President and CEODavid Seleski touted the prospects of the company's pending purchase of , and said itremains in pursuit of another acquisition.
PompanoBeach, Fla.-based Stonegate Bank announcedApril 26 plans to acquireDavie, Fla.-based Regent Bancorp Inc. for $40.2 million. Seleski said on a conferencecall to discuss the deal that it represents a "very good proposition"for the company's shareholders, noting that it will allow the institution to expandits footprint in Broward and Palm Beach Counties, Fla., and be market leader amongcommunity banks.
Stonegateexpects the deal to be4% to 5% accretive to EPS, or approximately 10 cents per share, on a core basis.The company also expects the deal to be accretive to tangible book value.
The Regentdeal marks Stonegate's fourth whole-bank transaction announced since August 2010,and its third announced since September 2013. Seleski said the company has beenworking on the Regent deal since November, and noted that it is small enough toallow Stonegate to continue actively looking for another acquisition. The executivesaid the company would like to announce another in-market acquisition that wouldallow it to achieve economies of scale.
Seleskisaid making another deal is a "high priority" for Stonegate, adding thathe believes the company has a strong currency and good story to tell. He said thatuncertainty in the market early in 2016 weighed on bank stock values and buyers'currencies. Now that markets have stabilized, the executive said he feels confidentthat the company can land another deal.