Stonegate Bank Explained

Stonegate Bank
Type:Private
Foundation:2005
Location City:Pompano Beach, Florida
Location Country:United States
Key People:David Seleski (President & Chief Executive)
Homepage:stonegatebank.com

Stonegate Bank is an American bank headquartered in Pompano Beach, Florida.[1]

History

Stonegate Bank was established in 2005 by David Seleski.[1] [2] It has "21 banking offices in south and west Florida, mainly in Broward, Charlotte, Collier, Hillsborough, Lee, Miami-Dade, Palm Beach and Sarasota counties."[2] By June 2015, it had "$2.27 billion in assets and $1.93 billion in deposits."[2]

In 2017, Stonegate was bought by Home BancShares.[3]

Activities in Cuba

Since 2015, it has been active in Cuba.[1] It is the only US bank to be used by the Cuban government. For example, it is used to process Cuban visa fees.[2] Meanwhile, the bank also signed a contract with Banco Internacional de Comercio to serve as its correspondent bank.[4]

The bank has been criticized by Cuban-born Republican Congresswoman Ileana Ros-Lehtinen for its activities in Cuba.[2]

Notes and References

  1. News: McLannahan. Ben. Florida's Stonegate Bank embraces Cuba. January 29, 2016. Financial Times. May 22, 2015.
  2. News: Hemlock. Doreen. Gehrke-White. Donna. Stonegate Bank of Pompano Beach signs historic banking deal in Cuba. January 30, 2016. Sun Sentinel. July 22, 2015.
  3. Web site: Home BancShares, Inc. Announces Completion of the Acquisition of Stonegate Bank Centennial Bank . www.my100bank.com . dead . https://web.archive.org/web/20180703191502/https://www.my100bank.com/news/72/home-bancshares-inc-announces-completion-of-the-acquisition-of-stonegate-bank . 2018-07-03.
  4. News: South Florida bank is first from the US to sign banking relationship in Cuba. January 30, 2016. The Guardian. July 22, 2015.