Green Bank Inks Deal for La Jolla Bank’s Dallas Branch

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Green Bank Inks Deal for La Jolla Bank’s Dallas Branch

Former CA bank becomes entry point to new market

 

HOUSTON – July 27, 2010–Green Bank, N.A., has entered into a definitive agreement to acquire the Dallas

branch of La Jolla Bank from its current owner, OneWest Bank, FSB. The transaction is subject to

regulatory approval; Green Bank officers anticipate completion in the fourth quarter of 2010.

 

“We’ve been looking at the North Texas market for some time,” said Geoff Greenwade, president,

Green Bank. “Our goal is to increase lending operations with mortgages, lines of credit, commercial and

owner‐occupied real estate loans in the $1 to $15 million dollar range. Our willingness to look at

receivables and beyond traditional income streams makes us very approachable and competitive for

entrepreneurs and small‐ to mid‐cap businesses.”

 

In February, California‐based La Jolla Bank, FSB was closed by the Office of Thrift Supervision and the

FDIC was appointed as its receiver. The deposits and certain assets of La Jolla Bank were assumed by

OneWest Bank, FSB, of Pasadena, Ca. and Dallas banking operations continued uninterrupted under the

La Jolla name. When the sale is completed, OneWest Bank accounts and corresponding FDIC insurance

coverage from the Dallas office will transfer to Green Bank.

 

Until regulatory approval is finalized, OneWest Bank’s banking staff will serve clients at 4029 Northwest

Parkway; service interruptions are not anticipated. OneWest Bank branch locations in Southern

California are not affected by the sale of the Dallas branch.

 

“Green Bank has already made commercial loans in Dallas and Ft. Worth; both cities remain strong and

filled with opportunity. We’re now looking for commercial bankers who have deep business and

community connections and can help us grow in North Texas,” continues Greenwade.

 

Last week, veteran Dallas banker Bart Bearden, joined Green Bank to lead North Texas operations.

Versed in middle‐market commercial banking, Bearden will introduce the bank to area businesses,

entrepreneurs and private banking clientele.

 

In the first six months of 2010, Green Bank loans receivable grew more than 12 percent to $418.5

million, from $373.0 million. At the close of the second quarter, Green Bank reported total assets of

approximately $667 million. As of June 30, Green Bank’s total common equity was approximately

$133.0 million. The bank is considered well capitalized and boasts a Tier 1 Capital Ratio of

approximately 22 percent. Credit quality is strong as non‐performing loans and foreclosed real estate

represent less than one percent of total assets.

 

Green Bank is also expanding commercial banking operations in Central Texas. Recently, the bank hired

Bruce Irick as the new market president for the Austin area.

 

In late June Green Bancorp, Inc., the holding company for Green Bank, N.A., completed a $100 million

equity capital raise transaction.

 

About Green Bank

Green Bank, N.A. is a wholly owned subsidiary of Green Bancorp, Inc. Headquartered in Houston, the bank focuses on the commercial and private banking needs of middle market businesses and individuals with innovative products and attention. Green Bank is committed to streamlining processes, preserving resources and performing to a higher standard. Green Bank employees are empowered to work toward long‐term goals and make sound lending and investment decisions. Green Bank, N.A. is a federally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States. www.greenbank.com

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