In August 2014, Stonegate Bank, based in Pompano Beach, Florida, entered into an agreement to acquire Community Bank of Broward, a Florida-chartered commercial bank headquartered in Dania Beach, Florida, with approximately $500 million in assets.
The merger of the two institutions was completed on January 8, 2015. Based on the last reported price of Stonegate Bank common stock on the Nasdaq Global Select Market on January 8, 2015, the deal was valued at approximately $66.7 million.
The transaction included $430 million in loans and $423 million in deposits, based on statistics from the Federal Deposit Insurance Corporation as of September 30, 2014, the most recently available public information.
The completed sale will increase Stonegate Bank’s assets to approximately $2.2 billion, making it one of the largest community banks headquartered in the state of Florida.
Gunster’s banking and financial services team represented Stonegate Bank in the acquisition, including assisting with compliance with Securities Exchange Act rules and regulations, and Nasdaq listing requirements in connection with the merger.
Read related news:
- Stonegate Bank acquires Community Bank of Broward (South Florida Business Journal, 1/9/15)
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