Stellar Bancorp, Prosperity Bancshares announce receipt of regulatory approvals

Prosperity Bancshares (PB), the parent company of Prosperity Bank, and Stellar Bancorp (STEL), the parent company of Stellar Bank, announced the receipt of all regulatory approvals necessary to complete Prosperity’s previously announced proposed acquisition of Stellar. A waiver of prior approval with respect to the merger of the holding companies has been granted by the Federal Reserve Bank of Dallas, and each of the Federal Deposit Insurance Corporation and the Texas Department of Banking have approved the merger of Stellar Bank with and into Prosperity Bank following the merger of the holding companies.