- April 11, 2014
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.
The acquisition “is strategically important for Stonegate in that we will be filling in some important areas of our existing footprint on both the east and west coasts of Florida,” says Dave Seleski, president and CEO of Stonegate.
The consolidated bank will report approximately $1.7 billion in total assets. In recent years, Stonegate has acquired several Gulf Coast-based banks, including First Commercial Bank of Tampa Bay, Southwest Capital Bank in Fort Myers, and Partners Bank and Hillcrest Bank, both in Naples. Florida Shores Bank - Southwest increases Stonegate's presence in Sarasota.