Stonegate Bank (SGBK) in Fort Lauderdale, Fla., has agreed to buy Florida Shores Bancorp in Pompano Beach.
Stonegate plans to pay about $49 million for the $555 million-asset Florida Shores, the companies said Thursday. They expect to complete the transaction in the fourth quarter.
The acquisition would create the 15th largest Florida bank by assets, the $1.1 billion-asset Stonegate said. Florida Shores has two banks and seven branches. Stonegate has 11 branches in Florida, according to the Federal Deposit Insurance Corp.
"This is an especially beneficial acquisition offering synergies that expand our market share in Broward and Palm Beach Counties, in addition to growing our footprint throughout southwest Florida, with coverage of the Gulf Coast from Naples to Tampa," Dave Seleski, Stonegate's president and chief executive, said in a press release.
Separately, Stonegate said it plans to file an application to list its shares on Nasdaq in the first half of next year.