Boston, MA 05/06/2014 (wallstreetpr) – SP Bancorp, Inc. (NASDAQ:SPBC) fiercely rallied by over 40% today during the early trade period of the session after Green Bancorp, Inc revealed its plans to acquire the Plano, Texas, based bank.
Merger To Complete In Third-Quarter
According to the furnished details, Green Bank, N.A.’s subsidiary Green Bancorp, Inc has entered into a definitive agreement to acquire SharePlus Bank’s holding company, SP Bancorp, in consideration of $46.2 million in cash or $29.55 per share, which is subject to adjustment based on the merger agreement. Reportedly, the boards of directors of both the companies have unanimously passed the deal. However, the completion of the transaction is subject to certain conditions, which includes due approval from the shareholders of SP Bancorp and other standard regulatory approvals. On the fulfillment of specified conditions, the transaction is expected to complete by the third quarter of the current year.
SP Bancorp, Inc. (NASDAQ:SPBC) engaged the services of Wachtell, Rosen & Katz, Lipton and Haynes and Boone, LLP as legal counsel while Commerce Street Capital, LLC aided as financial advisor to it. Mercer Capital submitted its fairness opinion with respect to the deal to SP Bancorp.
Supplements Green Bank’s Dallas-Growth
As of December 31, 2013, Green Bank’s total assets stood at $1.7 billion, while its total deposits totalled $1.45 billion. During the same time, SharePlus Bank had total assets worth $304 million and $261 million in total deposits. The merger will lead to a total of 16 operating locations under Green Bank. SharePlus Bank’s Three branches in Dallas-area and One Branch in Louisville, KY location will combine with the Green Bank’s Four, Seven and One Branches in Dallas, Houston and Austin respectively.
The merger harmonizes with Green Bank’s existing expansion in Dallas area. It is to be noted that the Green Bank first entered in the market in 2010 through the acquisition of Preston Center branch and commercial lending space. This followed addition of new branches in Addision and Uptown during the next three years, while it acquired Opportunity Bank in Richardson.
