Stonegate Bank Completes Acquisition of Florida Shores Banks
16 Gennaio 2014 - 3:18PM
Marketwired
Stonegate Bank Completes Acquisition of Florida Shores Banks
FORT LAUDERDALE, FL--(Marketwired - Jan 16, 2014) -
Stonegate Bank (OTCBB: SGBK) announced today the completion
of the merger with Florida Shores Bancorp and its two subsidiary
banks, Florida Shores Bank -Southeast and Florida Shores Bank -
Southwest, including the minority interests in the subsidiary banks
held by other investors. The consolidated bank will report
approximately $1.7 billion in total assets.
According to Dave Seleski, President and CEO of Stonegate, "this
merger 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."
Stonegate currently operates ten offices in Broward, Miami-Dade,
Palm Beach, Collier, Lee and Hillsborough Counties and will be
entering Sarasota and Charlotte Counties with three
offices. Florida Shores has offices in Broward, Palm Beach,
Lee, Charlotte and Sarasota Counties.
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.
MEDIA CONTACT:
Sissy DeMaria Email Contact Suzanne Schmidt Email Contact Kreps
DeMaria (305) 663-3543 INVESTOR RELATIONS: Dave
Seleski Email Contact Stonegate Bank (954) 315-5510
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