Ovation Holdings Inc. has agreed to buy most of Royal Palm Bank in Florida from Mercantile Bancorp.

Ovation, the parent company of Encore National Bank, said in a press release late Tuesday that it would buy Royal Palm's branches in Naples, Ft. Myers and Marco Island, along with $75 million in deposits, for an undisclosed amount. Ovation also plans to buy $28 million in loans in the deal, which it expects to complete in the third quarter.

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