Veritex Holdings, the parent company of Veritex Community Bank, has completed the previously announced acquisition of Houston-based Green Bancorp and its subsidiary Green Bank.
With the acquisition now complete, Veritex Community Bank has 43 full-service branch locations in the US state of Texas.
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Green Bank acquisition: Background
In July last year, Veritex Holdings signed a definitive agreement to acquire Green Bancorp through an all-stock transaction valuing around $1bn.
Under the terms of the transaction, Green shareholders have received 0.79 shares of Veritex common stock for each share of Green common stock.
The combined company is said to have nearly $8bn in assets.
Veritex Chairman and CEO C. Malcolm Holland said: “Our vision for Veritex Community Bank is to continue to build the highest quality community-focused business bank in Texas.
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By GlobalData“The acquisition of Green aligns with our vision to acquire highly-profitable, quality Texas banks with talented management teams.
“This acquisition more than doubles our size in terms of employees, assets and branch locations, and enhances our value proposition to be the bank of choice for businesses in our markets.”
Holland will continue to serve as the chairman and CEO of the combined company.
Founded in 2010, Veritex Community Bank is a mid-sized community lender offering full suite of banking products and services.
The company also provides depository and credit services to retail and small- to mid-size businesses.
