You may have seen that Encore Banchares Inc. of Little Rock was in the process of raising $90 million. But did you know that on New Year’s Eve it filed its paperwork with the Securities & Exchange Commission for the offering?
The parent company of Encore Bank reported in the filing, though, that it had no investors. The minimum investment accepted from any outside investor is just under $25,000, the filing said.
The bank declined to comment on what exactly the money would be used for.
“Unfortunately, the SEC’s view on any public statements concerning the offering are extremely limited — to maintain the ‘non-public’ nature of the offering,” Burt Hicks, the bank’s senior executive vice president and COO, wrote in an email to Whispers.
“Unfortunately, because we are conducting the capital raise as a private placement,” the bank declined to comment further on it, Hicks wrote.
But he told Talk Business & Politics in November that the bank would use any new capital to support existing markets as well as potential new ones.
As of Sept. 30, Encore’s total assets were $584 million.