Prosperity Bancshares announces roughly 4.6M share buyback

Prosperity Bancshares announced that its Board of Directors authorized a stock repurchase program under which the company may repurchase up to 5%, or approximately 4.6M shares, of its outstanding common stock over a one-year period expiring on January 17, 2024, at the discretion of management. 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.