Stonegate Bank in Pompano Beach, Fla., has agreed to buy Community Bank of Broward in Dania Beach, Fla.
The $61.2 million stock transaction will expand the $1.7 billion-asset Stonegate's presence along Florida's southeastern coast. The $493 million-asset Community Bank of Broward has eight branches just north of Miami. The transaction is expected to close in the fourth quarter.
"This acquisition significantly expands our deposit market share in Broward County to approximately 2%, resulting in Stonegate having the largest deposit market share of any community bank in Broward County," Dave Seleski, Stonegate's president and chief executive, said in a press release Monday.
Stonegate has grown rapidly since it was formed in 2005. Community Bank of Broward County would be its seventh acquisition in the last five years, according to the Federal Deposit Insurance Corp.
Sandler O'Neill and Gunster, Yoakley & Stewart advised Stonegate. Hovde Group and Smith Mackinnon advised Community Bank of Broward.