Prosperity Bancshares has agreed to acquire The Bank Arlington, which operates one banking office in Arlington, Texas, in the Dallas-Fort Worth Metroplex.
The Bank Arlington reported total assets of $37.3m, total loans of $21.3m and total deposits of $32.8m in 2011.
Prosperity chairman and CEO David Zalman said that their team has wanted to expand their presence in the Dallas/Fort Worth Metroplex for some time and adding a location in Arlington is an excellent fit for them.
"The customers of The Bank Arlington will be able to use any of our locations across the state after the merger," added Zalman.
The value of the deal has not been revealed though Prosperity will issue about 138,600 shares of its common stock for all outstanding shares of The Bank Arlington capital stock.
The merger is expected to close during the first half of 2012, following which Prosperity will have thirty-two banking centres across the Dallas/Fort Worth MSA.
The transaction is subject to certain conditions, including the approval by The Bank Arlington’s shareholders and customary regulatory approvals.
The deal is the third acquisition announced by Prosperity within the past few months.