US: Prosperity to buy peer LegacyTexas for $2.1B

US regional bank Prosperity Bancshares Inc said on Monday it would buy Plano, Texas-based peer LegacyTexas Financial Group Inc for $2.1 billion that would create the second-biggest bank by deposits in the state.

The deal is also expected to strengthen Houston, Texas-based Prosperity’s foothold in North Texas cities as well as in and around the Dallas-Fort Worth area.

As of March 31, 2019, LegacyTexas held total assets worth more than $9 billion, total loans of $8.1 billion and total deposits of $7.1 billion, while Prosperity held $22.35 billion in assets and $17.2 billion in deposits.

Dealmaking in the banking sector has been rising ever since U.S. President Donald lowered corporate taxes and eased financial regulations on regional banks.

Full Content: Reuters

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