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.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.
The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.
The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.
