Green Bancorp in Houston is bulking up in the Dallas area with a deal to buy Opportunity Bancshares in Richardson, Texas.
The five-year-old Opportunity has $52 million of assets and one branch. The deal, announced Wednesday, would give Green another full-service branch in the Dallas market to go along with a branch it acquired there in 2010. The $1.3 billion-asset Green also has a commercial loan and a private banking office in Dallas.
The financial terms of the Opportunity deal were not disclosed. The sale is expected to close in mid-2012.
In a news release, Green President and Chief Executive Geoff Greenwade, said that his bank’s size would allow it to offer Opportunity’s customers a broader array of services and “stronger borrowing power.”
In 2010, Green raised more than $100 million capital and said then that it intended to use much of the proceeds for acquisitions in Texas. Its biggest deal to date was its acquisition in October of the deposits, branches and certain assets of Main Street Bank of Kingwood, Texas. Green now has and a dozen offices in east Texas.
Opportunity’s bank unit has yet to turn an annual profit since it was founded in 2007, though it did report its first-ever quarterly profit in last year’s fourth quarter. It lost $687,000 for the year and earned $165,000 in the fourth quarter, according to Federal Deposit Insurance Corp. data.