SOURCE: Stonegate Bank

Stonegate Bank

March 18, 2011 15:40 ET

Stonegate Bank Completes Acquisition of Southwest Capital Bank

FT. LAUDERDALE, FL--(Marketwire - March 18, 2011) -  Stonegate Bank (OTCBB: SGBK) completed the merger of Southwest Capital Bank in Ft. Myers, Florida on March 18, 2011.

  • Combined Bank's assets in excess of $750 million
  • Expands Stonegate's presence in Southwest Florida to include Lee County
  • Adds three additional offices bringing the total Stonegate offices to nine

Stonegate Bank (OTCBB: SGBK) completed the merger of Southwest Capital Bank today. "This merger increases our presence significantly in Southwest Florida and also signifies our long term commitment to the area," said David Seleski, President and CEO of Stonegate Bank. 

"Culturally and financially this transaction was a very good fit for Stonegate. There will be significant opportunities for growth given our level of capitalization as well as our array of financial products that will serve the local community. The acquisition of Southwest Capital provides a good foundation for the delivery of these services." He continued, "We want to welcome all of the customers and employees of Southwest Capital to the Stonegate Bank family."

"We are excited to join the Stonegate team," said Bruce Schultz, President and CEO of Southwest Capital Bank. "This merger allows us to introduce more products and services for our customers and leverage off of a larger balance sheet while we continue to focus on serving our local business community," said Schultz. 

Stonegate Bank expects the transaction to be immediately accretive to net income and earnings per share, excluding estimated merger related costs of approximately $300,000 pre tax. Estimated synergies include annual expense savings of approximately $800,000 to be achieved by the third quarter of 2011. 

Stonegate Bank was represented by Jim Stokes of Burke Capital a division of Morgan Keegan Securities.

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.

Contact Information

  • Contact:
    David Seleski
    (954) 315-5510