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Press release from PR Newswire

Prosperity Bancshares, Inc.® Announces Resignation Of President And Chief Operating Officer

Monday, November 26, 2012

Prosperity Bancshares, Inc.® Announces Resignation Of President And Chief Operating Officer06:01 EST Monday, November 26, 2012HOUSTON, Nov. 26, 2012 /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) (Prosperity), the parent company of Prosperity Bank®, announced that James D. Rollins III, President and Chief Operating Officer of Prosperity and President of Prosperity Bank has resigned to pursue another opportunity."On behalf of everyone at Prosperity, we would like to thank Dan for the many contributions he has made to the organization over the years.  We are excited for Dan in his new role and we wish him success in his new endeavor," commented David Zalman, Chairman and Chief Executive Officer of Prosperity.Prosperity Bank has a strong executive management team and for the present time, Mr. Rollins' responsibilities at Prosperity and Prosperity Bank will be divided among members of the Bank's Executive Committee, which consists of David Zalman ? Senior Chairman and Chief Executive Officer, H.E. Timanus, Jr. ? Chairman and Chief Operating Officer, David Hollaway ? Chief Financial Officer, Chris Bagley ? Chief Credit Officer, Randy Hester ? Chief Lending Officer and Charlotte Rasche ? General Counsel.  These individuals have a significant amount of experience in the banking industry and Prosperity expects a smooth transition of Dan's duties.  David Zalman will assume the titles of President of Prosperity and Prosperity Bank.Prosperity Bancshares, Inc.®Prosperity Bancshares, Inc.®, recently named "America's Best Bank" by Forbes, is a $13.9 billion Houston, Texas based regional financial holding company, formed in 1983. Operating under a community banking philosophy and seeking to develop broad customer relationships based on service and convenience, Prosperity offers a variety of traditional loan and deposit products to its customers, which consist primarily of small and medium sized businesses and consumers. In addition to established banking products, Prosperity offers a complete line of services including: Internet Banking services at http://www.prosperitybanktx.com, Retail Brokerage Services, MasterMoney Debit Cards, and 24 hour voice response banking.  Prosperity currently operates two hundred thirteen (213) full service banking locations; fifty-nine (59) in the Houston area; twenty (20) in the South Texas area including Corpus Christi and Victoria; thirty-five (35) in the Dallas/Fort Worth area; twenty-one (21) in the East Texas area; thirty-four (34) in the Central Texas area including Austin and San Antonio; thirty-four (34) in the West Texas area including Lubbock, Midland/Odessa and Abilene; and ten (10) in the Bryan/College Station area.In connection with the proposed merger of East Texas Financial Services, Inc. into Prosperity, Prosperity has filed with the Securities and Exchange Commission a registration statement on Form S-4 to register the shares of Prosperity's common stock to be issued to the stockholders of East Texas Financial Services. The registration statement includes a proxy statement/prospectus which was sent to the stockholders of East Texas Financial Services seeking their approval of the proposed transaction.WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT PROSPERITY, EAST TEXAS FINANCIAL SERVICES AND THE PROPOSED TRANSACTION.Investors and security holders may obtain free copies of these documents through the website maintained by the Securities and Exchange Commission at http://www.sec.gov.  Documents filed with the SEC by Prosperity will be available free of charge by directing a request by telephone or mail to Prosperity Bancshares, Inc., Prosperity Bank Plaza, 4295 San Felipe, Houston, Texas 77027 Attn: Investor Relations. Prosperity's telephone number is (281) 269-7199."Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions, estimates and projections about Prosperity, and its subsidiaries.  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, that 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; economic conditions, including currency rate fluctuations and interest rate fluctuations; weather; and the stock price volatility associated with "small-cap" companies.  These and various other factors are discussed in Prosperity's Annual Report on Form 10-K for the year ended December 31, 2011 and other reports and statements Prosperity has filed with the SEC. Copies of the SEC filings for Prosperity Bancshares® may be downloaded from the Internet at no charge from www.prosperitybanktx.com.SOURCE Prosperity Bancshares, Inc.For further information: David Zalman, Chairman and Chief Executive Officer, +1-281-269-7199, david.zalman@prosperitybanktx.com