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Oklahoma business briefs for April 2, 2014

Prosperity Bancshares completes purchase of F&M Bank and Trust of Tulsa.
Oklahoman Published: April 2, 2014
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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.

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