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An apples to apples comparison of First Victoria and Prosperity Bank

By ALLISON MILES
July 20, 2013 at 2:20 a.m.


Banking at a glance: a glossary of terms

Debit card: A debit card allows the account owner to access their funds electronically. Debit cards may be used to obtain cash from automated teller machines or purchase goods or services using point-of-sale systems. The use of a debit card involves immediate debiting and crediting of consumers' accounts.

Interest: The term interest is used to describe the cost of using money, a right, share or title in property.

Money market deposit account: A savings account that offers a higher rate of interest in exchange for larger-than-normal deposits. Insured by the FDIC, these accounts have limits on the number of transactions allowed and may require higher balances to receive the higher rate of interest.

Service charge: A charge assessed by a depository institution for processing transactions and maintaining accounts.

SOURCE: U.S. DEPARTMENT OF THE TREASURY'S OFFICE OF THE COMPTROLLER OF THE CURRENCY WEBSITE

When it was announced July 1 that Prosperity Bancshares purchased First Victoria National Bank, one thing registered in Rosa Chacon's mind: shock.

"I was surprised. Very surprised," said Chacon, who has banked at First Victoria, Texas' oldest independent bank, for at least 25 years. "I didn't expect that."

Once that initial jolt wore off, however, the day care worker set her sights closer to home - namely, on what that changeover means to her.

"I wondered if they would offer the same services, but I really want to know about the checks," she said. "Right now, I don't pay for checks."

Here, we provide an apples-to-apples - although not all-encompassing - comparison of the two financial institutions.

First Victoria National Bank

The basics:

Headquarters: Victoria

Branches: 34

Assets as of March 31: $2.4 billion

Deposits as of March 31: $2.1 billion

Personal checking:

Basic account: $50 to open, no minimum balance, no monthly service charge, noninterest bearing

E-checking account: $50 to open, no minimum balance, no monthly service charge, interest bearing

Interest-bearing account: $50 to open, $1,500 minimum balance or pay a $6 monthly service charge, interest bearing

Personal savings:

Savings: $50 to open, $200 minimum balance or pay a $5 monthly service charge (except for minors), interest bearing

Money market: $50 to open, $1,500 minimum balance or pay a $10 monthly service charge, interest bearing

Business savings:

Basic savings: $50 to open, $200 minimum balance or pay a $5 monthly fee, interest bearing

Money market: $50 to open, $1,500 minimum balance or pay a $10 monthly fee, interest bearing

Upper tier: $25,000 to open, $25,000 minimum balance or pay a $25 monthly fee, interest bearing

Business checking:

Basic checking: $50 to open, no minimum balance, no monthly service charge, noninterest bearing

Small-business checking: $50 to open, $2,500 minimum balance or pay an $8 monthly service charge, interest bearing

Special circumstances checking: $50 to open, minimum balance and service fees based on activity, noninterest bearing

Loan services:

Total loans as of March 31: $1.6 billion

Other information:

Debit card affiliation: MasterCard

Mobile banking available: Yes, free of charge, including apps for Apple and Android devices

Prosperity Bank

The basics:

Headquarters: Houston

Branches: 216

Assets as of March 31: $16.1 billion

Deposits as of March 31: $12.9 billion

Personal checking:

Basic account: $100 to open, $500 minimum balance or face $10 monthly monthly service charge, noninterest bearing

E-checking account: $100 to open, no minimum balance, $10 monthly service fee unless enrolled in eStatements or direct deposit, noninterest bearing

Interest-bearing account: $1,500 to open, $1,500 minimum balance or pay a $10 monthly service fee, interest bearing

Personal savings:

Savings: $200 to open, $200 minimum balance or pay a $3 monthly service fee, interest bearing

Money market: $2,500 to open, $2,500 minimum balance or pay a $10 monthly service fee, interest bearing

Business savings:

Basic savings: $200 to open, $200 minimum balance or pay a $3 monthly service fee, interest bearing

Money market: $2,500 to open, $2,500 minimum balance or pay a $10 monthly service fee, interest bearing

Upper tier: $25,000 to open, $10,000 minimum balance or pay a $20 monthly service fee, interest bearing

Business checking:

Basic checking: $200 to open, no minimum balance, monthly service fee charged through account analysis, noninterest bearing

Small-business checking: $200 to open, $3,500 minimum balance or pay a $10 monthly fee, noninterest bearing

Special circumstances checking: $200 to open, $1,500 minimum balance or pay a $10 monthly fee, interest bearing

Loan services:

Total loans as of March 31: $6.1 billion

Other information:

Debit card affiliation: MasterCard

Mobile banking available: Yes, free of charge

Sources: First Victoria National Bank website; Prosperity Bancshares website

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