HOUSTON, Jan. 26, 2021 /PRNewswire/ -- Prosperity
Bancshares, Inc.® (the "Company") (NYSE: PB), the parent
company of Prosperity Bank®, today announced that its
Board of Directors authorized a stock repurchase program under
which the Company may repurchase up to 5%, or approximately 4.65
million shares, of its outstanding common stock over a one-year
period expiring on January 26, 2022,
at the discretion of management.
Repurchases under this program may be made from time to time in
open market transactions, and pursuant to any trading plan that may
be adopted in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended. Repurchases under this program
also may be made in transactions outside the safe harbor provided
by Rule 10b-18 during a pending
merger, acquisition or similar transaction. The timing and
actual number of shares repurchased will depend on a variety of
factors including price, corporate and regulatory requirements,
market conditions, and other corporate liquidity requirements and
priorities. Any repurchased shares will be held by the
Company as authorized but unissued shares.
The repurchase program does not obligate the Company to purchase
any particular number of shares and there is no guarantee as to the
exact number of shares that will be repurchased by the
Company. The Company may suspend, modify or terminate the
program at any time and for any reason, without prior
notice.
Prosperity Bancshares, Inc.®
As of December 31, 2020,
Prosperity Bancshares, Inc.® is a $34.059 billion Houston, Texas based regional financial
holding company providing personal banking services and investments
to consumers and small to medium sized businesses throughout
Texas and Oklahoma. Founded
in 1983, Prosperity believes in a community banking philosophy,
taking care of customers, businesses and communities in the areas
it serves by providing financial solutions to simplify everyday
financial needs. In addition to offering traditional deposit and
loan products, Prosperity offers digital banking solutions, credit
and debit cards, mortgage services, retail brokerage services,
trust and wealth management, and treasury management.
Prosperity currently operates 275 full-service banking
locations: 65 in the Houston area,
including The Woodlands; 30 in the
South Texas area including
Corpus Christi and Victoria; 65 in the Dallas/Fort Worth area; 22 in the East Texas area; 29 in the Central Texas area including Austin and San
Antonio; 34 in the West
Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area, 6 in the
Central Oklahoma area and 8 in the
Tulsa, Oklahoma area.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: This release may contain
forward-looking statements within the meaning of the securities
laws that are based on current expectations, assumptions, estimates
and projections about Prosperity Bancshares and its
subsidiaries. Prosperity's management does not undertake any
obligation to update these statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, many of which are outside of
Prosperity's control, which may cause actual results to differ
materially from those expressed or implied by the forward-looking
statements. These risks and uncertainties include but are not
limited to whether Prosperity can: successfully identify
acquisition targets and integrate the businesses of acquired
companies and banks; continue to sustain its current internal
growth rate or total growth rate; provide products and services
that appeal to its customers; continue to have access to debt and
equity capital markets; and achieve its sales objectives.
Other risks include, but are not limited to: the possibility that
credit quality could deteriorate; actions of competitors; changes
in laws and regulations (including changes in governmental
interpretations of regulations and changes in accounting
standards); a deterioration or downgrade in the credit quality and
credit agency ratings of the securities in Prosperity's securities
portfolio; customer and consumer demand, including customer and
consumer response to marketing; effectiveness of spending,
investments or programs; fluctuations in the cost and availability
of supply chain resources; and economic conditions, including
currency rate, interest rate and commodity price fluctuations; the
effect, impact, potential duration or other implications of the
COVID-19 pandemic; and weather. These and various other
factors are discussed in Prosperity Bancshares' Annual Report on
Form 10-K for the year ended December 31,
2019 and other reports and statements Prosperity Bancshares
has filed with the SEC. Copies of the SEC filings for
Prosperity Bancshares® may be downloaded from the
Internet at no charge
from http://www.prosperitybankusa.com.
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SOURCE Prosperity Bancshares, Inc.