joined Prosperity Bank as Houston Area Chairman. Additional members of Stellar Bank management will maintain leadership roles in the combined organization. In addition, Mr. Franklin and Joe B. Swinbank, a director of Stellar, have joined the Board of Directors of Prosperity, and Mr. Vitulli and Pat Parsons, a director of Stellar Bank, have joined the Board of Directors of Prosperity Bank. Stellar operates fifty-two (52) banking offices including its main office in Houston and banking offices in the Houston, Beaumont and East Texas areas and in Dallas, Texas. Stellar banking locations will continue to operate under the Stellar Bank name until the operational integration, which is scheduled for March 2027. At that time, Stellar customers may begin using any of Prosperity Bank's full service banking centers. About Prosperity Bancshares, Inc. ® As of March 31, 2026, Prosperity Bancshares, Inc.® is a $43.619 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, an...

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