Encore National Bank Announces Regulatory Approval To
Purchase The Banking Offices Of Liberty Bank
Naples, FL – November 19, 2012
Encore National Bank announced today that it has received regulatory approval from the Office of the Comptroller of the Currency (OCC) to proceed with the proposed acquisition. Encore National Bank signed an agreement to purchase the two Southwest Florida Offices of Liberty Bank in October. In making the announcement, Encore National Bank CEO Thomas Ray said, “Liberty Bank is a well-established community bank with outstanding customers, employees, and banking offices that complement our branch network very well. It has a strong customer base and we look forward to welcoming the employees and customers of Liberty Bank into the Encore National Bank family."
Under the terms of the agreement, Encore National Bank is to assume approximately $80 million of deposits associated with the two offices located in Naples and Bonita Springs, Florida. Encore National Bank is also expected to purchase approximately $17 million of loans as well as other assets, including the banking centers and equipment. Mal Mixon, Lead Director for Ovation Holdings said, “The purchase of Liberty Bank, which is expected to be accretive to earnings, is directly in line with our long term goals and follows our plan to build the leading Southwest Florida community bank”. Ovation Holdings, Inc. is the holding company for Encore National Bank.
It is anticipated the transaction will be completed on Dec. 31, 2012.