Encore Bancshares, Inc. Announces Regulatory Approvals To Close Sale Of Florida Operations By Year End
HOUSTON, Dec. 17, 2010 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) announced today that its subsidiary, Encore Bank, N.A., has received confirmation that the Office of the Comptroller of the Currency and the Federal Reserve Bank of Atlanta have approved the applications made by Ovation Holdings, Inc. ("Ovation") for the acquisition of National Bank of Southwest Florida ("NBSWF"), as well as NBSWF's purchase and assumption of certain assets and deposits of Encore Bank's Florida operations, subject to Ovation raising the remaining capital required.
NBSWF will assume approximately $187.4 million of deposits associated with the four private client offices located in Naples (two), Ft. Myers and Sun City Center, Florida. NBSWF will also purchase approximately $66.3 million of loans in addition to other assets, including premises and equipment. The amount of loans purchased is subject to decrease by the amount of any such loans that become adversely classified or downgraded to substandard or below prior to closing. Encore's anticipated gain on the sale of approximately $2.6 million will be recognized on the transaction's completion which is expected to occur on December 31, 2010.
About Encore BancsharesEncore 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 $1.7 billion in consolidated assets, Encore 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 Market under the symbol "EBTX".
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