Case Study: Encore Bank 🔐

Encore Bank was founded by Chris Roberts, Phillip Jett and Burt Hicks after acquiring an existing bank charter in 2019. The bank was ~$100MM in assets at the time of the charter acquisition with very little technology infrastructure beyond a core banking system provided by Smiley Technologies.

To fuel the banks growth effort a small team of people executed on several successful equity capital raises raising ~$350MM over the course of several years (2019-2021). This capital was used primarily to fund commercial asset growth, but some was used to pursue operational efficiencies, deposit gathering strategies and non-interest revenue using technology. At the time of acquisition, the bank had fewer than 10 employees and by FYE 2023 FTE’s numbered around 330.

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