Prosperity Bank to Merge With F&M Bank

In what would be its eighth merger in the past two years, Prosperity Bank (NYSE: PB  ) has signed a definitive merger agreement to acquire F&M Bancorporation (NASDAQOTH: FMBC  ) , the holding company of F&M Bank & Trust, in a stock and cash deal, Prosperity announced today.

The deal calls for Prosperity Bank to issue 3,298,246 shares of stock, plus $47 million in cash, for all the outstanding shares of F&M, according to Prosperity. Prosperity Bank's stock was at $60.62 at the close of business Aug. 29, 2013, up 1.56% for the day.

F&M Bank has a total of 13 banking offices, 10 of which are in Tulsa and the surrounding area, along with three in Dallas. As of the end of calendar Q2 2013, F&M Bank had total assets of $2.44 billion, a loan portfolio of $1.9 billion, and $2.21 billion in deposits, Prosperity said.

Commenting on the deal, and the decision to retain key F&M Bank executives, President and CEO of Prosperity David Salman said, "Tony Davis, Eric Davis and Jeff Pickryl have extensive experience in both the Tulsa and Dallas markets and we are excited that they and their team will be joining us to continue to build and grow our company in those vibrant markets."

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Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On August 29, 2013, at 10:54 PM, Neilhayslett wrote:

    Note: this article contains an incorrect stock symbol for the bank being acquired by Prosperity Bank. The symbol FMBM belongs to Virginia based F&M Bank Corp., not Tulsa based F&M Bank Corporation (FMBC).

  • Report this Comment On August 30, 2013, at 11:00 AM, Neilhayslett wrote:

    Note: The article has been updated as of this morning to properly reflect that the bank being acquired is F&M Bancorporation with a trading symbol of "FMBC", and not Virginia based F&M Bank Corp. (FMBM). Thanks to The Motley Fool for having this error corrected.

  • Report this Comment On August 30, 2013, at 1:15 PM, timbrugger wrote:

    Neilhayslett,

    Thanks, appreciate the catch! Tim.

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