Prosperity Bancshares, Inc. (the “Company”), the parent company of Prosperity Bank, announced that its Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 5%, or approximately 4.6 million shares, of its outstanding common stock over a one-year period expiring on January 18, 2023, at the discretion of management.
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Repurchases under this program may be made from time to time in open market transactions, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Repurchases under this program also may be made in transactions outside the safe harbor provided by Rule 10b-18 during a pending merger, acquisition or similar transaction.
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. Any repurchased shares will be held by the Company as authorized but unissued shares.
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The repurchase program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The Company may suspend, modify or terminate the program at any time and for any reason, without prior notice.
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