BIRMINGHAM – Four months after acquiring Birmingham, Ala.-based Superior Bank, Cadence Bancorp had made an all-cash offer of $250 million for Houston, Texas-based Encore Bancshares.
The deal is expected to close in the second half of this year.
With 12 offices in the Houston area, Encore has about $1.6 billion in total assets, total loans of $1 billion, and total deposits of $1.1 billion.
Cadence Bancorp – which was created with the merger of Cadence Bank of Starkville and Superior – has 100 locations in Mississippi, Alabama, Florida, Tennessee and Texas.
Cadence Bank has total assets of about $3.9 billion, total loans of $2.3 billion and total deposits of $3.1 billion.
Its parent holding company, Cadence Bancorp, was formerly Houston-based Community Bancorp (or CBC), which raised $1 billion in 2010 for the express purpose of acquiring banks. CBC infused $144 in Cadence Bank last March and took it private.
Superior was closed by the FDIC in April, and CBC soon acquired it.
In November, CBC merged Cadence Bank and Superior Bank and renamed the new combined bank Cadence Bank. CBC then renamed itself Cadence Bancorp, with its headquarters in Birmingham.
As for the acquisition of Encore, Cadence will pay $20.62 per share for some 12.1 million outstanding shares of Encore stock.
Pending regulatory and shareholder approval, Encore will be folded into privately held Cadence Bancorp.