Pursuant to the terms of the acquisition agreement, Prosperity issued 3,298,022 shares of Prosperity common stock plus USD34.240 million in cash for all outstanding shares of FMBC
capital stock, which resulted in goodwill of USD206.010 million as of June 30, 2015.
Under the terms of the agreement, Prosperity issued approximately 3,298,246 shares of Prosperity common stock plus approximately USD34.24m in cash for all outstanding shares of FMBC capital stock.
Anthony Davis, chairman and CEO of FMBC, will serve the combined entity as chairman - Tulsa Area and Turtle Creek Banking Centre and will be responsible for the day-to-day operations and management of all Tulsa, Oklahoma locations and the former F&M Bank Turtle Creek location in Dallas, Texas.
As of December 31, 2013, FMBC, on a consolidated basis, reported total assets of USD 2.568bn, total loans of USD 1.757bn and total deposits of USD 2.332 bn.
Under the terms of the definitive agreement, Prosperity issued approximately 3,298,246 shares of Prosperity common stock plus approximately USD 34.24m in cash for all outstanding shares of FMBC capital stock.
Another major issue is the achievement of Fixed Mobile & Broadcast Convergence (FMBC) services for the consumer market.
A key point in the success of the FMBC business will be to take advantage of our position as the only company capable of developing mobile and fixed-line businesses together to provide services worthy of customers' support.
M2 EQUITYBITES-April 2, 2014-Prosperity Bancshares closes merger of FMBC and bank subsidiary in cash and stock transaction
The parent company of US-based Prosperity Bank, Prosperity Bancshares Inc (NYSE:PB) completed the merger of F&M Bancorporation Inc (FMBC) and the merger of FMBC's wholly owned subsidiary, the F&M Bank & Trust Company (F&M Bank) in Tulsa, Oklahoma and with and into Prosperity Bank as of 1 April 2014, the company declared on Tuesday.
F&M Bank operated 13 banking offices in Tulsa and surrounding areas and FMBC reported total assets of USD2.568bn, total loans of USD1.757bn and total deposits of USD2.332bn on a consolidated basis, as of 31 December 2013.
The terms of the deal call for Prosperity to issue nearly 3.3m own common shares and pay USD47m (EUR35.5m) in cash for all of FMBC