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Fla. regulator OKs Stonegate-Insignia deal

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Fla. regulator OKs Stonegate-Insignia deal

Stonegate Bank received approval from Florida's Office of Financial Regulation on the Pompano Beach, Fla.-based company's proposed acquisition of Sarasota, Fla.-based Insignia Bank, Stonegate President and CEO David Seleski said Jan. 30 during the company's fourth-quarter 2016 earnings call.

The deal still awaits FDIC approval.

"We did have, as well as Insignia, have a C[ommunity] R[einvestment] A[ct] complaint filed on us," Seleski said, according to a transcript. "We're still hoping to close this transaction in late February with a June conversion."

Asked by an analyst about if there could be a "meaningful delay" in connection with the CRA complaint, the chief executive said: "I think we've been delayed a little bit already."

"But I think we're getting near the end of that. Hopefully, we're getting near," he said. "I can't speak for the FDIC, but I think we're getting near the end of that process that goes through. That's not untypical for banks. I'm a little surprised, given I think this is our 10th merger, that we haven't had this before."

Seleski also said during the call that the company will be looking at other banks in the second half or even late in the second quarter. "Also too, I think some of the other things we may look at is more non-banks, other types of opportunities, whether it's leasing or small business lending and that type of thing where we can look at different types of opportunities on that side," he said.

Stonegate on Jan. 27 reported net income applicable to common stock of $9.0 million, or 62 cents per share, for the fourth quarter of 2016, compared to the year-ago period's $7.3 million, or 56 cents per share.