The Florida State Office of Financial Regulation recently converted Encore Bank into a Florida state-chartered financial institution.
The bank is located in Naples and has branches in Bonita Springs, Fort Myers, Port Charlotte and Sun City Center. The bank holds approximately $383 million in assets.
Encore Bank will now be entitled to lower costs and have access to regulators who are familiar with the Florida state markets and are responsive to changes in local economies.
“There are many advantages to becoming a Florida state-chartered financial institution and the Florida Office of Financial Regulation looks forward to working with Encore Bank,” Drew J. Breakspear, commissioner of the Florida Office of Financial Regulation, said.
The Florida Office of Financial Regulation is responsible for licensing, examining and regulating Florida’s state-chartered financial institutions. The office also ensures that private funds that are deposited are protected from potential loss due to failure or insolvency. Additionally, the office oversees credit unions, mortgage loan originators, securities industry participants, consumer finance companies, money transmitters and payday lenders.
Established in 2007, Encore Bank is one of South Florida’s leading community banks.