
Stonegate Bank has made significant strides in its growth, expanding its presence through strategic acquisitions.
The bank's acquisition strategy has enabled it to expand its footprint in the market, increasing its customer base and services offered.
One notable acquisition was the purchase of a regional bank, which added new locations and expertise to Stonegate's portfolio.
This strategic move has allowed Stonegate to diversify its services and better serve its customers.
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Bank Acquisition
Home BancShares has agreed to buy Stonegate Bank for about $778 million to expand further in South Florida.
The deal will see Stonegate merge into Centennial Bank, with shareholders receiving proceeds of about $749.8 million, consisting of approximately $50 million in cash and $699.8 million of Home BancShares common stock.
Home BancShares is the parent company of Centennial Bank, which operates 71 branches in Florida in various metro areas, including Fort Lauderdale, Orlando, Tallahassee, and Tampa.
Stonegate has 33 branches in Florida, all in South Florida, and has been an active acquirer, having agreed to buy Insignia Bank in Sarasota last year.
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The deal is expected to close in late September and remains subject to Home BancShares and Stonegate shareholder approval, with meetings to approve the deal scheduled for September 25 in Conway and Pompano Beach.
Home BancShares would pay about $700 million in stock and $50 million in cash for the $3.1 billion-asset Stonegate, in addition to paying $27.8 million in cash to the holders of outstanding stock options in Stonegate.
The deal is Home BancShares' second in Florida in less than five months, following its agreement to buy the $463 million-asset Landmark Bank in Fort Lauderdale in November.
Financial Details
Stonegate Bank offers a range of financial services, including personal and commercial banking. They provide a variety of deposit accounts, such as checking and savings accounts, as well as certificates of deposit.
Stonegate Bank has a strong online presence, allowing customers to manage their accounts and conduct transactions remotely. Their online banking platform is user-friendly and secure.
The bank's personal banking services include mortgage lending, with competitive interest rates and flexible repayment terms. Stonegate Bank also offers personal loans for various purposes, such as consolidating debt or financing major purchases.
Stonegate Bank's commercial banking services cater to small businesses and corporations, providing business checking and savings accounts, as well as lines of credit and term loans. They also offer cash management services to help businesses manage their finances efficiently.
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Bank News
Home BancShares has agreed to buy Stonegate Bank for about $778 million to expand further in South Florida.
The deal is expected to close in the fourth quarter provided it receives the necessary approvals.
Home BancShares would pay about $700 million in stock and $50 million in cash for the $3.1 billion-asset Stonegate.
Stonegate has 33 branches in Florida, all in South Florida.
Home BancShares’ second acquisition in Florida in less than five months is the $463 million-asset Landmark Bank in Fort Lauderdale.
The deal is contingent on Home BancShares’ stock price remaining above $21.11 per share for 20 straight days between June 30 and three days before the projected closing date.
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Frequently Asked Questions
What happened to Stonegate Bank?
Stonegate Bank merged with Centennial effective September 26, 2017. The merger marked the end of Stonegate Bank as a standalone institution.
Who bought Stonegate Bank?
Home BancShares acquired Stonegate Bank in 2017. Learn more about the acquisition and its impact on Stonegate Bank's operations.
Sources
- https://www.arkansasbusiness.com/article/fed-state-bank-board-ok-home-bancshares-stonegate-bank-deal/
- https://www.sun-sentinel.com/2017/03/28/pompano-beach-based-stonegate-bank-to-be-acquired-by-arkansas-bank/
- https://www.americanbanker.com/news/home-bancshares-to-buy-stonegate-in-fla-for-778m
- https://www.banking-gateway.com/news/stonegate-bank-acquires-regent-bancorp-for-40m-270416-4875650/
- https://www.arkansasbusiness.com/article/home-bancshares-finalizes-820m-stonegate-bank-buy/
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