Green Bancorp, Inc. to Acquire Opportunity Bancshares, Inc.
HOUSTON--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.
“Opportunity’s 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,” said Green Bank President and CEO Geoff Greenwade. “Opportunity’s proven small-business lending team will also bring new expertise to Green Bank that we can offer across North Texas.”
“We are excited about the opportunity for our customers to partner and grow with a strong Texas-based institution like Green Bank,” said Glen Terry, president and CEO of Opportunity Bancshares, Inc. “We 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.”
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.