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 completes merger with Community Bank (Sun Sentinel, 1/9/15)
- Stonegate Bank acquires Community Bank of Broward (South Florida Business Journal, 1/9/15)
- Stonegate Bank completes acquisition of Community Bank of Broward (MarketWatch, 1/9/15)
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication. Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 11 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach and its headquarters in West Palm Beach. With more than 170 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 350 largest law firms. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com. |
