Gulf Coast bank acquisition completed

FORT LAUDERDALE — Stonegate Bank further boosted its presence on the Gulf Coast by completing the acquisition of Florida Shores Bancorp and its two subsidiary banks, Florida Shores Bank - Southeast and Florida Shores Bank - Southwest.

The final terms of the acquisition were not disclosed in Stonegate's announcement of the completion of the deal. However, when it was announced last year, Stonegate agreed to pay $48.8 million for Florida Shores, or 1.4 times the company's book value. Florida Shores shareholders received 20% of the payout in cash and the rest in Stonegate stock.

You can read more about the pricing and strategy behind the acquisition in a recent Business Observer story here.