Green Bank president and CEO Geoff Greenwade said that Opportunity’s commercial- and personal-banking clients are a tight mesh with their core base.
‘We understand the needs of these clients and will be able to offer them additional services and stronger borrowing power. Opportunity’s proven small-business lending team will also bring new expertise to Green Bank that we can offer across North Texas, Greenwade added.
The boards of directors of both companies and the stockholders of Opportunity have given their consent for the transaction, which is expected to finalize in June 2012, although the firms have not disclosed the amount of the deal.
The transaction is also subject to certain conditions, including receipt of customary regulatory approvals.
As of 31 December 2011, Opportunity Bank owned total assets of $52m, total loans of $31m and total deposits of $43m and operates one banking office in Richardson.
Commerce Street Capital served as financial advisor and Hogan Lovells US as legal counsel for Opportunity while Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Green Bancorp.
Green Bank, a wholly owned subsidiary of Green Bancorp performs commercial and private banking business and provides finance according to the needs of middle market businesses and individuals.
