Prosperity Bancshares buys F&M
Houston-based Prosperity Bancshares Inc. has completed its purchase of the parent company of Tulsa-based F&M Bank and Trust Co for about $250 million. The Tulsa bank company operated nine locations in the Tulsa area, one in Oklahoma City and three in Dallas. The locations are all now Prosperity Bank offices. As of Dec. 31, it reported total assets of almost $2.57 billion, total loans of nearly $1.76 billion and total deposits of more than $2.33 billion. Prosperity paid for the deal with more than $34 million in cash and almost 3.3 million shares of Prosperity common stock.
American Fidelity gets A+ rating
Oklahoma City-based American Fidelity Assurance Company again received an A+ superior rating from insurance ratings company A.M. Best Co. the rating is based on an analysis of the financial condition and operating performance in competency of underwriting, control of expenses, adequacy of reserves, soundness of investment and capital sufficiency. American Fidelity has received the top rating each year since 1982. Affiliate American Public Life Insurance Co. also maintained its A- rating.
PostRock reaches settlement
PostRock Energy Corp. said Tuesday it has reached a settlement in its lawsuit against Constellation Energy Partners LLC and Sanchez Energy Partners I LP. PostRock said it expects to recover about $12.6 million in the deal. An initial payment of about $8.3 for all of PostRock’s A units and a small percentage of its B units is expected this week. PostRocks’s remaining B units will be “disposed of in orderly blocks and other market transactions” by the end of the year, PostRock said.
New Gulf names chairman, CEO
TULSA — Tulsa-based New Gulf Resources LLC has named Ralph A. Hill its chairman and CEO. Hill is the former CEO at Tulsa-based WPX Energy Inc. New Gulf Resources co-founder and current CEO Tracy Poole will stay with the company as president. “We feel as though we have acquired the best free agent quarterback in the industry,” Poole said. “Both the founders and the board are very excited to begin this next phase of the company’s development.”
Economics writer to speak
Wall Street Journal writer Stephen Moore will present “Economic Outlook: The Return to Prosperity” at a town hall meeting at 10:30 a.m. April 17 at St. Luke’s United Methodist Church. Moore also is a commentator for CNBC TV and for the Fox News Channel. He is a frequent lecturer to business, investment and university audiences around the world on the U.S. economic and political outlook in Washington, D.C. Tickets for the lecture are available at the door for $20. More information is available at 826-9689 or okctownhall.com.
From Staff Reports