RECENT RELEASESGreen Bancorp to Raise $115 million in New Capital
Apr 12, 2010
Green Bancorp, Inc., the holding company for Green Bank, N.A., announced today that it has entered into definitive agreements with several independent investment firms providing for an aggregate investment of $115 million in common stock of the company. The investors include funds affiliated with Friedman Fleischer & Lowe, LLC, Harvest Partners, LP and Pine Brook Road Partners, LLC. No investor will own more than 24.9 percent of the common stock of the company. The proposed investments are subject to receipt of requisite regulatory clearances and other customary closing conditions.
“We are hopeful the transaction will close in the second quarter at which time additional capital will be added to Green Bank,” said Manny Mehos, founder and chairman of the board of Green Bancorp. “The confidence of these new investors reinforces the banking model we have built over the past three years. Green Bank will bring much needed capital, managerial talent and proven products and processes to a fragile banking industry.”
The new capital will be used to expand current operations as well as to pursue growth opportunities, including bank and branch acquisitions, structured transactions and FDIC-assisted transactions.
“The new capital will allow Green Bank to proceed with conversations we have had with other banks as we pursue acquisition opportunities in Texas markets,” said Geoff Greenwade, Green Bank’s president and CEO. “Our bankers are finding great opportunities. The additional resources will also support our ongoing growth, through loan generation and deposit gathering in metro-Texas markets.”
Green Bank works with middle market businesses and executive-level clients through innovative products and personalized services. Focused on sustainability in its practices, the bank is headquartered in an energy efficient building, supports environmentally-based nonprofit organizations and rewards clients for conserving resources.
At the close of 2009, Green Bank reported total assets of $544.6 million, total equity capital of $52.5 million and total loans receivable of $372.9 million. Credit quality remains strong as non-performing loans represent .05 percent of total assets. The bank’s commercial and private banking staff is actively seeking commercial loan opportunities and core personal and business deposit products.
About Green Bancorp
Green Bancorp’s wholly owned subsidiary, Green Bank, N.A., is a national bank headquartered in Houston, Texas focusing on the commercial and private banking needs of middle market businesses and individuals with innovative products and attention.
Green Bank is committed to streamlining processes, preserving resources and performing to a higher standard. Green Bank employees are empowered to work toward long-term goals and make sound lending and investment decisions.
Green Bank, N.A. is a federally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States. www.greenbank.com