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Business Observer Tuesday, Aug. 31, 2010 12 years ago

Stonegate, Southwest merge

Stonegate Bank buys Fort Myers-based Southwest Capital for $9.4 million.

Stonegate Bank, a Fort Lauderdale-based company, will buy Southwest Capital Bank NA, the bank held by Southwest Capital Bancshares Inc., for $9.4 million in an all-stock transaction, a release said.

Shareholders of Southwest Capital Bancshares Inc. will receive between 0.21 and 0.26 shares of Stonegate Bank stock for each Southwest share owned, as part of a deal that was approved unanimously by the directors of both banks. Southwest shareholders may also receive additional compensation in three years, contingent on the bank's performance over that time.

David Seleski, current CEO at Stonegate, will remain in charge of the combined entity, while current Southwest Capital Bank president Bruce Schultz will oversee the bank's Lee County operations. Gerald Laboda, vice chairman of Southwest's board, will be the only new addition to Stonegate's board of directors, which will otherwise remain intact.

Stonegate Bank had approximately $578.6 million in assets as of June 30, 2010, while Southwest had approximately $121.3 million at that same time.

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