A PYMNTS Company

US: Prosperity to buy peer LegacyTexas for $2.1B

By  |  June 17, 2019

US regional bank Prosperity Bancshares Inc said on Monday it would buy Plano, Texas-based peer LegacyTexas Financial Group Inc for $2.1 billion that would create the second-biggest bank by deposits in the state.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The deal is also expected to strengthen Houston, Texas-based Prosperity’s foothold in North Texas cities as well as in and around the Dallas-Fort Worth area.

    As of March 31, 2019, LegacyTexas held total assets worth more than $9 billion, total loans of $8.1 billion and total deposits of $7.1 billion, while Prosperity held $22.35 billion in assets and $17.2 billion in deposits.

    Dealmaking in the banking sector has been rising ever since U.S. President Donald lowered corporate taxes and eased financial regulations on regional banks.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.