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Cadence Bancorp Closes Acquisition of Encore Bancshares

HOUSTON — July 2, 2012 — Cadence Bancorp, LLC today 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 taleted 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 Bank

Cadence Bank, N.A., based in Birmingham, Ala., is a $5.7 billion bank with more than 100 locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 126 years of financial expertise, Cadence serves commercial and consumer clients with a full range of innovative banking and financial solutions designed to keep pace with their lives. These products and services include commercial and consumer banking, small business banking, treasury management, international banking, specialized lending, commercial real estate, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer loans, mortgages, home equity lines and loans, and credit cards. Cadence Bank and its affiliates, Linscomb & Williams(link sends e-mail) and Cadence Insurance Agency(link sends e-mail), are wholly owned subsidiaries of Houston-based Cadence Bancorp, LLC. Additional information about Cadence Bank is available at Cadence Bank, N.A. Member FDIC. Equal Housing Lender.

Contact Information: 

Danielle Kernell

Cadence Bank, N.A.
713-871-4051 direct | 713-392-7709 mobile

[email protected]

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