Encore Bancshares, Inc. Announces Completion Of Sale Of Florida Operations
HOUSTON, Jan. 3, 2011 (GLOBE NEWSWIRE) -- Encore Bancshares, Inc. (Nasdaq:EBTX) announced that on December 31, 2010 its subsidiary, Encore Bank, N.A., has completed the sale of approximately $182.8 million of deposits associated with four remaining private client offices in Florida to Ovation Holdings, Inc. ("Ovation"). Earlier on December 31, 2010, Ovation completed its acquisition of National Bank of Southwest Florida ("NBSWF") and NBSWF completed its purchase and assumption of certain assets and deposits of Encore Bank's Florida operations including the purchase of approximately $61.7 million of loans and premises and equipment.
"We truly believe this creates a win-win for all parties involved," said James S. D'Agostino, Jr., Encore Bancshares' Chairman. "Encore Bank will be able to fully focus on building its franchise in Houston and supporting our local, leading economy. We believe Houston is one of the most attractive markets in the U.S. - we are headquartered here and our decision makers are here. In turn, we leave the Florida operations intact for NBSWF to continue providing excellent service to the valued customers and an outstanding work environment for the employees."
The acquired deposits represent approximately 14.9% of our total deposits at December 31, 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. With $1.5 billion in 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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