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Prosperity Bancshares Completes Merger With Community National Bank – Bellaire

Texas Business reports:  HOUSTON—Prosperity Bancshares Inc., the parent company of Prosperity Bank, completed the merger with Community National Bank, Bellaire, Texas.

This transaction continues Prosperity's expansion of the franchise in the greater Houston area.

Community National Bank operates one banking office in Bellaire  within the Houston metropolitan area. Prosperity will now operate 59 banking centers in the Houston area.

As of June 30, 2012, Community National Bank reported total assets of $180.6 million, total loans of $68.6 million and total deposits of $162.6 million.

Under the terms of the definitive agreement, Prosperity will issue up to 372,396 shares of Prosperity common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock.

Randy Dobbs, chief executive officer of Community Bank will serve as president – Bellaire Banking Center and will be responsible for the day to day operations of the Bellaire Banking Center.

John James, president of Community National Bank will serve as executive vice president at the Bellaire Banking Center.

“We are excited about the partnership of our bank with Community National Bank,” said Prosperity chief executive David Zalman in a prepared statement. “The customers of Community National Bank will continue to experience the same level of personalized customer service that they are accustomed to and can take advantage of the 59 banking centers in the greater Houston area.”

Community National Bank was advised in this transaction by Commerce Street Capital LLC as financial advisor. Bracewell & Guiliani LLP was legal counsel to Prosperity.

Prosperity Bancshares is a $13.9 billion Houston, Texas based regional financial holding company, formed in 1983.