FORT LAUDERDALE, FL -- (Marketwire) -- 04/27/12 -- The Board of Directors of Stonegate Bank (OTCBB: SGBK) today declared a cash dividend of $0.08 per common share for 2012, payable semi-annually on May 25, 2012 and November 26, 2012. Each dividend payment will be $0.04 per common share. The May 25, 2012 dividend is payable to shareholders of record at the close of business on May 10, 2012. Based on 8,240,392 common shares currently outstanding, the May 25, 2012 dividend represents a payout of approximately $329,615.
"The initiation of a semi-annual dividend reflects the continued strong financial performance of the Bank, the commitment to enhance shareholder return and confidence in Stonegate Bank's long-term growth prospects," said Dave Seleski, President and Chief Executive Officer.
Stonegate Bank is a state-chartered commercial bank with $899 million in assets as of March 31, 2012, with offices in Fort Lauderdale, Boca Raton, Coral Springs, Jupiter, Naples, Coral Gables, Fort Myers and Tampa. The "Private Bank for Business," which focuses on commercial and personal banking and wealth management, has made a successful mark on the commercial and private banking industry since opening its doors in March 2005. The Bank was recently ranked by Financial Management Consulting Group as Florida's Top Performing Bank, and has reported 25 straight quarters of profitability with Tier 1 Capital of 16.8 % as of March 31, 2012.
The Bank cautions that certain statements contained in this press release are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995, which statements are made pursuant to the "safe harbor" provisions of such Act. These forward-looking statements describe future plans or strategies and may include the Bank's expectations of future financial results. The words "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements. The Bank's ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes is inherently uncertain. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, changes in general market interest rates, changes in general economic conditions and those specific to the Bank's market area, legislative/regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of the Bank's loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. The Bank makes periodic filings to the Federal Deposit Insurance Corporation which contain various Bank financial information, copies of which are available from the Bank without charge. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.