Federal Deposit Insurance Corporation (FDIC) has sealed a purchase and assumption agreement with Stonegate Bank, to take over all the deposits and certain assets of Integrity Bank. Integrity Bank has one office located in Jupiter, Florida.
In addition to assuming all of the deposits of Integrity Bank, Stonegate Bank purchased approximately $20.6 million in assets. The FDIC will retain the remaining assets for later disposition. Stonegate Bank will pay a premium of 20 basis points, or approximately $150,000, for all deposits of Integrity Bank.
FDIC has said that all depositors, including those with deposits in excess of its insurance limits, will automatically become depositors of Stonegate Bank and their deposits will continue to be fully insured in accordance with its regulations. Hence, there is no need for customers to change their banking relationship to retain deposit insurance at their current level.
Dave Seleski, president and CEO of Stonegate Bank, stated: As mentioned, Stonegate Bank will assume all of the deposits of Integrity Bank and approximately $20 million in performing loans. While there are some costs associated with this transaction that will impact earnings in the third quarter, overall, this transaction will be highly accretive starting in the fourth quarter 2009 and beyond.
