Stonegate Bank in Pompano Beach, Fla., has agreed to buy Regent Bancorp in Davie, Fla.
The $2.3 billion-asset Stonegate said in a press release Tuesday that it will pay $40 million, or $9.02 a share, in stock for the $363 million-asset Regent. The deal, which is expected to close in the third quarter, values Regent at 140% of its tangible book value.
Stonegate said it expects the acquisition – which would be its ninth since 2009 – to be immediately accretive to earnings per share and tangible book value.
"This acquisition significantly expands our deposit market share in Broward County to [about] 2.2%, resulting in Stonegate having the largest deposit market share of any community bank in" the county, Dave Seleski, Stonegate's president and chief executive, said in the release. The combination will give Stonegate more leverage to deliver products to our target market in southeast Florida."
Keefe, Bruyette & Woods and Gunster, Yoakley & Stewart advised Stonegate. Hovde Group and Smith Mackinnon advised Regent.
American Banker recognized Seleski as one of its Community Bankers of the Year in 2015, reflecting his combination of prudent lending and opportunistic buying. The company also has an arrangement in place to become a bigger player in Cuba.