Austin-based Prosperity Bank bought Corpus Christi-based American Bank in a transaction valued at $321.5 million. The Austin Business Journal reports American has 18 branches, seven in San Antonio, and one in Austin. Prosperity will double its branch count in the San Antonio metro to 14 locations. The deal will close next year.

Prosperity Bank’s David Zalman explained the deal, “Our banks have a complementary footprint, and we are familiar with and remain committed to the communities that American Bank serves, including with both financial products and community support. This combination will strengthen our presence and operations in South Texas and surrounding areas and enhance our presence in Central Texas, including in San Antonio, a highly desirable, high-growth area.”

Prosperity is one of the largest banks in the Austin area. It was established locally in 2004 and ranked No. 9 on a recent list of banks with branches in the region.

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