Pompano Beach-based Stonegate Bank will acquire Sarasota’s Insignia Bank in a stock deal valued at $36.5 million.
Stonegate — which made global news when it agreed to provide banking services to Cuba last summer — has expanded rapidly across Florida as it seeks growth. The deal will be the bank’s tenth acquisition since 2009, according to a news release.
Insignia has total assets of $248 million and operates two bank branches in Sarasota. Stonegate has $2.4 billion in assets and 21 branches in South and West Florida.
“This acquisition significantly expands our deposit market share to approximately 3.3% of total deposits in Sarasota County, resulting in Stonegate having the largest deposit market share of any community bank in Sarasota County,” Dave Seleski, Stonegate’s president and CEO, said in a statement. “After consummation of the merger, Stonegate’s total combined deposits in west Florida are expected to exceed $850 million. The combination will give Stonegate more leverage to deliver products to our target market in west Florida.”
Regulators need to approve the deal, which is expected to close in the first quarter of 2017.
Stonegate, which trades on NASDAQ, has jumped on the rapprochement between the U.S. and Cuban governments. The bank became the first U.S. financial institution since the diplomatic breakthrough to offer correspondent banking services with Cuba. It also offers debit and credit cards that work on the island.