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Bank to strengthen customer relationships through acquisition
The parent company of Green Bank N.A. will be acquiring SP Bankcorp Inc. for $46.2 million in cash. This would amount to a purchase at $29.55 per share. The sale is expected to be finalized during the third quarter of 2014.
Among its many offices, Green Bank has a branch located in Louisville. Green Bank has $1.7 billion in assets and $1.45 billion in deposits. SharePlus Bank has $304 million in total assets and $261 million in total deposits.
Corporate acquisitions of this kind are meant to be a win-win for both companies. It will provide initial benefits and opportunities that would otherwise not be present. The Green Bank president feels that the acquisition strengthens the relationship with their customers. From the perspective of ShareBank it increases the return for shareholders. Most importantly, such an acquisition will hopefully benefit everyone associated with the new organization.
Attorneys will always play an extremely important role when a business acquisition takes place. A business transaction of this size will always be complex and involve the exchanging of a great deal of cash. Attorneys are required that understand industry-specific requirements and every aspect of the transaction.
In addition, attorneys can assist and advice in the negotiation process, prepare the various corporate documents and agreements, prepare or revise various corporate contracts, and prepare any employee policies and agreements. These attorneys need to understand both state and federal law when it comes to corporate practice and make certain that all laws are complied with by the business.
Source: Houston Business Journal, "Green Bank to boost Dallas footprint with acquisition," Mark Yost, May 5, 2014