Prosperity Bancshares, Inc.(R) and Texas United Bancshares, Inc. Shareholders Approve Merger
15 Dicembre 2006 - 1:54AM
PR Newswire (US)
* Prosperity Bancshares, Inc.(R) Annual Cash Dividend Increases
12.5% to $0.45 HOUSTON, Dec. 14 /PRNewswire-FirstCall/ --
Prosperity Bancshares, Inc.(R) (NASDAQ:PRSP) announced today that
the Prosperity shareholders have approved its proposed acquisition
of Texas United Bancshares, Inc. (NASDAQ:TXUI). Over 98.4% of all
votes cast at the special meeting of shareholders were cast in
favor of the transaction. The votes cast in favor of the
transaction constitute approximately 73% of all outstanding shares.
Texas United Bancshares, Inc. announced that the Texas United
shareholders today approved its proposed merger with Prosperity
Bancshares, Inc. Over 98.7% of all votes cast at the special
meeting of shareholders were cast in favor of the transaction. The
votes cast in favor of the transaction constitute approximately 81%
of all outstanding shares. The closing of the transaction is
tentatively scheduled for early February of 2007 contingent upon
regulatory approval, which is expected to be received in January of
2007, and the satisfaction of customary closing conditions
contained in the merger agreement. Prosperity Bancshares, Inc.
Fourth Quarter Dividend Prosperity Bancshares, Inc. declared a
quarterly cash dividend of $0.1125 per share to holders of
Prosperity's common stock. The fourth quarter dividend is payable
on January 2, 2007 to all shareholders of record as of December 15,
2006. Prosperity previously announced that the dividend rate would
increase 12.5% to $0.1125 per share per quarter beginning with the
fourth quarter 2006 dividend. Texas United Bancshares, Inc. Fourth
Quarter Dividend Texas United Bancshares, Inc. declared a quarterly
cash dividend of $0.08 per share to holders of Texas United's
common stock. The fourth quarter dividend is payable on January 2,
2007 to all shareholders of record as of December 8, 2006 Year End
Earnings Conference Call In conjunction with Prosperity Bancshares,
Inc.(R) Fourth Quarter Earnings Announcement, scheduled before the
market opens on Wednesday, January 24, 2007, you are invited to
listen to its conference call that will be broadcast live over the
Internet at 10:30 AM, Eastern Standard Time (9:30 AM, Central
Standard Time) on Wednesday, January 24, 2007. Participants will
include David Zalman, Chairman and Chief Executive Officer; Dan
Rollins, President and Chief Operating Officer; Tim Timanus, Vice
Chairman; and David Hollaway, CPA, Chief Financial Officer. What:
Prosperity Bancshares, Inc.(R) Fourth Quarter Earnings Announcement
When: Wednesday, January 24, 2007 9:30 AM (Central Standard Time)
Where: http://www.prosperitybanktx.com/ on the Investor Relations
page How: Live over the Internet -- Simply log on to the web at the
address above or call 800-362-0595, the reference code is PBTX.
Contact: Dan Rollins, President & COO at (281) 269-7199 or If
you are unable to participate during the live webcast, the call
will be archived on the Web site at
http://www.prosperitybanktx.com/ on the Investor Relations page. To
access the replay, click on the conference call section and follow
the instructions. Minimum Requirements to listen to broadcast: At
least a 28.8 Kbps connection to the Internet and the Windows Media
Player software, downloadable free from
http://www.microsoft.com/windows/windowsmedia/player/download/download.aspx
. Prosperity Bancshares Inc.(R) Prosperity Bancshares(R), a $4.6
billion Houston, Texas based regional financial holding company,
formed in 1983, was named to the Keefe Bruyette & Woods, Inc.
2006 Honor Roll for achieving exceptional earnings per share growth
for the past 10 years. Other recent honors include being named to
the Sandler O'Neill & Partners 2005 Bank and Thrift Small All
Stars, listed in US Banker's August 2005 Top 100 Publicly Traded
Mid-Tier Banks, ranked #2 out of 195 publicly traded companies in
the 2005 Stephens, Inc. Bank and Thrift Performance Matrix and the
Houston Chronicle's Houston 100 list. Operating under a community
banking philosophy, Prosperity seeks to develop broad customer
relationships based on service and convenience. Prosperity offers a
variety of traditional loan and deposit products to its customers,
which consist primarily of consumers and small and medium sized
businesses. In addition to established banking products, Prosperity
offers a complete line of services including: Internet Banking
services at http://www.prosperitybanktx.com/ , Retail Brokerage
Services, MasterMoney Debit Cards, and 24 hour voice response
banking. Prosperity currently operates eighty-nine (89) full
service banking locations, thirty-eight (38) in the Houston CMSA;
sixteen (16) in the Corpus Christi area; eleven (11) in the Dallas
area; five (5) in the Austin area; two (2) in the East Texas area;
and seventeen (17) in fifteen contiguous counties south and
southwest of Houston generally along the NAFTA highway. Additional
Information About the Merger and Where to Find It This
communication is being made in respect of the proposed merger
transaction involving Prosperity Bancshares, Inc. and Texas United
Bancshares, Inc. In connection with the transaction, Prosperity
filed a Registration Statement on Form S-4 with the Securities and
Exchange Commission on November 7, 2006 and Prosperity and Texas
United mailed copies of the related joint proxy
statement/prospectus to all of their respective shareholders of
record. This filing and other information filed by Prosperity with
the SEC is available free at the SEC's web site at
http://www.sec.gov/ . You can also obtain a free copy of this
filing and other information from Prosperity's web site at
http://www.prosperitybanktx.com/ and Texas United's web site at
http://www.txui.com/ . "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: This release contains,
and the remarks by our management on the conference call may
contain, forward-looking statements within the meaning of the
securities laws that are based on current expectations,
assumptions' estimates and projections about Prosperity
Bancshares(R), and its subsidiaries. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, many of which are outside of
Prosperity's control, that may cause actual results to differ
materially from those expressed or implied by the forward-looking
statements. These risks and uncertainties include but are not
limited to the risk that the businesses of Prosperity and Texas
United will not be integrated successfully or such integration may
be more difficult, time-consuming or costly than expected; expected
revenue synergies and cost savings from the merger may not be fully
realized or realized within the expected time frame; revenues
following the merger may be lower than expected; deposit attrition,
operating costs, customer loss and business disruption following
the merger, including, without limitation, difficulties in
maintaining relationships with employees, may be greater than
expected; the ability to obtain regulatory approvals of the merger
on the proposed terms and schedule; the failure of Prosperity's or
Texas United's shareholders to approve the merger agreement;
continue to provide products and services that appeal to our
customers; access to debt and equity capital markets we may be
limited or not available; and our sales objectives may not be
achieved. Other risks include the possibility that credit quality
could deteriorate; actions of competitors; changes in laws and
regulations (including changes in governmental interpretations of
regulations and changes in accounting standards); customer and
consumer demand, including customer and consumer response to
marketing; effectiveness of spending, investments or programs;
fluctuations in the cost and availability of supply chain
resources; economic conditions, including currency rate
fluctuations and interest rate fluctuations; weather; and the stock
price volatility associated with "small-cap" companies. These and
various other factors are discussed in our most recent Annual
Report on Form 10-K and other reports and statements we have filed
with the SEC. Copies of Prosperity Bancshares's (R) SEC filings may
be downloaded from the Internet at no charge from
http://www.prosperitybanktx.com/ . DATASOURCE: Prosperity
Bancshares, Inc.; Texas United Bancshares, Inc. CONTACT: Dan
Rollins, President & Chief Operating Officer of Prosperity
Bancshares, Inc., +1-281-269-7199, or ; or Don Stricklin, President
& Chief Executive Officer of Texas United Bancshares, Inc.,
+1-979-968-7214, or Web site: http://www.prosperitybanktx.com/
http://www.txui.com/
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