Florida Shores acquired by east coast bank

GULF COAST — To fuel its expansion, Fort Lauderdale-based Stonegate Bank has agreed to acquire all the operations of Pompano Beach-based Florida Shores Bancorp and its two subsidiary banks, Florida Shores Bank - Southeast and Florida Shores Bank - Southwest.

Based in Venice, Florida Shores Bank - Southwest has branches in Venice, Englewood, Fort Myers and Sarasota. Florida Shores Bank - Southeast has branches in Pompano Beach, Boca Raton and Fort Lauderdale.

In a statement, Stonegate says the transactions are valued at approximately $48 million based on Florida Shores Bancorp's consolidated financial statements as of June 30. As of that date, Florida Shores Bancorp had total consolidated assets of $555.1 million, and the two Florida Shores subsidiaries had a combined book value of about $45.66 million, according to filings with the FDIC. The valuation, final purchase price and consideration to be received by shareholders of the three Florida Shores entities will be subject to final pricing adjustments determined prior to closing.