Pompano Beach-based Stonegate Bank closed a deal to acquire the five-branch Regent Bancorp Inc. of Davie for $40 million, or $9.02 per Regent share.
At the end of 2015, Regent reported $363 million in assets, $274 million in loans and $293 million in deposits. The acquisition grows Stonegate’s assets to $2.7 billion, making it the ninth largest bank based in Florida. The deal also means Stonegate has a larger market share of deposits than any other community bank in Broward County with 2.2 percent.
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