SOURCE: Stonegate Bank

Stonegate Bank

November 19, 2015 08:00 ET

Stonegate Bank and MasterCard Enable U.S.-Issued Debit Cards for Use in Cuba

POMPANO BEACH, FL--(Marketwired - Nov 19, 2015) - Stonegate is pleased to announce that the Bank is now offering a Debit MasterCard card that can be used at the Point of Sale terminal at any of Cuba's 10,000 hotels, restaurants and other card-accepting merchants. 

"This is the first step in relieving the burden of U.S. travelers carrying cash when travelling to Cuba and another step in normalizing commercial relations between the two countries. Hopefully more issuing banks will help this process by approving credit and debit cards as well," said Dave Seleski, President and CEO of Stonegate Bank. 

Initially, cardholders will need to sign for all Debit MasterCard purchases. Stonegate expects to expand the use of the cards to ATMs in 2016. 

Before visiting Cuba, Stonegate cardholders will need to ensure they are traveling under one of the 12 categories authorized by U.S. regulations, including religious and professional purposes.

MasterCard originally removed its network block on U.S.-issued cards being used in Cuba in March 2015. Since then, federal rules left the final decision to each bank whether its cardholders will be allowed to use their cards on the island.

"As the infrastructure continues to develop on the island, this milestone reinforces a collective effort, starting with last spring's trade mission, to deliver our cardholders a convenient and safe way to pay when traveling to Cuba," said Jeff Wilson, President GeoCentral Division at MasterCard.

 For further information on obtaining a debit card, please visit our website at www.stonegatebank.com.

About Stonegate

Stonegate Bank (NASDAQ: SGBK) is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 21 banking offices in its target marketplace of South and West Florida, which is comprised primarily of Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota Counties in Florida. As of September 30, 2015, Stonegate Bank had $2.31 billion in assets and $1.95 billion in deposits. Stonegate Bank's principal executive office and mailing address is 400 North Federal Highway, Pompano Beach, Florida 33062 and its telephone number is (954) 315-5500.

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities -- such as shopping, traveling, running a business and managing finances -- easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Forward-Looking Statements

Any non-historical statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; our need and ability to incur additional debt or equity financing; our ability to execute our growth strategy through expansion; our ability to comply with the extensive laws and regulations to which we are subject; changes in the securities and capital markets; changes in general market interest rates, legislative and regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of our loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, and technological factors affecting our operations, pricing, products and services; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our filings with the FDIC, which are available at the FDIC's internet site (http://www2.fdic.gov/efr). Forward-looking statements in this press release speak only as of the date of the press release and Stonegate Bank assumes no obligation to update any forward-looking statements or the reasons why actual results could differ.

Contact Information

  • MEDIA CONTACT:
    Sissy DeMaria
    (Email Contact)
    Kreps DeMaria
    (305) 663-3543

    COMPANY CONTACT:
    Dave Seleski
    (Email Contact)
    Stonegate Bank
    (954) 315-5510