Stonegate Bank Purchases Two Banks
The Office of Thrift Supervision and Office of Financial Regulation in Florida closed Partners Bank and Hillcrest Bank respectively. FDIC received the banks and entered into purchase and assumption agreement together with Stonegate Bank. Stonegate bought two banks and took over all deposits and assets of both banks.
All depositors of Partners Bank and Hillcrest Bank will automatically be depositors of Stonegate Bank since the latter bought the two former banks.
Stonegate Bank purchased about $17 million loans from Hillcrest Bank and all the loans of Partners Bank. FDIC will retain all remaining loans from Hillcrest Bank for later disposition. All the deposits of both banks will still be fully insured by FDIC, so there is no need for the depositors of either bank to worry about their money.
On Monday, each service office will reopen with the same operating hours. Checks drawn on the two banks will be processed normally, and loan payments of customers should be continued as usual.
The Chief Executive Officer and President of Stonegate Bank, Dave Seleski, said “We’re excited about entering this market. The combination of the two banks will provide us with more flexibility and more market share as well. We are expecting this transaction to be immediately transformed to earnings. Our new customers may look forward to enjoy the same level of dedication and service.”
Stonegate has more than $460 million in assets and capital of $59 million – this far exceeds the standard of capitalization established by banking regulations. They also enjoyed 19 straight quarters of loan and asset growth as well as 15 straight quarters of profitability. The bank currently maintains branch offices in Florida, Coral Springs and Jupiter, Boca Raton, and Fort Lauderdale.
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