Many Florida businesses frequently look for new ways to expand their operations and to remain competitive in ever-changing market conditions. In the banking and financial services industry, this may come in the form of adding new services and products, expanding georgraphical reach or even merging with other banks.
One bankd with 21 branches through the western and southern parts of Florida, Stonegate Bank, last year became the first institution to expand its offering into Cuba and even offers credit and debit cards that work there. Now, the institution known to have $2.4 billion in assets is set to acquire smaller Insignia Bank that has locations in Sarasota. Insignia’s current assets are valued at $248 million. Once blended the new company will have deposit holdings exceeding $850 million.
The total value of the stock deal is said to be $36.5 million. The goal of the acquisition is to continue Stonegate’s Bank rapid expansion. In the past seven years, Stonegate has acquired 10 other institutions and this latest deal indicates that they have no plans of slowing down.
Businesses that are focused on remaining strong through evolving times have good reason to consider mergers or acquisitions. In the process of evaluating these important and sometimes complex transactions, company owners and executives may want to work closely with experienced business attorneys that understand the nuances of these deals. This may be of special importance when mergers involve companies in multiple states or operations in other countries.
Source: Miami Herald, “Stonegate Bank to acquire Sarasota in $36.5 million deal,” Nicholas Nehamas, August 25, 2016