SOURCE: Stonegate Bank

Stonegate Bank

January 16, 2014 09:18 ET

Stonegate Bank Completes Acquisition of Florida Shores Banks

FORT LAUDERDALE, FL--(Marketwired - Jan 16, 2014) -  Stonegate Bank (OTCBB: SGBK) announced today the completion of the merger with Florida Shores Bancorp and its two subsidiary banks, Florida Shores Bank -Southeast and Florida Shores Bank - Southwest, including the minority interests in the subsidiary banks held by other investors. The consolidated bank will report approximately $1.7 billion in total assets.

According to Dave Seleski, President and CEO of Stonegate, "this merger is strategically important for Stonegate in that we will be filling in some important areas of our existing footprint on both the east and west coasts of Florida."

Stonegate currently operates ten offices in Broward, Miami-Dade, Palm Beach, Collier, Lee and Hillsborough Counties and will be entering Sarasota and Charlotte Counties with three offices. Florida Shores has offices in Broward, Palm Beach, Lee, Charlotte and Sarasota Counties. 

The Bank cautions that certain statements contained in this press release are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995, which statements are made pursuant to the "safe harbor" provisions of such Act. These forward-looking statements describe future plans or strategies and may include the Bank's expectations of future financial results. The words "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements. The Bank's ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes is inherently uncertain. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, changes in general market interest rates, changes in general economic conditions and those specific to the Bank's market area, legislative/regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of the Bank's loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. The Bank makes periodic filings to the Federal Deposit Insurance Corporation which contain various Bank financial information, copies of which are available from the Bank without charge. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.

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