Stonegate Bank Completes Acquisition of Southwest Capital Bank
18 Marzo 2011 - 8:39PM
Marketwired
Stonegate Bank (OTCBB: SGBK) completed the merger of Southwest
Capital Bank in Ft. Myers, Florida on March 18, 2011.
- Combined Bank's assets in excess of $750 million
- Expands Stonegate's presence in Southwest Florida to include
Lee County
- Adds three additional offices bringing the total Stonegate
offices to nine
Stonegate Bank (OTCBB: SGBK) completed the merger of Southwest
Capital Bank today. "This merger increases our presence
significantly in Southwest Florida and also signifies our long term
commitment to the area," said David Seleski, President and CEO of
Stonegate Bank.
"Culturally and financially this transaction was a very good fit
for Stonegate. There will be significant opportunities for growth
given our level of capitalization as well as our array of financial
products that will serve the local community. The acquisition of
Southwest Capital provides a good foundation for the delivery of
these services." He continued, "We want to welcome all of the
customers and employees of Southwest Capital to the Stonegate Bank
family."
"We are excited to join the Stonegate team," said Bruce Schultz,
President and CEO of Southwest Capital Bank. "This merger allows us
to introduce more products and services for our customers and
leverage off of a larger balance sheet while we continue to focus
on serving our local business community," said Schultz.
Stonegate Bank expects the transaction to be immediately
accretive to net income and earnings per share, excluding estimated
merger related costs of approximately $300,000 pre tax. Estimated
synergies include annual expense savings of approximately $800,000
to be achieved by the third quarter of 2011.
Stonegate Bank was represented by Jim Stokes of Burke Capital a
division of Morgan Keegan Securities.
The Bank cautions that certain statements contained in this
press release are "forward-looking statements" as defined under the
Private Securities Litigation Reform Act of 1995, which statements
are made pursuant to the "safe harbor" provisions of such Act.
These forward-looking statements describe future plans or
strategies and may include the Bank's expectations of future
financial results. The words "believe," "expect," "anticipate,"
"estimate," "project," and similar expressions identify
forward-looking statements. The Bank's ability to predict results
or the effect of future plans or strategies or qualitative or
quantitative changes is inherently uncertain. Actual results may
differ materially from stated expectations. Specific factors
include, but are not limited to, changes in general market interest
rates, changes in general economic conditions and those specific to
the Bank's market area, legislative/regulatory changes, monetary
and fiscal policies of the U.S. Treasury and the Federal Reserve,
changes in the quality or composition of the Bank's loan
portfolios, demand for loan products, changes in deposit flows,
real estate values, and competition and other economic,
competitive, governmental, regulatory and technological factors
affecting the Bank's operations, pricing, products and services.
The Bank makes periodic filings to the Federal Deposit Insurance
Corporation which contain various Bank financial information,
copies of which are available from the Bank without charge. The
Bank disclaims any obligation to update any such factors or to
publicly announce the results of any revisions to any
forward-looking statements contained in this release to reflect
future events or developments.
Contact: David Seleski (954) 315-5510
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