SOURCE: Stonegate Bank

Stonegate Bank

January 09, 2015 06:00 ET

Stonegate Bank Completes Acquisition of Community Bank of Broward

POMPANO BEACH, FL--(Marketwired - Jan 9, 2015) - Stonegate Bank (NASDAQ: SGBK) announced today the completion of the merger with Community Bank of Broward. The consolidated bank will report approximately $2.2 billion in total assets.

According to Dave Seleski, President and CEO of Stonegate, "We are very excited to be making this announcement today. Bruce Keir and his team of talented bankers bring an impressive group of clients to Stonegate along with a large expansion of market share in Broward County. This acquisition is transformational for Stonegate as the combined bank will form the largest community bank in terms of deposits in the second largest Metropolitan Statistical Area in the third most populated state in our nation."

About Stonegate

Stonegate Bank is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 22 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 $1.67 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

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