American State Bank

American State Bank had unusual continuity of management - there were only three presidents since its inception.

The first president, Jack Payne, had a term lasting from the banks first opening until 1974.

American State Bank did not accept any bailout funds from the federal government.

On February 27, 2012, Houston-based Prosperity Bancshares, the parent company of Prosperity Bank, announced that it had signed a merger agreement with ASB, whereby ASB will merge into Prosperity Bank subject to shareholder and regulatory approval.

[1] Prosperity Bancshares ultimately paid over 500 million dollars, through a combination of cash and common stock, to acquire American State Bank.