Texas-based Prosperity Bancshares has agreed to acquire Stellar Bancorp and its subsidiary Stellar Bank in a deal valued at around $2bn. The deal expands the foothold of Prosperity Bancshares, the parent of Prosperity Bank, in its home market. Stellar CEO and Stellar Bank executive chairman Robert R. Franklin, Jr. will join Prosperity Bank as vice chairman. Stellar president and Stellar Bank CEO Ramon Vitulli will move to Prosperity Bank as Houston area chairman. Besides, Franklin and another member from the Stellar Board will join Prosperity’s Board of Directors, while Vitulli and Pat Parsons, currently a director at Stellar Bank will join the Board at Prosperity Bank.