UPDATE 1-Encore Bancshares sees IPO price at $20-$22 a share
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July 3 (Reuters) - Encore Bancshares Inc. said it expects its initial public offering will be priced between $20 and $22 per share.
The company is offering about 1.9 million shares of its common stock and two of its shareholders are offering 75,000 common shares, the Houston, Texas-based bank holding company said in a filing with U.S. regulators.
Encore Bancshares expects net proceeds of about $36.2 million based on an assumed initial offering price of $21.00, after deducting underwriting discounts and commissions and expenses payable.
The estimated market capital of the company, after the offering, would be about $205.8 million based on an assumed initial offering price of $21.00.
The company plans to use proceeds from the offering to support anticipated balance sheet growth, which may include contributions to the capital of Encore Bank, for possible future acquisitions and for general corporate purposes.
Encore Bancshares has applied to have its stock listed on the Nasdaq under the symbol "EBTX."
Keefe Bruyette & Woods Inc., Sandler O'Neill & Partners L.P. and SMH Capital Inc. are working as the underwriters of the offering, the company said in its filing. (Reporting by Anup Roy in Bangalore)
