Key Developments For Encore Bancshares, Inc.
Encore Bancshares, Inc. (EBTX.O) (Consolidated Issue listed on NASDAQ Global Market)
Encore Bancshares, Inc Appoints Preston Moore As President
Encore Bancshares, Inc announced the appointment of Preston Moore as President and Director of the Company. James S. D'Agostino, Jr. will remain Chairman and Chief Executive Officer of the Company.
Encore Bancshares, Inc Issues FY 2009 Earnings Outlook-Conference Call
Encore Bancshares, Inc announced that for fiscal 2009, it expects losses in the range of $11 million.
Encore Bancshares, Inc Issues $34 Million In Senior Preferred Shares To U.S. Treasury
Encore Bancshares, Inc announced that it has issued $34 million of fixed rate cumulative perpetual preferred stock, series A, to the U.S. Department of the Treasury as part of Treasury's Capital Purchase Program. Encore's series A preferred stock will pay a cumulative annual dividend rate of 5% for the first five years and will reset to an annual rate of 9% thereafter. The series A preferred stock is callable by Encore, in whole or in part, at par after February 15, 2012. Prior to this date, these securities are also callable by Encore in whole or in part, but only with the proceeds of newly-issued Tier 1 equity capital in an amount of at least 25% of the $34 million. In conjunction with the purchase of Encore's series A preferred stock, Treasury received a warrant to purchase up to 364,026 shares of Encore common stock at an exercise price of $14.01 per share.
Encore Bancshares, Inc Announces Underwriters Exercise Of Over-Allotment Option
Encore Bancshares, Inc announced that the underwriters of its recently completed initial public offering have exercised their over-allotment option for an additional 285,714 shares of common stock. The underwriters are Keefe, Bruyette & Woods, Inc. as the lead manager and sole book runner and Sandler O'Neill & Partners, L.P., and SMH Capital Inc. as co-managers. The Company sold 285,714 additional shares at $21.00 per share, the same price as the 1,904,761 shares sold by the Company in the initial public offering. Net proceeds to the Company, including the over-allotment shares, after underwriting discounts and estimated expenses related to the offering, were approximately $41.8 million.
Encore Bancshares, Inc Sets Price For Initial Public Offering
Encore Bancshares, Inc announced that its initial public offering of 1,904,761 shares of common stock was priced at $21.00 per share. These shares will begin trading on the Nasdaq Global Market under the symbol EBTX. Net proceeds to the Company, after underwriting discounts and estimated expenses related to the offering, will be approximately $36.2 million. These proceeds will be used to support anticipated balance sheet growth, which may include, among other things, contributions to the capital of Encore Bank, N.A., for possible future acquisitions and for general corporate purposes. In addition, the underwriters will have a 30-day option to purchase up to an additional 285,714 shares of common stock to cover any over-allotments. Keefe, Bruyette & Woods, Inc. is the lead manager and sole book runner and Sandler O'Neill & Partners, L.P., and SMH Capital Inc. are co-managers for the offering.
