Encore Bank CEO Chris Roberts Resigns

Chris Roberts (Karen E. Segrave)

Chris Roberts resigned as chairman and CEO of Little Rock’s Encore Bank on Monday.

In the bank’s announcement, no explanation was offered for his resignation.

Roberts couldn’t be reached for comment, but in a letter to Encore Bank stakeholders obtained by Arkansas Business, he said, “I have come to the realization that it is time for me to step away and allow new energy to lead Encore Bank. This decision has been difficult for my family and me. But, we take great comfort knowing that our Board and team are perfectly qualified to lead Encore to the success we all have imagined.”

Phillip Jett, vice chairman and chief banking officer, was named acting CEO and chairman. He also couldn’t be reached for comment.

Roberts, Jett and Burt Hicks, Encore president, led the 2019 transformation of $161 million-asset Capital Bank from a local, single location operation into one of the fastest growing banks in the nation with a regional footprint in 19 markets in eight states.

“Customers and shareholders alike should share my confidence that Encore is still the best banking alternative,” Roberts said in the letter. “I will remain a customer, shareholder and partner, and will continue to be enthusiastic in my support of our mission. I am excited to see our success continue for many years.”

The rapid expansion of Encore was fueled by a series of stock sales to investors largely spread across Arkansas, Texas, South Carolina, North Carolina, Colorado, Tennessee, Florida and Missouri.

Encore recorded total assets of $3.9 billion and a loss of $1.6 million in the first quarter. That followed a $6 million loss during 2023 and a $2 million loss in 2022.

The bank boosted its capital to $275 million last year with the injection of $22.5 million. During the first quarter, an additional $2.7 million was added to its capital to push total equity capital to $277 million.

The bank reported a $3.3 billion loan portfolio as of March 31.