Green Bancorp has agreed to buy Opportunity Bancshares and its wholly-owned subsidiary, Opportunity Bank. Financial terms weren’t announced. Opportunity Bank operates a banking office in Richardson, Texas. Opportunity Bank reported $52 million in total assets as of Dec. 31, total loans of $31 million and total deposits of $43 million. The deal, subject to board approval, is expected to close in mid-2012. Commerce Street Capital advised Opportunity Bancshares. Green Bancop is backed by Friedman Fleischer & Lowe, Harvest Partners and Pine Brook Road Partners.
Green Bancorp announced today the signing of a definitive agreement to acquire Richardson, TX-based Opportunity Bancshares, Inc. and its wholly-owned subsidiary, Opportunity Bank.
Opportunity Bank operates one banking office in Richardson, TX. As of December 31, 2011, Opportunity Bank reported total assets of $52 million, total loans of $31 million and total deposits of $43 million.
³Opportunity¹s commercial- and personal-banking clients are a tight mesh with our core base. We understand the needs of these clients and will be able to offer them additional services and stronger borrowing power,² said Green Bank President and CEO Geoff Greenwade. ³Opportunity¹s proven small-business lending team will also bring new expertise to Green Bank that we can offer across North Texas.²
³We are excited about the opportunity for our customers to partner and grow with a strong Texas-based institution like Green Bank,² said Glen Terry, president and CEO of Opportunity Bancshares, Inc. ³We completed a thorough process and are confident we reached a deal that is in the best interest of our stockholders–one that will ensure a smooth transition for our customers.²
The transaction has been approved by the boards of directors of both companies and the stockholders of Opportunity, and is expected to close in mid-2012. The transaction is subject to certain conditions, including receipt of customary regulatory approvals.
Opportunity Bancshares, Inc. was advised in this transaction by Commerce Street Capital, LLC as financial advisor and Hogan Lovells US, LLP as legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP was legal counsel to Green Bancorp, Inc.
About Green Bank
Green Bank, N.A. is a wholly owned subsidiary of Green Bancorp, Inc. Headquartered in Houston, the bank focuses on the commercial and private banking needs of middle market businesses and individuals with innovative products and personal 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