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.
The merged company will increase the total assets of Stonegate Bank to $1.7 billion, making it the 15th-largest Florida bank by total assets, the bank says in a statement.
Dave Seleski, president and CEO of Stonegate Bank, says the purchase offers the bank the ability to expand its market share. In addition, he says that Stonegate's capital ratios will remain strong enough to allow it to grow and pursue additional future acquisitions.
The purchase agreement has been approved by the board of directors of Stonegate Bank, Florida Shores Bancorp, Florida Shores Bank - Southeast and Florida Shores Bank - Southwest. The deal is expected to close in the fourth quarter.
This transaction will mark Stonegate's sixth and largest acquisition since 2009.
To improve the liquidity of its stock following the purchase, Stonegate expects to file an application to list its shares on NASDAQ in the first half 2014.