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FOR IMMEDIATE RELEASE
Green Bank Pushes 2Q Loan Growth Nearly 25 Percent
HOUSTON, Sept. 11, 2008 — Taking advantage of good credit, a sound position and experienced bankers, Green Bank, N.A. grew total loans by 24.7 percent in the second quarter, from $179.6 million to $224.1 million. The bank’s growth is more than five times the average of other Houston-based banks.
Insulated from many of the difficulties that the nation’s banks are facing, Houston-based banks achieved 4.5 percent loan growth in the same period. According to analysis of FDIC data of 47 of the 48 Houston-based banks, the total of outstanding loans grew to $18.4 billion from $17.6 billion. The survey excludes $500 million in past-due and nonperforming loans facing one Houston bank.
The good news continues for Green Bank as another benchmark was crossed last month—total assets surpassed $300 million. Approximately one year ago, the bank had $214.7 million on the books.
“Green Bank continues to expand its team of bankers and find the right loans for the portfolio,” said Geoff Greenwade, president and CEO. “Green Bank is not burdened with problem loans or write-offs; we have been able to push forward and outpace our peers. Our goal is to continue to grow.”
Green Bank merged with Redstone Bank in 2006. Implementing a new mission, Green Bank focuses on sustainability from a financial and environmental perspective, rewards customers who chose resource-saving options, emphasizes education and supports green initiatives.
“Loan losses have been negligible throughout our history and our capital ratios are strong,” notes CFO John Durie. “Green Bank has no exposure to collateralized debt obligations, subprime mortgage loans or similar high-risk assets.”
As of June 30, the bank reported total assets of $286 million and total capital of $56.1 million with tangible equity capital of $47.9 million. Green Bank reported a Tier 1 Leverage Capital Ratio of 18.23 percent pursuant to regulatory guidelines for filing Consolidated Reports of Condition and Income. Standards specify that the minimum Tier 1 Leverage Capital Ratio to be considered “well capitalized” is 5.0 percent.
“Unlike many big bank lenders in the market, we are adding officers, forging new relationships and fueling growth,” notes Glen Bell, executive vice president. “Our team is experienced and actively helping entrepreneurs and businesses continue their success.”
In the last three months, Green Bank’s lending force has nearly doubled to 24 banking officers as the focus on commercial and industrial loans in the $3 million to $6 million range increases. Reacting to the changing needs of its customers, the bank has added several private wealth bankers and rolled out market-leading money market account and CD options.
About Green Bank
Founded in 2006, Green Bank works to optimize the long-term return to our shareholders while providing a safe and sound investment in a socially-responsible and resource-efficient enterprise.
Our commitment is to streamline processes, preserve resources and perform to a higher standard. Green Bank employees are empowered to choose the right path, work towards long-term goals, make sound lending and investment decisions, reduce resource consumption and choose local service providers.
Green Bank, N.A. is a federally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States. www.greenbank.com
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