UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 28, 2010
ENCORE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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| Texas | | 001-33598 | | 76-0655696 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
Nine Greenway Plaza, Suite 1000
Houston, Texas 77046
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (713) 787-3100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On October 29, 2010, Encore Bank, N.A. (the “Bank”), the banking subsidiary of Encore Bancshares, Inc. (the “Company”), completed its previously announced sale of approximately $25.3 million in problem and nonperforming loans associated with the Bank’s Florida market in a bulk sale. The Bank entered into an agreement to sell such loans on October 28, 2010. These loans were classified as held-for-sale as of September 30, 2010 and were marked to market in the third quarter of 2010 resulting in a charge of $8.5 million. Upon completion of the sale, the Company’s nonperforming loans were reduced by approximately $19.8 million. The consummation of the transaction continues the Company’s strategic plan to exit the Florida market and focus its resources to increasing its franchise and improving profitability in Texas.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | ENCORE BANCSHARES, INC. |
| | (Registrant) |
| | |
| Dated: November 2, 2010 | | By: | | /s/ James S. D’Agostino, Jr. |
| | | | James S. D’Agostino, Jr. |
| | | | Chairman and Chief Executive Officer |
