Post completion of the transaction, which also comprises the acquisition of minority stakes in the subsidiary banks held by other investors, the acquirer’s total assets will surge to $1.7bn.
As per Florida Shores Bancorp’s consolidated financial statements as of 30 June 2013, the deal has been valued worth nearly $48.8m, however the final purchase price and the consideration will be subject to final pricing adjustments, to be finalized before closing.
Florida Shores Bancorp had total consolidated assets of $555.1m as of 30 June 2013 and currently operates four bank offices on Florida’s west coast between Sarasota and Fort Myers and three branches on Florida’s east coast in Boca Raton, Pompano Beach and Ft. Lauderdale.
Stonegate Bank president and CEO Dave Seleski said that the deal will expand its market share in Broward and Palm Beach Counties, while enhancing its footprint across Southwest Florida, with coverage of the Gulf Coast from Naples to Tampa.
This transaction, which marks Stonegate’s sixth and largest acquisition since 2009, is likely to conclude during the fourth quarter of 2013, pending satisfying certain customary closing conditions as well regulatory approvals.
Sandler O’Neill+ Partners and Gunster law firm were hired by Stonegate Bank to offer financial advice and legal counseling, while Hovde Group offered financial advice to Florida Shores Bancorp and its banking subsidiaries banks and rendered fairness opinions over the transactions.
Smith Mackinnon acted as legal counsel to Florida Shores Bancorp and its subsidiary banks.
