Three private equity firms are reducing their stakes in Green Bancorp in Houston.
Friedman Fleischer & Lowe, Harvest Partners and Pine Brook Road Partners each plan to sell 1 million shares of common stock, according to a prospectus filed by the $4.3 billion-asset Green. The sales would reduce each firm's stake from 13.5% to 10.8%.
The prospectus did not set a price, though Green’s stock closed at $22.70 on Thursday.
Green, which will not receive any proceeds from the sale, prepared for the offering in December when it registered about 15 million shares of common stock for the firms.
Green has been working to exit energy lending since the downturn in that sector. The company, which charged off $68 million of energy loans in 2016, reduced the size of its energy portfolio by 37% last year, to $33.3 million.