Fed approves Prosperity Bancshares acquisition of Southwest Bancshares
The Federal Reserve Board approved the acquisition of San Antonio-based Southwest Bancshares, Inc. and Texas Partners Bank by Houston-based Prosperity Bancshares, Inc. The decision was announced on Thursday.
Houston-based bank expands
The Federal Reserve Board approved Prosperity Bancshares, Inc.'s application to acquire Southwest Bancshares, Inc. and Texas Partners Bank.
Prosperity Bancshares is located in Houston, while the acquired entities are in San Antonio, Texas.
Acquisition details confirmed
The approval covers the direct acquisition of Southwest Bancshares, Inc. and the indirect acquisition of its subsidiary, Texas Partners Bank.
This strategic move consolidates banking operations under the Houston-based parent company.