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Prosperity Bancshares to buy East Texas Financial Services

Prosperity Bancshares has agreed to acquire East Texas Financial Services and its wholly-owned subsidiary, First Federal Bank Texas.

East Texas Financial Services operates four banking offices in the Tyler Metropolitan Statistical Area, including three locations in Tyler, Texas and one location in Gilmer, Texas.

As of 30 September 2011, East Texas Financial Services reported total assets of $210.6m.

Prosperity Bancshares chairman and CEO David Zalman said that following the merger, Prosperity will have twenty-three banking centers across East Texas.

The transaction, which is expected to close during the first half of 2012, is subject to certain conditions, including the approval by East Texas Financial Services’ shareholders and customary regulatory approvals.

Operational integration is anticipated to begin during the second quarter of 2012.