Stonegate Bank raises $27M
Fort Lauderdale-based Stonegate Bank could be on the verge of another growth tear after raising $27.4 million through a private offering.
The bank (OTCBB: SGBK) said it sold more than 2.2 million shares at $12.25 each. About 30 percent to 40 percent of the investors were pre-existing shareholders, Stonegate President and CEO David Seleski said.
This is Stonegate’s second capital raise in the last six months. In October, it raised $14.3 million through a private offering. The same month, it assumed the assets of the failed Hillcrest Bank of Florida and Partners Bank, both of Naples. Only one branch in Naples remains open under Stonegate.
It acquired the assets of the failed Jupiter-based Integrity Bank in July. That location was consolidated into Stonegate's pre-existing Jupiter branch.
The bank finished 2009 with $551.2 million in assets and $63.5 million in Tier 1 capital, which gave it very strong regulatory capital ratios. With $27.4 million more in capital added to that, the bank is poised to grow even more.
The bank will continue its organic growth while hunting for more failed bank deals, acquisitions of operating banks and buying branches, Seleski said.
“You’re going to see us be pretty aggressive,” he said.
If it finds the right deal, Stonegate might enter another region of Florida because it operates as a commercial bank without the need for a lot of branches, he noted.
Stonegate earned $7.1 million in 2009, and 3.1 percent of its loans were noncurrent – a relatively low percentage compared to most Florida banks.
Stonegate shares closed Thursday up 25 cents to $13.25. The 52-week high was $14 on Jan. 5. The 52-week low was $6.50 on April 2, 2009.