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Prosperity, LegacyTexas merger receives regulatory approval

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Prosperity Bancshares Inc.(NYSE: PB), the Houston-based parent company of Prosperity Bank, on Oct. 9 announced that it has received all regulatory approvals necessary to complete its previously announced merger with LegacyTexas Financial Group Inc. (NASDAQ: LTXB), the parent company of LegacyTexas Bank.

The merger is expected to be effective as of Nov. 1, subject to the approval of the shareholders of Prosperity and the stockholders of LegacyTexas and the satisfaction or waiver of the other closing conditions described in the definitive merger agreement.

A North Texas bank that has total reported assets of $9.3 billion completed a merger with a Houston-based financial holding company, expanding its reach.

LegacyTexas Financial Group Bank, the parent company of LegacyTexas Bank, agreed to merge with Prosperity Bancshares, Inc., the companies announced on June 17.

LegacyTexas Bank is based in Plano. It operates 42 locations in 19 North Texas cities, including four in Fort Worth.

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