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Encore Bancshares in Houston had a three-year plan for independence before an offer from Cadence Bancorp provided shareholders with the same value … immediately.
March 7
Encore Bancshares (EBTX) in Houston announced Thursday that its shareholders have approved its pending sale to Cadence Bancorp.
The $1.6 billion-asset Encore also said that it would retain its name once the deal closes later this year, operating as a wholly owned subsidiary of Cadence.
Cadence, also based in Houston, was formed with roughly $1 billion in 2010 for the purpose of acquiring banks. Initially known as Community Bancorp, it bought the ailing Cadence Financial in Starkville, Miss., in early 2011 — and later took its name — and then bought a failed Alabama bank in April of last year.
Its deal for Encore, announced in February, would be its
Encore said that holders of 78% of the company's shares approved the deal.