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Fort Lauderdale-based Stonegate Bank told its shareholders it got a great deal when it bought Fort Myers-based Southwest Capital Bank and First Commercial Bank of Tampa Bay.
In a statement about its fourth-quarter earnings, Stonegate told investors that it recognized a “bargain purchase gain” of $18.8 million when it bought the two banks in 2011. The gain represents the difference between the purchase price and the fair-market value of the assets acquired.
Stonegate acquired Southwest Capital Bank in an open-market transaction and First Commercial Bank of Tampa Bay from the Federal Deposit Insurance Corp. after state regulators shut it down.
Stonegate, with $855 million in assets, reported net income rose 203% to $2.8 million in the fourth quarter compared with the same quarter in 2010.
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