Stonegate Bank in Fort Lauderdale, Fla., has completed its acquisition of Southwest Capital Bank of Fort Myers, Fla.
Stonegate said in a press release Friday that it paid $9.4 million in stock for the $120 million-asset Southwest Capital in Fort Myers, Fla.
Stonegate now has more than $750 million in assets and nine branches. This is Stonegate's first traditional bank acquisition; it bought three failed banks in 2009.
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