HOUSTON - Green Bancorp, Inc., a Houston-basedbank holding company, announced today the consummation of its mergertransaction with Redstone Bank, N.A.
Redstone Bank, with approximately $200 million in assets and threelocations in the Post Oak/Memorial areas, became a wholly-owned subsidiaryof Green Bancorp. Redstone Bank's existing customer base is primarilycommercial businesses, real estate developers and high net worthindividuals. Green Bancorp's $30 million capital infusion will provideRedstone Bank with additional capabilities to serve and expand its targetedcustomer base.
Green Bancorp has purchased the land and plans to build a corporateheadquarters and additional branch location at the southwest corner ofGreenbriar and the Southwest Freeway. Upon completion of the newheadquarters, Redstone Bank will be renamed Green Bank.
Manuel J. Mehos will serve as Chairman and CEO of Green Bancorp. Mr.Mehos is the former Chairman and CEO of Coastal Banc ssb. Under Mr. Mehos'stewardship, Coastal Banc grew to $3 billion in assets before being sold toHibernia National Bank in 2004.
Robert V. New, Jr. will serve as President and CEO of Redstone Bank.Mr. New formerly served as Chief Banking Officer of Coastal Banc and priorto that held various executive positions with Bank of America.
David Shindeldecker, former Chairman and CEO of Redstone Bank, willjoin Green Bancorp's Board of Directors.
