Encore Bancshares, Inc. Announces Completion Of Sale Of Tampa Bay Area Deposits To HomeBanc, N.A.
HOUSTON, June 1, 2010 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) today announced that its subsidiary, Encore Bank, N.A., has completed the sale of $50.4 million of deposits associated with its offices in Clearwater and Belleair Bluffs, Florida to HomeBanc National Association.
"We believe this transaction is beneficial to all parties," said James S. D'Agostino, Jr., Encore Bancshares' Chairman and Chief Executive Officer. "Encore Bank will focus its efforts on growing our franchise in Houston – one of the most attractive markets in the U.S. Our clients will continue to have great service and quality products provided by a local Tampa Bay bank."
The acquired deposits represent approximately 4.2% of Encore Bank's total deposits at March 31, 2010. The terms of the transaction were not announced but Encore has previously indicated that a gain on the sale of these deposits will be recognized in the second quarter of 2010.About Encore Bancshares Encore Bancshares, Inc. is a financial holding company headquartered in Houston, Texas and offers a broad range of banking, wealth management and insurance services through Encore Bank, N.A. and its affiliated companies. Encore Bank operates 11 private client offices in the Greater Houston area and four in southwest Florida. Headquartered in Houston and with $1.6 billion in assets, Encore Bank builds relationships with professional firms, privately-owned businesses, investors and affluent individuals. Encore Bank offers a full range of business and personal banking products and services, as well as financial planning, wealth management, trust and insurance products through its trust division, Encore Trust, and its affiliated companies, Linscomb & Williams and Town & Country Insurance. Products and services offered by Encore Bank's affiliates are not FDIC insured. The Company's common stock is listed on the NASDAQ Global Markets under the symbol "EBTX". The Encore Bancshares, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4257 Safe Harbor Statement
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