Oklahoma City-based Coppermark Bank is sold in $194 million transaction
Six Oklahoma City-area offices of Coppermark Bank will become branches of Houston-based Prosperity Bank after the $194 million transaction.
Coppermark Bank, one of Oklahoma City's largest banks, has been sold to Houston-based Prosperity Bancshares in a stock and cash transaction worth nearly $200 million, the companies said Monday.
Coppermark, with total assets of $1.3 billion, operates six branches in the Oklahoma City area and three in the Dallas metro. It is the sixth-largest bank in the Oklahoma City area and the state's 12th-largest bank, based on the most recently available market share data from federal regulators.
Prosperity Bancshares will pay $60 million and issue up to 3.3 million shares of its common stock for all outstanding shares of Coppermark's capital stock. Prosperity's publicly traded stock closed Monday at $41.22, which puts the current value of the shares in the transaction at more than $134 million, and total value on the transaction about $194 million.
Prosperity Bancshares is a $13.9 billion financial services company that runs Prosperity Bank and its more than 200 full-service branches in Texas. The Coppermark deal, Prosperity's sixth transaction in the past 15 months, would make the Houston company the nation's 50th-largest U.S.-based bank.
The merger has been approved by directors of both companies and is expected to close during the first quarter of 2013. The transaction is subject to approval by Coppermark Bancshares' shareholders and regulators. Operational integration is expected to begin during the second quarter of 2013.
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