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Business Observer Friday, Feb. 6, 2015 3 years ago

Stonegate cheers trading

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Stonegate Bank has been marching up the Gulf Coast, snapping up banks from Naples to Fort Myers, Sarasota and Tampa, including Florida Shores Bancorp in January 2014.

Stonegate Bank has been marching up the Gulf Coast, snapping up banks from Naples to Fort Myers, Sarasota and Tampa, including Florida Shores Bancorp in January 2014.

Now, the Pompano Beach-based bank will have more ammunition for its acquisitions with the listing of its stock on the Nasdaq stock market. The bank's stock started trading on the Nasdaq market on May 28, 2014, under the symbol SGBK (recent price: $28) and executives rang the market's closing bell last week to celebrate the listing.

Stonegate's CEO, Dave Seleski, has been scouting opportunities on the Gulf Coast during the last six years. He started in Naples in 2009 with the acquisition of Partners Bank, the 100th bank to fail in the financial crisis. Stonegate was formed in 2005 and the Nasdaq listing comes on its 10th anniversary.

As of Sept. 30, Stonegate reported assets of nearly $1.7 billion, up nearly $600 million from Sept. 30, 2013. The bank posted $7.6 million in net income for the first nine months of 2014, up 11.4% from the same period in 2013, according to the latest data from the Federal Deposit Insurance Corp.

On Jan. 9, Stonegate acquired of The Community Bank of Broward, its eighth acquisition since 2008. The acquisition added nine branches with assets totaling nearly $500 million.

This article has been corrected to reflect that Stonegate became publicly traded May 28, 2014.

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