Sarasota community bank sold after 10-year run

Pompano Beach-based Stonegate Bank, in its 10th planned acquisition in the last seven years, announced it has bought Sarasota-based Insignia Bank for $36.5 million, or $13.52 per share of Insignia common stock.

The deal represents about 1.48 times Insignia's tangible book value through June 30, according to a statement. (By comparison, Little Rock, Ark.-based Bank of the Ozarks paid a little more than two times tangible book value for C1 Financial when it acquired the St. Petersburg institution earlier this year in a $402.5 million deal; C1 was much larger than Insignia.)

Insignia, with two branches in Sarasota County and loan production offices in Manatee and Pinellas counties, was founded in 2006. It had $248 million in assets, $210 million in deposits and $188 million in loans through June 30.