POMPANO BEACH, FL--(Marketwired - Sep 16, 2016) - Stonegate Bank (NASDAQ: SGBK) announced today the completion of the merger with Regent Bancorp, Inc., including its wholly owned subsidiary, Regent Bank. The consolidated bank will report approximately $2.8 billion in total assets.
"We are excited to announce the completion of the Regent Bancorp merger today," said Dave Seleski, President and CEO of Stonegate. "This will give Stonegate approximately $1.6 billion in deposits in southeast Florida and enhances our presence in Central Palm Beach County."
Stonegate Bank is a full-service commercial bank, providing a wide range of business and consumer financial products and services through its 25 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, 2016, Stonegate Bank had $2.40 billion in assets and $2.04 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.
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. 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, as well as the risk factors set forth in Stonegate Bank's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each filed with the FDIC. Stonegate Bank does not assume any obligation for updating any such forward-looking statement at any time.