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NAPLES — Encore National Bank says it has received regulatory approval to buy two branches of Liberty Bank in Bonita Springs and Naples. Terms of the deal were not disclosed.
Encore will buy $17 million worth of loans and $80 million in deposits as well as the branches and equipment from Iowa-based Liberty. The transaction is scheduled to close Dec. 31.
“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,” says Mal Mixon, chairman of Ovation Holdings, the holding company for Encore National Bank, in a statement.
Encore executives signed the agreement to purchase the two Southwest Florida branches of Liberty Bank in October. “Liberty Bank is a well-established community bank with outstanding customers, employees, and banking offices that complement our branch network very well,” says Encore CEO Thomas Ray, in the statement.
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