Encore shareholders approve Cadence merger
Shareholders for Encore Bancshares have approved its merger agreement with Cadence Bancorp.
Merger and acquisition consultants could be helping the proposed tie-up between Encore Bancshares and Cadence Bancorp run smoothly.
Shareholders at Encore have been balloted for their opinions about the merger agreement and have approved the contract, which will result in the firm becoming one of Cadence's wholly-owned subsidiaries.
It will still continue as a surviving entity following the transaction.
However, customary closing conditions will have to be completed before the tie-up can go ahead, with the approval of regulators essential.
Of those entitled to vote, the owners of more than 78 per cent of all the outstanding shares in Encore's common stock gave the green light to the merger agreement.
Encore is based in the Texan city of Houston and is a financial holding company, using Encore Bank and affiliated firms to provide a number of insurance, wealth management and lending services.
It was first set up in 1928 and operated under the name Guardian Savings and Loan of Dallas.
Posted by Edel Quinn
Source: Encore Bancshares press release, May 10th