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Encore Bank is pulling out of Florida; HomeBanc buys its Pinellas County branches

Houston-based Encore Bank is pulling out of the Florida market, selling six offices on Florida's west coast to different investor groups.

Tampa-based HomeBanc is buying Encore's Pinellas County operations: offices in Clearwater and Belleair Bluffs, with nearly $60 million in deposits. Terms were not disclosed for the acquisition, which is expected to close by the summer of 2010 pending regulatory approval.

Created in 2007, HomeBanc swelled quickly to more than $250 million in assets with six retail offices and six production offices.

Separately, Encore is selling two offices in Naples, one in Fort Myers and one in Sun City Center with a combined total of nearly $172 million in deposits to an investor group called Ovation Holdings Inc.

The investors, headquartered in Port Charlotte, have created a bank subsidiary called National Bank of Southwest Florida.

In a statement, Encore said its Florida withdrawal will allow it to better focus on its growing franchise in Houston.

Encore Bank is pulling out of Florida; HomeBanc buys its Pinellas County branches 03/16/10 [Last modified: Tuesday, March 16, 2010 7:37pm]
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