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Business Observer Tuesday, Mar. 22, 2011 11 years ago

Stonegate acquires Southwest

The Naples bank's acquisition by a Fort Lauderdale firm was completed.

NAPLES — Southwest Capital Bank officially became part of Fort Lauderdale-based Stonegate Bank today (symbol: SGBK), creating an institution with more than $750 million in combined assets and nine branch offices.

The merger will cost $300,000 to complete, a release says, but the new bank will realize $800,000 in synergistic savings by the third quarter of 2011.

In August, Stonegate agreed to buy Southwest for $9.4 million in an all-stock transaction, with former Southwest President Bruce Schultz being kept on to oversee Lee County operations. Earlier this month, Stonegate established an advisory board to assist with its transition into the Collier County market.

Stonegate Bank reported a net income of $925,000 in the fourth quarter of 2010.

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