Stonegate Bank in Fort Lauderdale, Fla., has completed its acquisition of Southwest Capital Bank of Fort Myers, Fla.

Stonegate said in a press release Friday that it paid $9.4 million in stock for the $120 million-asset Southwest Capital in Fort Myers, Fla.

Stonegate now has more than $750 million in assets and nine branches. This is Stonegate's first traditional bank acquisition; it bought three failed banks in 2009.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.