Prosperity Bancshares finalizes merger with Stellar Bancorp subject to a merger agreement. Prosperity Bancshares, Inc., which is the parent company of Prosperity Bank®, on July 1, 2026, announced the finalization of the merger of Stellar Bancorp, Inc. with and into Prosperity and the merger of Stellar’s wholly owned subsidiary, Stellar Bank, based in Houston, Texas, with and into Prosperity Bank, all of which became effective July 1, 2026.

Pursuant to, and subject to the clauses and conditions of, the Merger Agreement by and between Prosperity and Stellar, Prosperity issued 0.3803 shares of Prosperity common stock and agreed to pay $11.36 in cash for each outstanding share of Stellar common stock. Robert R. Franklin, Jr., Stellar’s chief executive officer and executive chairman of Stellar Bank, became vice chairman of Prosperity and Prosperity Bank. Stellar’s president and Stellar Bank’s chief executive officer, Ramon Vitulli, subsequently joined Prosperity Bank as Houston area chairman. Additional Stellar Bank management will continue in positions of leadership in the merged organization. In addition, Mr. Franklin and Joe B. Swinbank, director of Stellar, are now members of the Board of Directors of Prosperity, and Mr. Vitulli and Pat Parsons, director of Stellar Bank, have now become members of the Board of Directors of Prosperity Bank. Stellar has fifty-two – 52 banking offices, consisting of its main office in Houston as well as banking offices in Houston and Beaumont along with East Texas areas and in Dallas, Texas. As Prosperity Bancshares finalizes merger with Stellar Bancorp, it is worth noting that Stellar Bank locations will keep continuing to operate under the Stellar Bank brand name until operational integration is completed in March 2027. The full-service banking centers of Prosperity Bank will be available to Stellar customers at that time.