SP Bancorp To Be Acquired By Green Bancorp For $46.2 Mln

(RTTNews) - SP Bancorp, Inc. (SPBC), the parent holding company of SharePlus Bank, said Monday that it has agreed to be acquired by Green Bancorp, Inc., the parent holding company of Green Bank, N.A., for $46.2 million in cash, or $29.55 per share, subject to potential adjustment.

The deal, which has been unanimously approved by the boards of directors of both companies, is expected to close in the third quarter of 2014.

On December 31, 2013, Green Bank had $1.7 billion in total assets and $1.45 billion in total deposits. On the same date, SharePlus Bank had $304 million in total assets and $261 million in total deposits. The combined banking operation will have 16 locations operating as Green Bank.