SOURCE: Stonegate Bank

Stonegate Bank

December 19, 2014 11:30 ET

Stonegate Bank Announces Approvals, Expected Closing Date for Community Bank of Broward Acquisition

POMPANO BEACH, FL--(Marketwired - Dec 19, 2014) - Stonegate Bank (NASDAQ: SGBK) announced today that the shareholders of both Stonegate Bank ("Stonegate") and Community Bank of Broward ("CBB") have approved Stonegate's proposed acquisition of CBB through a merger of the two institutions (the "Merger"). Additionally, the Federal Deposit Insurance Corporation and the Florida Office of Financial Regulation have each issued their conditional intent to approve the proposed Merger. The parties expect the Merger to close on or about January 8, 2015.

About Stonegate

Stonegate Bank is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 14 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, 2014, Stonegate Bank had $1.68 billion in assets and $1.41 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.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to those regarding the proposed merger. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ from those contemplated by such forward-looking statements include, but are not limited to, the following: failure to obtain shareholder or regulatory approval for the Merger of CBB with Stonegate or to satisfy other conditions to the Merger on the proposed terms and within the proposed timeframe; delays in closing the Merger; reaction to the Merger of Stonegate's customers and employees; the diversion of management's time on issues relating to the Merger; the inability to realize expected cost savings and synergies from the Merger of CBB with Stonegate in the amounts or in the timeframe anticipated; changes in the estimate of non-recurring charges; costs or difficulties relating to integration matters might be greater than expected; changes in the stock price of Stonegate prior to closing; material adverse changes in CBB's or Stonegate's operations or earnings; the inability of Stonegate to retain CBB's customers and employees; or a decline in the economy, mainly in South Florida, as well as the risk factors set forth in Stonegate's Registration Statement on Form 10 and Quarterly Reports on Form 10-Q, each filed with the FDIC. Stonegate does not assume any obligation for updating any such forward-looking statement at any time.

Contact Information

  • INVESTOR RELATIONS:
    Dave Seleski
    Stonegate Bank
    (954) 315-5500