Green Bancorp in Houston has agreed to buy SP Bancorp (SPBC) in Plano, Texas.
The $1.7 billion-asset Green Bancorp will pay $46.2 million in cash, or $29.55 a share, for the $304 million-asset parent of SharePlus Bank. Green Bancorp said it expects to complete the acquisition in the third quarter.
SharePlus has three branches around Dallas and a branch in Louisville, Ky.
Green Bancorp has been keen on Dallas, where it bought a branch in 2010 and later acquired Opportunity Bank. The company has also built branches around the city over the last three years.
"The addition of SharePlus Bank strengthens our relationship and capabilities with our Dallas-based customers," Geoff Greenwade, Green Bancorp's president and chief executive, said in a press release Monday. "We welcome the SharePlus employees and the customers they serve to Green Bank and look forward to serving them with greater resources."
SharePlus was founded as a credit union in 1958 and became a publicly traded entity in 2010. SharePlus converted its federal thrift charter to a state charter in December.
Skadden, Arps, Slate, Meagher & Flom was Green Bancorp's legal adviser. Commerce Street Capital and Wachtell, Lipton, Rosen & Katz and Haynes and Boone advised SP Bancorp, while Mercer Capital provided the company with a fairness opinion.
