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Prosperity Bancshares merges with Coppermark Bancshares

Texas-based regional financial holding company Prosperity Bancshares has completed merger with Coppermark Bancshares and its wholly owned banking subsidiary in Oklahoma City, effective from 1 April.

Coppermark Bank manages nine full-service banking branches including six in Oklahoma City, Oklahoma and nearby areas and three in Dallas, Texas.

As of 31 December 2012, Coppermark reported, on a consolidated basis, total assets of $1.3bn, and total loans of $853.4m and total deposits of $1.2bn.

Based on the terms of the definitive merger agreement, Prosperity issued nearly 3,258,845 shares of its common stock and paid $60m in cash for all outstanding shares of Coppermark capital stock.

Coppermark chairman Russell Swarts will now serve the integrated entity as senior chairman of Central Oklahoma region, while its president Thomas Legan assumes the role of chairman and oversee operations and management of all Oklahoma locations.

Jacque Fiegel, Coppermark chief operating officer, will be appointed as president of Central Oklahoma region. He will be accountable for retail and business banking functions of all Oklahoma locations and certain operational matters for the integrated enterprise.

Its president of the Oklahoma market and chief credit officer Jeff Russell will also become the president of the region and be responsible for lending in Oklahoma.

Commerce Street Capital and Fenimore, Kay, Harrison & Ford as well as Cheek & Falcone served as advisers to Coppermark, while Prosperity was advised by Bracewell & Giuliani pertaining to transaction.

Set up in 1983, Prosperity Bancshares provides an array of traditional loan and deposit products to its customers, which consist primarily of small and medium sized businesses and consumers.