Ovation Holdings will acquire two branches in southwest Florida from Liberty Bank, as the Iowa thrift seeks to exit Florida.
Ovation, the $250 million-asset holding company for Encore National Bank, said it received regulatory approval for the deal on Nov. 15. The branches, located in Naples and Bonita Springs, Fla., together hold about $80 million in deposits. Ovation is also acquiring $17 million of loans from Liberty. The deal is expected to close Dec. 31.