Stonegate Bank To Buy Community Bank Of Broward For About $61.2 Mln

(RTTNews) - Stonegate Bank (SGBK.OB) has agreed to buy all the operations of Community Bank of Broward for nearly $61.2 million. With this acquisition, Stonegate Bank's assets will increase to $2.1 billion and it will become the 10th largest bank headquartered in Florida, the company said in a statement.

The transaction, which is scheduled to close in the fourth quarter, is expected to immediately add to earnings per share for Stonegate Bank with double-digit accretion in the first full year. The consideration will be in common stock of SGBK valued at $26.00 per share.