Cadence Bancorp (Houston, $3.9 billion in total assets) today announced it has agreed to purchase Encore Bancshares, also based in Houston.
Privately held Cadence, formerly Community Bancorp, will pay $20.62 per share, or $250 million, for the approximately 12.1 million outstanding shares of Encore. Cadence said the move is designed to strengthen its presence in the Texas market.
"When we looked at potential partners in Houston, Encore Bancshares stood out," said Paul B. Murphy, Jr., CEO of Cadence in a statement. "Encore is a solid franchise with a strategically located branch network, experienced bankers and an enviable customer base. As with many banks, they weathered difficult times and have proven what a great team of bankers can accomplish."
Cadence was formed in 2012 with the intention of investing in community banks, "that could benefit from sophisticated banking products and services, as well as experienced bankers who thrive on customer service," according to the bank.
Encore has 12 offices in the Houston region and more than 100 branches in six states. It has reported total assets of $1.6 billion.