SharePlus Bank operates as a full-service bank, providing services including the acceptance of checking and savings deposits, the origination of one- to four-family residential mortgage, mortgage warehouse, commercial real estate, commercial business, home equity, automobile and personal loans. SharePlus Bank is headquartered in Plano, Texas with assets exceeding $300 million. trade on the Nasdaq Capital Market under the ticker symbol "SPBC." SP Bancorp maintains a website at that includes information on it and SharePlus Bank, including SharePlus Bank's products and services, branch locations and hours, current financial information, and links to SP Bancorp's filings with the Securities and Exchange Commission. Shares of the common stock of SP Bancorp, Inc. is the holding company for SharePlus Bank. 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. operates Green Bank, N.A., in Austin, Dallas and Houston. Green Bank is a commercial bank that is committed to becoming a preferred provider for business and personal banking products and services, the employer of choice in Texas banking and a champion for a cleaner, healthier environment. Headquartered in Houston, Green Bancorp Inc. Mercer Capital rendered a fairness opinion to SP Bancorp in connection with the proposed transaction. Wachtell, Lipton, Rosen & Katz and Haynes and Boone, LLP are serving as legal counsel and Commerce Street Capital, LLC served as financial advisor to SP Bancorp. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Green Bancorp, Inc. We look forward to the future opportunities that the combined organization will provide." "Our customers and employees will benefit from a growing organization that will expand on our tradition of delivering outstanding service.
"This transaction with Green Bank provides an outstanding return in cash for our shareholders," said Jeff Weaver, president and CEO of SharePlus Bank. In December 2013, SharePlus Bank converted its federal thrift charter to a state chartered bank and is known for outstanding consumer banking customer service, mortgage lending and commercial lending. Headquartered in Plano, SharePlus was founded as a credit union in 1958 and became a publicly traded entity in 2010. "We welcome the SharePlus employees and the customers they serve to Green Bank and look forward to serving them with greater resources." "We pride ourselves on our strong community banking presence the addition of SharePlus Bank strengthens our relationship and capabilities with our Dallas-based customers," said Geoff Greenwade, president and CEO of Houston-based Green Bank. During the next three years, new branches were opened in Uptown and Addison and Opportunity Bank in Richardson was acquired. In 2010 the bank entered the market with a Preston Center branch acquisition and a commercial lending office. The expansion complements Green Bank's ongoing Dallas-area growth. The merger will bring together Green Bank's offices in Dallas (4), Houston (7) and Austin (1) with SharePlus Bank's Dallas-area branches (3) and Louisville, KY location (1). The combined banking operation will have 16 locations operating as Green Bank. On the same date, SharePlus Bank had $304 million in total assets and $261 million in total deposits.
On December 31, 2013, Green Bank had $1.7 billion in total assets and $1.45 billion in total deposits. Subject to satisfaction of certain conditions, including receipt of SP Bancorp shareholder approval and customary regulatory approvals, the sale is expected to close in the third quarter of 2014. The transaction has been unanimously approved by the boards of directors of both companies. (Nasdaq:SPBC), the parent holding company of SharePlus Bank, for $46.2 million in cash, or $29.55 per share, subject to potential adjustment as set forth in the merger agreement. HOUSTON, (GLOBE NEWSWIRE) - Green Bancorp, Inc., the parent holding company of Green Bank, N.A., has entered into a definitive agreement and plan of merger to acquire SP Bancorp, Inc.
EXHIBIT 99.1 Green Bancorp to Acquire SP Bancorp Green Bank Expansion Continues in North Texas With SharePlus Bank Addition
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