Cadence Bancorp, LLC Closes Acquisition of Encore Bancshares, Inc.
2012 JUL 20 (VerticalNews) -- By a News Reporter-Staff News Editor at Insurance Weekly News -- Cadence Bancorp, LLC announced that it has closed on the purchase of Encore Bancshares, Inc. (NASDAQ: EBTX) through the merger of Encore with and into a wholly-owned subsidiary of Cadence Bancorp, LLC.
"The successful closing of this transaction marks a significant day at Cadence Bancorp, and I would like to acknowledge those at both Cadence and Encore who have helped us attain this important milestone," said Paul B. Murphy, Jr., CEO & president of Cadence Bancorp, LLC. "This acquisition considerably expands our presence in Houston and allows us to serve tens of thousands of new customers. We've long valued the potential this market has to offer and look forward to continuing a long-standing tradition of service excellence for Encore customers."
In the near term, customers can continue to interact with each bank as they always have. The banks will continue to operate separately until the scheduled merger in early fall, at which point Encore Bank, N.A. will become part of Cadence Bank, N.A., the primary operating subsidiary of Cadence Bancorp. Any changes and enhancements will be communicated to customers well in advance.
"We've already begun the work to integrate the two banks and have been very pleased with the progress to date," Murphy continued. "The enthusiasm and commitment shown by associates both at Cadence and Encore affirms that we are on the right track. I have the utmost confidence that we will execute a seamless transition for our customers this fall."
"We truly have one of the most talented teams of bankers in Houston. We started with a strong team at Cadence, and that has only been enhanced through this merger," Murphy said.
"The business synergies that result from the joining of these two banks are highly relevant for our customers," said Hank Holmes, president of the Houston region for Cadence Bank. "We are taking innovation to a new level and are excited to share expanded products and services with Encore customers. The addition of Encore's Linscomb & Williams wealth management and Trust groups, as well as Town & Country Insurance, gives us the opportunity to better serve our customers as we extend further into these sectors."
With the completion of this acquisition, Cadence Bancorp is now a regional bank holding company with $5.5 billion in assets and a network of more than 100 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. This includes 13 offices in Houston. About Cadence Bancorp, LLC Cadence Bancorp, LLC (CBC), formerly Community Bancorp, LLC, is a bank holding company headquartered in Houston, Texas. CBC raised equity capital commitments of $1.0 billion in 2010 for the purpose of making investments in the U.S. banking sector, with a particular focus on community banks that are well positioned to benefit from the equity capital, management and industry expertise CBC can provide. Today, through Cadence Bank, N.A., headquartered in Birmingham, Alabama, CBC has more than 100 locations in six states, including Florida, Georgia, Alabama, Mississippi, Tennessee and Texas. CBC, as an extremely well-capitalized financial institution, is intent on supporting the economic growth of the communities it serves. Through exceptional customer service, relevant products and services, a disciplined credit and risk management framework, cost controls, and the implementation of enhanced technology, CBC has become a strong regional bank.
Keywords for this news article include: Technology, Cadence Bancorp, Economic Growth, Finance and Investment, Investment and Finance, Mergers and Acquisitions.
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