Green Bank joins $1 billion club
A significant milestone for green banking was achieved when Green Bank in Texas (link) passed the $1 billion in assets mark. Hitting the psychologically-important barrier should help assure shareholders and customers that sustainable banking at a larger scale remains possible.
From the Green Bank press release:
Green Bank, N.A. has now reached $1 billion in total assets, raising its profile in Texas and placing it in the top tier of banks nationwide. The milestone highlights a continuing growth trend for the bank, which reported $667 million in total assets at this time last year.
Of the nearly 7500 banks in the U.S., only approximately 600 have assets in excess of $1 billion, according to the FDIC, placing Green Bank among the top eight percent of banks across the country. According to SNL data, only 74 banks have assets totaling $10 billion or more, as of March 31, 2011.
“We are pleased with this milestone and continue to work organically and through acquisition toward our long-term goal of $3 to $5 billion in assets,” said Green Bank President and CEO Geoff Greenwade. “Our ability to put new deposits immediately to work has fueled our five-year growth from $230 million to $1 billion in assets; this aligns with our parallel goal to support Texas businesses and the communities in which we operate.”
As of June 30, 2011, the bank has demonstrated significant growth on all fronts, as compared with the corresponding figures from Q2 2010:
- Total Assets – $958 million from $677 million (44%)
- Loans Receivable – $696 million from $418 million (67%)
- Deposits – $801 million from $513 million (56%)
Following an acquisition, Green Bank opened 2007 with $228 million in assets. In June 2010, the bank completed a $100 million capital raise with independent investment firms Friedman Fleischer & Lowe, LLC, Harvest Partners, LP and Pine Brook Road Partners, LLC, bringing total assets for the bank up to $667 million. Green Bank crossed the $1 billion mark this July.