Houston-based Green Bancorp has signed an agreement and plan of merger to acquire SP Bancorp (SPBC), the parent holding company of SharePlus Bank, in a $46.2m cash transaction.
With the approval from the boards of directors of both companies, the transaction is expected to conclude in the third quarter of 2014. However, the deal is still subject to pending regulatory and SP Bancorp shareholder approvals as well as satisfaction of customary closing conditions.
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Green Bank had $1.7bn in total assets and $1.45bn in total deposits, while SharePlus Bank had $304m in total assets and $261m in total deposits, on 31 December 2013.
Upon completion of the transaction, the integrated banking entity will manage 16 locations operating as Green Bank.
The merger will bring together Green Bank’s offices in Dallas (4), Houston (7) and Austin (1) with SharePlus Bank’s Dallas-area branches (3) and Louisville, KY location (1).
Green Bank president and CEO, Geoff Greenwade, said: "We pride ourselves on our strong community banking presence; the addition of SharePlus Bank strengthens our relationship and capabilities with our Dallas-based customers."
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By GlobalDataSharePlus Bank president and CEO, Jeff Weaver, commented: "Our customers and employees will benefit from a growing organisation that will expand on our tradition of delivering outstanding service."
Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Green Bancorp. Wachtell, Lipton, Rosen & Katz and Haynes and Boone are working as legal counsel and Commerce Street Capital, served as financial advisor to SP Bancorp.
