Encore buys Liberty branches

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.