Naples-based Ovation Holdings Inc. plans to purchase the three Southwest Florida offices of Royal Palm Bank.
A purchase agreement has been signed by Ovation Holdings, the holding company for Encore National Bank, but regulatory approval is still needed.
In making the announcement, Thomas Ray, Encore National's CEO, said, "Royal Palm Bank is a well-established community bank with outstanding customers, employees, and banking offices that complement our branch network very well."
Under the terms of the agreement, Encore National would assume approximately $75 million of deposits associated with the three offices located in Naples, Fort Myers and Marco Island.
Encore National also expects to purchase about $28 million of loans as well as other assets, including the banking centers and equipment.
"The purchase of Royal Palm 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," said Mal Mixon, lead director for Ovation Holdings, in a statement.
The deal is expected to close in the third quarter of this year.