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East Texas Financial Services merges with Prosperity Bancshares

US-based Prosperity Bancshares has completed the merger of East Texas Financial Services (ETFS) and its wholly owned subsidiary First Federal Bank Texas (Firstbank), with and into its operations.

ETFS manages four banking offices in the Tyler MSA, including three in Tyler, Texas and one in Gilmer, Texas.

It had total assets of $191.2m, total loans of $139.2m and total deposits of $114.4m, as of 30 September 2012.

As per terms of the definitive agreement, the acquirer will issue nearly 531,000 shares of its common stock for all outstanding shares of ETFS capital stock, as well as cash in lieu of fractional shares.

Upon completion of the transaction, ETFS and Firstbank CEO Derrell Chapman will serve as president of Tyler Banking Centers; while Micheal Lavender and Joe Hobson will each join as a senior vice president of Prosperity Bank.

Commerce Street Capital acted as financial advisor and Silver, Freedman & Taff worked as legal counsel to ETFS pertaining to the transaction, while Bracewell & Giuliani served as legal counsel to Prosperity.

Founded in 1983 as a regional financial holding company, Prosperity Bancshares offers numerous traditional loan and deposit products to its customers.