Green Bank Celebrates 4th Anniversary with Growth and Strong Position

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Green Bank Celebrates 4th Anniversary with Growth and Strong Position

Houston-based bank completes acquisition, remains poised for further expansion

HOUSTON – October 24, 2011 – Three new Green Bank offices open today as the bank completes the acquisition of the retail branch facilities of Kingwood, Texas-based Main Street Bank (MSB). Green Bank will also be taking over MSB’s local consumer and small business loans and deposits as part of the acquisition.

At the time of its name change in September 2007, Green Bank had total assets of $236 million. During this past summer, the bank reached $1 billion in total assets, placing it in the top eight percent of banks nationwide. Green Bank has been performing counter to many banks in the face of the recent economic downturn, supported by a comparatively strong Texas economy and Houston business landscape.

"We have been steadily growing since 2007, both organically and through acquisition," said Geoff Greenwade, Green Bank's CEO. "We're now up to 150 employees—nearly five times larger than when we started with 35. Our sales team of commercial loan officers and private bankers, underwriters and support groups are prepared to take the bank to more than $2 billion."

Acquisitions are increasingly becoming part of Green Bank's growth strategy, as evidenced by the purchase of three locations of MSB, which closed its doors on Friday, October 21. From MSB, Green Bank is buying $170 million in deposits and will assume operations of branches in Kingwood, Atascocita and Cleveland, TX.

A new Green Bank private and commercial banking office is scheduled to open in Dallas in December. Located at 2408 Cedar Springs, the new office will service Dallas' Uptown district.

"With the addition of Main Street Bank and the $100 million asset growth from the third quarter, we expect to end 2011 with $1.3 billion in total assets," notes Greenwade. "Our commercial lending team continues to bring strong deals to the table; we have the capacity to handle these and are pushing ahead for more opportunities to help successful Texas businesses."

In July, Green Bank became one of the first banks in Texas to offer business checking with interest, pursuant to a provision of the Dodd-Frank Act. Accordingly, business clients of the bank are now able to choose between an interest-bearing checking account or an account that offers a market-leading earnings credit rate (ECR), depending on which best serves their needs. Green Bank has attracted additional core deposits from the offering, which it has subsequently made available in commercial and personal loans.