FORT LAUDERDALE, FL--(Marketwired - Sep 5, 2013) - Stonegate Bank (OTCBB: SGBK) announced today the signing of a definitive agreement by which Stonegate will acquire all the operations of Florida Shores Bancorp and its two subsidiary banks, Florida Shores Bank - Southeast and Florida Shores Bank - Southwest, including the minority interests in the subsidiary banks held by other investors. Management expects the combination, which will increase the total assets of Stonegate Bank to $1.7 billion, will place Stonegate as the 15th largest Florida bank by total assets. These transactions are valued at approximately $48.8 million based on Florida Shores Bancorp's consolidated financial statements as of June 30, 2013. This valuation, the final purchase price and the consideration to be received by shareholders of the three Florida Shores entities, will be subject to final pricing adjustments which will be determined prior to closing.
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