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.
About Encore National Bank
Encore National Bank is a community bank headquartered in Southwest Florida. It has offices in Naples (2), Fort Myers, Port Charlotte, and Sun City Center, Florida. The Bank serves small and mid-sized businesses, professionals, entrepreneurs, and high-net-worth individuals with an integrated product set of personal, business, treasury management and commercial banking capabilities.