STEL News & Events

"We are pleased to announce Stellar Bancorp's first quarter results, building on the momentum that began in the second half of last year," said Robert R. Franklin, Jr., Chief Executive Officer of Stellar Bancorp, Inc. "During the quarter, we grew our loan portfolio and expanded our net interest margin, driving improved core earnings for our shareholders. These results underscore the strength of our franchise and provide a strong foundation as we move forward with our proposed combination with Prosperity Bancshares."

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. The special meeting of Stellar shareholders to consider and vote on the Agreement and Plan of Merger, dated January 27, by and between Prosperity and Stellar, is scheduled to be held on May 27. The merger is expected to be completed on or about July 1 subject to approval by Stellar shareholders and the satisfaction or waiver of other customary closing conditions set forth in the Merger Agreement.

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.