The Pompano Beach-based Stonegate Bank recently acquired all the operations of Sarasota's Insignia Bank. Stonegate management expects the combination will increase total assets to approximately $3 billion and will rank Stonegate as the seventh largest bank headquartered in Florida. The acquisition will also make Stonegate Bank the largest community bank by total deposits in Sarasota County. The transaction is valued at approximately $36.5 million.
Insignia operates two branches in Sarasota County and two loan production offices in Manatee and Pinellas counties. As of June 30, the bank had total assets of $248 million, total loans of $188 million and total deposits of $210 million.