Belvedere Capital Forms 20 July PR
Belvedere Capital Forms Partnership with Green Bancorp and Redstone Bank to Acquire Texas Banks
HOUSTON, July 20 / PRNewswire/ - Belvedere Capital Fund II L.P., a financial services-focused private equity firm headquartered in San Francisco, today announced the formation of a partnership with Green Bancorp, Inc. and Redstone Bank, N.A. to acquire banks in Houston and other metropolitan Texas areas, with the goal of building one of Texas’s premium banking franchises. This announcement follows Green Bancorp’s previously announced execution of a definitive merger agreement with Redstone Bank, that will be the first step in the strategy to offer tailored customer service and a total product solution to commercial, high net worth and retail customers.
Partnership Overview
After Green Bancorp’s merger with Redstone Bank, Belvedere’s investment is expected to represent approximately 40% of the combined bank. Belvedere has established itself as one of the leading private equity investors in community banks and related financial services in the U.S. Belvedere has purchased or invested in 11 community banks since 1994 and partnered with these management teams to grow strong banking franchises. Belvedere’s principals have decades of experience investing in financial institutions and will work with management to enhance Green Bancorp’s growth, operating performance and strategic position.
Belvedere will also assist Green Bancorp in seeking additional strategic acquisitions of community banks in Houston and other metropolitan Texas areas as well as attracting additional commercial loan officers for Green Bancorp’s planned network of branches throughout Houston.
“Belvedere is a skillful investor in banks and other financial services companies throughout the U.S. Belvedere’s deep experience in bank mergers, Redstone’s wide range of knowledge in financial services, and Green Bancorp’s strong management team form a powerful combination.” said Manuel J. Mehos, Chairman of Green Bancorp.
“We are very excited to partner with Green Bancorp’s management and the Redstone team to create an outstanding franchise in the Houston market” said Richard W.
Decker, Jr., Co-Founder and Chairman of Belvedere. Jae H. Lim, Principal of Belvedere, will join Richard Decker on the Board of Directors of Green Bancorp.
Summary of Previously Announced Merger Transaction
Under the terms of the previously announced merger agreement, Redstone Bank will become a wholly owned subsidiary of Green Bancorp. The merger is subject to approval of the shareholders of Redstone Bank and applicable regulatory authorities and should be completed in the fourth quarter of 2006.
