Houston bank hires new CFO

Prosperity Bank (market cap $4.5 billion) has appointed Asylbek Osmonov as its new CFO, replacing David Hollaway, who announced back in March that he planned to retire. Mr Hollaway had been the CFO for 27 years. He intends to remain with the bank for another two years.

Mr Osmonov had been the interim CFO and has been the Bank’s Chief Accounting Officer since September 2013. Prior to that he was a senior manager at Deloitte.

Mr Osmonov will receive a base salary of $300,000.

This week Prosperity agreed to buy Plano-based LegacyTexas Financial Group for $2.1 billion. 85% of the acquisition price will be stock, 15% cash. This will create the second largest Texas-headquartered bank by deposits (Cullen/Frost is first). The acquisition will also add 42 branch locations in 19 cities, mainly around the Dallas/Fort Worth metroplex, giving the combined group 288 branches in total.

The deal is expected to close in Q4 2019.

SEC filing

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