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FOR IMMEDIATE RELEASE
GREEN BANCORP COMPLETES MERGER WITH REDSTONE BANK
HOUSTON, (January 2, 2007) — Green Bancorp, Inc., a Houston-based bank holding company, announced today the consummation of its merger transaction with Redstone Bank, N.A.
Redstone Bank, with approximately $200 million in assets and three locations in the Post Oak/Memorial areas, became a wholly-owned subsidiary of Green Bancorp. Redstone Bank’s existing customer base is primarily commercial businesses, real estate developers and high net worth individuals. Green Bancorp’s $30 million capital infusion will provide Redstone Bank with additional capabilities to serve and expand its targeted customer base.
Green Bancorp has purchased the land and plans to build a corporate headquarters and additional branch location at the southwest corner of Greenbriar and the Southwest Freeway. Upon completion of the new headquarters, 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 to Hibernia 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 prior to that held various executive positions with Bank of America.
David Shindeldecker, former Chairman and CEO of Redstone Bank, will join Green Bancorp’s Board of Directors.
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