SOURCE: Stonegate Bank

Stonegate Bank

July 22, 2015 08:00 ET

Stonegate Bank Announces Opening of Correspondent Banking Relationship With Cuban Bank -- Banco Internacional de Comercio S.A.

First U.S. Correspondent Banking Relationship With Cuba Since the Embargo Was Established

POMPANO BEACH, FL--(Marketwired - Jul 22, 2015) - The historic agreement to establish the first U.S. correspondent banking relationship with Cuba was signed in Havana on July 21, 2015. Banco Internacional de Comercio S.A. ("BICSA") was formed in 1993 largely to handle international transactions. BICSA currently has over 600 correspondent relationships throughout the world and is audited annually by Ernst & Young.

"This is another step in terms of normalizing commercial relations between the U.S. and Cuba. The ability to move money easily between the two countries will only increase trade and benefit American companies wishing to do business in Cuba. We are very proud to be a part of this process that is going to benefit both countries in the future," said David Seleski, President and CEO of Stonegate Bank.

About Stonegate

Stonegate Bank 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 June 30, 2015, Stonegate Bank had $2.27 billion in assets and $1.93 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

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

  • INVESTOR RELATIONS:
    Dave Seleski
    Email Contact
    Stonegate Bank
    (954) 315-5510