Prosperity Bancshares, Inc. operates as the bank holding company for Prosperity Bank that provides a range of financial products and services to small and medium-sized businesses and consumers. As of December 31, 2015, the company operated 241 full service banking locations; 60 in the Houston area, including The Woodlands; 30 in the South Texas area, including Corpus Christi and Victoria; 36 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. Banking Activities The company offers various traditional loan and deposit products to its customers, which consist primarily of consumers and small and medium-sized businesses. The company tailors its products to the specific needs of customers in a given market. As of December 31, 2015, the company maintained approximately 594,300 separate deposit accounts, including certificates of deposit and 55,600 separate loan accounts. The company also offers commercial loans, loans for automobiles and other consumer durables, home equity loans, debit and credit cards, Internet banking and other cash management services, mobile banking, trust and wealth management, retail brokerage services, mortgage banking services and automated telephone banking. The company offers businesses a range of loan products, including term loans, lines of credit and loans for working capital, business expansion and the purchase of equipment and machinery; land development and interim construction loans for builders; and owner-occupied and non-owner occupied commercial real estate loans. By offering certificates of deposit, interest checking accounts, savings accounts and overdraft protection, the company gives its depositors a range of traditional deposit products. The company also maintains a trust department that provides trust services in the company’s various market areas. Commercial and Industrial Loans: In all cases, the company’s commercial loans are made in the company’s market areas and are underwritten on the basis of the borrower’s ability to service the debt from income. As a general practice, the company takes as collateral a lien on any available real estate, equipment or other assets owned by the borrower and obtains a personal guaranty of the borrower or principal. Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by long-term assets. Commercial Real Estate: The company makes commercial real estate loans collateralized by owner-occupied and nonowner-occupied real estate to finance the purchase of real estate. The company’s commercial real estate loans are collateralized by first liens on real estate, typically have variable interest rates (or 5 year or less fixed rates) and amortize over a 15- to 20-year period. 1-4 Family Residential Loans: The company’s lending activities also include the origination of 1-4 family residential mortgage loans (including home equity loans) collateralized by owner-occupied residential properties located in the company’s market areas. The company offers various mortgage loan portfolio products, which generally are amortized approximately 5 to 25 years. The company requires mortgage title insurance and hazard insurance. The company retains these portfolio loans for its own account rather than selling them into the secondary market. The company’s Home Loan Center offers various mortgage loan products, which are generally amortized approximately 30 years, including FHA and VA loans. The company sells the loans originated by the Home Loan Center into the secondary market. Construction, Land Development and Other Land Loans: The company makes loans to finance the construction of residential, and to a lesser extent, nonresidential properties. Construction loans generally are collateralized by first liens on real estate and have floating interest rates. The company conducts periodic inspections, either directly or through an agent,
prosperity bancshares inc (PB:New York)
Prosperity Bank Plaza
4295 San Felipe
Houston, TX 77027
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