NAPLES, Fla. (Feb. 22, 2018) – Tom Ray, CEO and president of Encore Bank, is pleased to announce record net income for the fourth quarter of $967,000, an increase of $408,000 or 73% over the prior year. A combination of top-line revenue growth, expense management and the tax law changes account for the year-over-year improvement.

For 2017, year-to-date average loans were up $38 million or 14% to a record $305 million, pushing the bank’s year-end loan to deposit ratio to 91% or 6% over the prior year. This helped to propel the bank’s quarterly net interest margin to 3.63%, up 21 basis points over the same period last year. The community bank ended the quarter with a well capitalized 9.31% Tier 1 leverage ratio.

Ray said, “Encore Bank continues to be well capitalized and we are now seeing the benefits of our larger loan portfolio, low funding costs and a customer centric approach to managing expenses. Top-line revenue improvement resulting from loan growth remains our primary focus for 2018.”

Lake Michigan Credit Union (LMCU), headquartered in Grand Rapids, MI signed a definitive agreement to acquire Encore Bank last year. That acquisition is expected to close in the second quarter of this year, subject to regulatory approvals. The combined entity will have approximately $5.6 billion in assets, over $9 billion in serviced mortgages, with ten branches in Florida and over 40 in Michigan.

About Encore Bank:
Founded in 2010, Encore Bank is headquartered in Naples, Florida and operates as a community focused bank with local decision making. Encore has approximately $400 million in assets and operates six branches in Southwest Florida. Encore’s loan portfolio is balanced between consumer, commercial and commercial real estate and their client base consists of small and mid-sized businesses and their owners, professionals, real estate associations and retirees. To find out more please visit

About Lake Michigan Credit Union:
Founded in 1933, Lake Michigan Credit Union, a state chartered credit union, is the largest credit union in Michigan, and is one of the top performing credit unions in the country. With a staff of over 1,200, LMCU’s assets exceed $5.2 billion, and mortgages serviced and portfolioed total over $9 billion. With over 390,000 members, LMCU has 42 branches, including four in Southwest Florida. LMCU members have access to over 55,000 AllPoint ATMs worldwide. LMCU provides a full-range of financial services, from high interest checking accounts (one named by Money magazine as the Best in America), to personal loans, mortgages, investments, and commercial banking. To find out more please visit

For more information, call 239-919-5888 or 239-594-3177 in Naples, 239-495-0243 in Bonita Springs, 239-278-5505 in Fort Myers, 941-258-3055 in Port Charlotte, or 813-634-8001 in Sun City Center, or visit Member FDIC