Friedman Fleischer & Lowe LLC, Harvest Partners LP and Pine Brook Road Partners LLC have invested $100 million in Green Bancorp., which owns Green Bank N.A. of Houston. No investor owns more than 24.9% of company. Friedman Fleischer is a San Francisco private equity firm with about $2.5 billion in assets under management. New York-based Harvest Partners is a $1.3 billion private investment firm. Pine Brook Road Partners, of New York, invests in energy and financials services.
Green Bancorp, Inc., the holding company for Green Bank, N.A., announced today that it has completed a $100 million equity capital raise transaction with three independent investment firms. The new investors include funds affiliated with Friedman Fleischer & Lowe, LLC, Harvest Partners, LP and Pine Brook Road Partners, LLC. No investor owns more than 24.9% of the common stock of the company.
Manny Mehos, Chairman of the Board of Green Bancorp, stated “The addition of this capital places us among the best capitalized banking companies in Texas. We are well positioned to pursue a quality-oriented growth strategy through the addition of seasoned banking professionals located in key Texas markets as well as strategic acquisitions.”
The additional equity capital will be used by Green Bank to expand current operations as well as to pursue growth opportunities, including bank and branch acquisitions, structured transactions and FDIC-assisted transactions.
“With this new capital, Green Bank will continue to support well managed Texas businesses to fuel growth,” said Geoff Greenwade, Green Bank’s president and CEO. “It will also facilitate our expansion in Austin and our entrance into the North Texas market.”
At the close of the first quarter, Green Bancorp reported total consolidated assets of $536.4 million. As a result of the capital raise, the company will have total common equity of approximately $150.0 million, resulting in an increase in the company’s Tier 1 Capital Ratio from 8.3% to approximately 25.0% as of June 30, 2010. The bank’s commercial and private banking staff is actively seeking commercial loan opportunities and core personal and business deposit relationships.