Stonegate Bank (fka SGBK)

[BSWB]

Stonegate Bank Announces Filing of Form 10 Registration Statement
Date : 03/31/2014 @ 9:55AM
Source : Marketwired
Stock : Stonegate Bank (fort Lauderdale Fl) (QB) (SGBK)
Quote : 23.55 -0.02 (-0.08%) @ 11:55AM

Stonegate Bank Announces Filing of Form 10 Registration Statement
Print
Alert
Stonegate Bank (fort Lauderdale Fl) (QB) (OTCBB:SGBK)


Today : Monday 31 March 2014

Stonegate Bank Announces Filing of Form 10 Registration Statement

POMPANO BEACH, FL--(Marketwired - Mar 31, 2014) - Stonegate Bank (OTCBB: SGBK) (the "Bank") announced today that it has filed a registration statement on Form 10 with the Federal Deposit Insurance Corporation (the "FDIC") to register its shares of common stock, $5.00 par value per share ("Common Stock"), pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"). The Bank expects the registration statement to become effective 60 days after the date of filing, which will be May 28, 2014. Once the registration statement becomes effective, the Bank will be required to comply with the periodic reporting requirements of the Exchange Act by filing periodic and current reports, as well as certain other information, with the FDIC. In connection with the registration of its Common Stock under the Exchange Act, the Bank is also preparing to file an application to list its shares of Common Stock on the NASDAQ Stock Market, LLC. If approved, the Bank anticipates that its shares of Common Stock will begin trading on NASDAQ in late May 2014.

"This registration and ultimate listing on NASDAQ will provide additional liquidity to our shareholders going forward," stated David Seleski, President and CEO of Stonegate Bank. "In addition, financial transparency should increase the profile of the Bank and attract additional investors and increased interest from financial analysts."

About Stonegate Bank
Stonegate Bank is a Florida-chartered commercial bank headquartered in Pompano Beach, Florida. The Bank is a full-service commercial bank providing a wide range of business and consumer financial services in its target market area, which is comprised primarily of Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota Counties in Florida, through its 17 banking offices. The Bank's principal executive office and mailing address is 400 North Federal Highway, Pompano Beach, Florida 33062 and its telephone number is [phone].

FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause the Bank's future results to differ materially. The following factors, among others, could cause the Bank's actual results to differ: the strength of the United States economy in general and the strength of the local economies in which the Bank conducts its operations; the loss of the Bank's key personnel; the accuracy of the Bank's financial statement estimates and assumptions, including the Bank's allowance for loan losses; the Bank's need and its ability to incur additional debt or equity financing; the Bank's ability to execute its growth strategy through expansion; inflation, interest rate, market and monetary fluctuations; the effects of the Bank's lack of a diversified loan portfolio, including the risk of geographic concentration; the frequency and magnitude of foreclosure of the Bank's loans; effect of changes in the stock market and other capital markets; legislative or regulatory changes; the effects of harsh weather conditions, including hurricanes; the Bank's ability to comply with the extensive laws and regulations to which it is subject; changes in the securities and real estate markets; increased competition and its effect on pricing; technological changes; changes in monetary and fiscal policies of the U.S. Government; the effects of security breaches and computer viruses that may affect the Bank's computer systems; changes in consumer spending and saving habits; changes in accounting principles, policies, practices or guidelines; anti-takeover provisions under Federal and state law as well as the Bank's Articles of Incorporation and bylaws; and the Bank's ability to manage the risks involved in the foregoing. Additional factors can be found in the Bank's Registration Statement on Form 10 and the Bank's other filings with the FDIC, which are available at the FDIC's internet site (http://www2.fdic.gov/efr). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and the Bank assumes no obligation to update forward-looking statements or the reasons why actual results could differ.

MEDIA CONTACT:
Ansley Campbell
Email Contact

Sissy DeMaria
Email Contact

Kreps DeMaria
[phone]


http://ih.advfn.com/p.php?pid=nmona&article=61654695