Prosperity Bancshares Acquires Coppermark
By: Leon Castles
on Wednesday, December 12, 2012
Houston based Prosperity Bancshares Inc has made an announcement that they are planning to grow their business in the future and therefore they have decided to acquire Oklahoma based Coppermark Bancshares that will allow them to handle more operations in the city. The bank said that they have to push themselves ahead and therefore they needed better acquisitions and Coppermark is a right choice for the bank. The largest bank holding company said that they might have to move their operations to Oklahoma in regards with the new business that they have acquired.
Prosperity Bancshares said that they have been looking for more deals and this is the sixth deal in the last 15 months. The company said that they have purchased Coppermark for $60 million in cash and about $134 million in stock. The company believes that Coppermark will be the best option for them as they have lot of branches in Oklahoma City. Coppermark currently have six branches in Oklahoma City and three in Dallas. The company said that Coppermark also has $874.2 million in loans and $1.2 billion in deposits according to FDIC. Prosperity Bancshares said that the deal will allow them to boost their financial institution across the nation and they can look out for various new products that they can introduce in the market.