Houston-based Green Bancorp reported total assets of $4.4bn, total deposits of $3.4bn, and total equity capital of $490.2m, as of the end of the third quarter of 2018.

The transaction creates a combined franchise of about $7.5bn in assets, $5.6bn in loans and $5.9bn in deposits, as of 30 June 2018.

Veritex said the acquisition, which marks seventh in its eight-year history, makes it one of the ten largest banks in Texas. Presently, the bank has 43 full-service branch locations in the state, with a focus in the DFW and Houston metroplexes.

Veritex chairman and CEO C. Malcolm Holland said: “Our vision for Veritex Community Bank is to continue to build the highest quality community-focused business bank in Texas. The acquisition of Green aligns with our vision to acquire highly-profitable, quality Texas banks with talented management teams.

“This acquisition more than doubles our size in terms of employees, assets and branch locations, and enhances our value proposition to be the bank of choice for businesses in our markets.”

Under the terms of the merger deal, which was signed in July 2018, Green Bank shareholders will receive 0.79 shares of Veritex for each share of Green. This brings the total value of the transaction at about $1bn or $25.89 per Green share.

Legacy Veritex and Green shareholders will collectively own approximately 45% and 55% of the combined company, respectively.

Holland will continue to serve as Chairman and CEO of the combined company. Green Bank chief financial officer Terry Earley will now serve as the chief financial officer of the combined company and Green president Geoffrey Greenwade will serve as the combined company’s Houston president.

The board of directors of the combined company will consist of nine members, six from Veritex’s current board of directors and three from Green’s current board of directors.

In November 2018, the transaction received regulatory approval from the Federal Reserve Bank of Dallas.