Little Rock’s Encore Bank has its eyes on a branch deep in the heart of Texas at 711 Broadway in San Antonio. The intended location for the $908 million-asset lender is Suite 350 of The Soto, a new six-story office building that opened last year.
The 140,000-SF structure was touted as the biggest mass-timber project in Texas during its construction.
The addition of Encore will double the presence of Arkansas banks in San Antonio’s $132.6 billion-deposit market, where 42 banks are on the ground.
Bank OZK entered town in March 2014 with the purchase of Houston-based Bancshares Inc. and its $301 million-asset Omni Bank. San Antonio deposits for Bank OZK total about $20.6 million.
Regarding Texas aspirations, Encore also has branches in the works for Austin, scheduled to open this month; Dallas, slated to open in September; and Fort Worth, set to open in October. During the past 12 months, the bank’s staff has grown from 61 to 170.
Encore, known as Capital Bank until 2019, recorded a six-month profit of $1 million as of June 30. That compares with net income of $1.2 million for the same reporting period last year.