Stonegate acquiring Florida Shores Bancorp, seeking NASDAQ listing. Stonegate President and CEO Dave Seleski announced the sixth and largest of Stonegate’s acquisitions since 2009. Stonegate Bank will Add $555 million Florida Shores Bancorp Asset, a $48.8 million deal, making Stonegate a $1.7 Billion Bank, Ranking 15 in State of Florida, by year-end 2013.
This acquisition will make the fast-growing Stonegate the 15th-largest bank in Florida based with $1.7 billion in assets, a press release said. The company (OTCBB: SGBK) also announced plans to move to NSADAQ in the first half of next year.
Dave Seleski, President and Chief Executive Officer, says: "In March 2005 we officially opened for business as Stonegate Bank with the idea of reintroducing passion to banking. Our employees, Board of Directors and shareholders were committed to creating a statewide bank that sets the standard in the industry. This passion has already translated into one of Florida’s fastest growing banks in size and profitability.
Our goal is to be “the Private Bank for Business.” We achieve this by being your financial business partner. We exceed our client’s expectations by “adding value” to every relationship. Helping you improve efficiency, suggesting improvements to your business, offering the latest technology and products as well as being competitive in pricing. This translates into a real partnership between Stonegate Bank and our clients. Furthermore, Stonegate Bank combines this level of service with decisiveness in our decision-making.
Many people are curious how we maintain such passion. The answer is simple. The secret is our people. Our banking team is dedicated, experienced and committed to true partnership. Our bankers anticipate your needs and deliver products and services to make your company or personal financial plan successful. Our clients deserve a passionate banker and that is what you will find at Stonegate Bank."
Merger-Acquisition, Florida Shores Bancorp, headquartered in Pompano Beach, is the holding company for Florida Shores Bank – Southeast and Florida Shores Bank – Southwest. The two subsidiary banks have four branches on Florida’s west coast, from Sarasota to Fort Myers and three South Florida branches in Boca Raton, Pompano Beach and Fort Lauderdale.
Stonegate President and CEO Dave Seleski said: “This is an especially beneficial acquisition offering synergies that expand our market share in Broward and Palm Beach Counties, in addition to growing our footprint throughout Southwest Florida, with coverage of the Gulf Coast from Naples to Tampa,” “The five-star Bauer rating achieved by Florida Shores Bank – Southwest, coupled with both banks’ corporate culture, aligns well with Stonegate Bank and provides a strong platform for continued growth in our markets. Stonegate’s capital ratios will remain strong and allow the bank to continue to grow organically and through future acquisitions.”
Stonegate shares closed at $19.40 on Wednesday after hitting a 52-week high of $19.89 in intraday trading. The 52-week low is $16.30.
Robert Sewick, president of Florida Shores Bank – Southeast. “Our shareholders and customers will find this transition not only beneficial, but also seamless.” Jim Kuhlman, president and CEO of Florida Shores Bank – Southwest, said joining Stonegate will provide customers an expanded portfolio of sophisticated deposit, loan and other financial services.
Stonegate expects the transaction’s accretion to earnings per share over the next two years will be between 30 percent and 35 percent. Furthermore, it is anticipated that tangible book dilution resulting from the transaction will be recovered in 2.5 years or less.
The transaction will mark Stonegate’s sixth acquisition, and the largest acquisition since 2009. The closing of the deal is expected to take place in the fourth quarter of 2013. Sandler O’Neill+ Partners served as financial adviser to Stonegate Bank. The Gunster law firm served as legal counsel to Stonegate Bank. Hovde Group LLC served as financial adviser to Florida Shores Bancorp. Smith Mackinnon PA served as legal counsel to Florida Shores Bancorp and its subsidiary banks.
Reported by: Kevin Gale, Editor in Chief, South Florida Business Journal
Kevin Gale is editor in chief of the South Florida Business Journal
To learn more about this Bank Acquisition: https://www.stonegatebank.com
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