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Regulators OK Prosperity Bancshares/LegacyTexas Financial Group deal

Houston-based Prosperity Bancshares Inc. has received all regulatory approvals necessary to complete its pending merger with Plano, Texas-based LegacyTexas Financial Group Inc.

The merger is expected to be effective as of Nov. 1, subject to the approval of the shareholders of Prosperity and the stockholders of LegacyTexas Financial Group and the satisfaction or waiver of the other closing conditions described in the definitive merger agreement.

Prosperity Bancshares' proposed acquisition of LegacyTexas Financial Group was valued at about $2.1 billion when it was announced in June.

Prosperity Bancshares is the parent company of Prosperity Bank, while LegacyTexas Financial Group is the parent company of LegacyTexas Bank.