SOURCE: Stonegate Bank

Stonegate Bank

June 17, 2011 18:51 ET

Stonegate Bank Purchases Assets and Assumes Deposits of First Commercial Bank of Tampa Bay

FT. LAUDERDALE, FL--(Marketwire - Jun 17, 2011) - Stonegate Bank (OTCBB: SGBK), Fort Lauderdale, Florida, announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation ("FDIC") to assume all of the deposits, substantially all of the assets, and certain liabilities of First Commercial Bank of Tampa Bay, Tampa, Florida.

The Florida Office of Financial Regulation closed First Commercial Bank of Tampa Bay and appointed the FDIC as receiver. All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Stonegate Bank and their deposits will continue to be fully insured in accordance with FDIC regulations. Depositors will not sustain any losses with respect to those deposits assumed by Stonegate Bank.

First Commercial Bank of Tampa Bay offices at 4600 West Kennedy Boulevard and 3017 West Gandy Boulevard will reopen, under current operating hours, on Monday, June 20, 2011. Over the weekend customers of First Commercial Bank of Tampa Bay can access their money by writing checks or using ATM or debit cards. Checks drawn on First Commercial Bank of Tampa Bay will be processed normally. Loan customers should continue to make loan payments according to the terms of the contract.

In addition to assuming all of the deposits of First Commercial Bank of Tampa Bay, Stonegate Bank purchased approximately $72.3 million in loans. Stonegate Bank will pay a premium of 50 basis points for all deposits of First Commercial Bank of Tampa Bay.

As of March 31, 2011, Stonegate had assets of $762 million and $104 million in capital, representing 15.7% tier one leverage capital, far exceeding the well capitalized standards established by banking regulations. Stonegate Bank has also enjoyed 21 straight quarters of profitability. In addition to its Fort Lauderdale location, Stonegate has branch offices in Boca Raton, Jupiter, Coral Springs, Naples, Coral Gables, Fort Myers and St. James City.

Dave Seleski, President and Chief Executive Officer of Stonegate Bank, stated, "We are all very excited about welcoming our new customers and employees and expanding into the highly attractive Tampa market. Our new customers can look forward to enjoying the same high level of service and dedication to customer satisfaction that has made Stonegate one of South Florida's most successful banking enterprises."

"Stonegate will assume all of the deposits of First Commercial Bank of Tampa Bay and approximately $72 million in loans. While there are some costs associated with this transaction that will impact earnings in the coming months, overall this transaction will be accretive beginning in the third quarter of 2011," Seleski said.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). Information about Stonegate Bank is available on the Internet at www.stonegatebank.com.

Contact Information

  • Media Contact:
    Dave Seleski
    President & CEO
    Office Phone: 954-315-5510
    Email: Email Contact