Bank merger to close Boca Raton branch

stonegate

Broward County institutions Stonegate Bank and Regent Bank said Tuesday that they’ll merge, a deal that will lead to the closing of Regent Bank’s branch in Boca Raton.

Stonegate has branches at 3850 N. Federal Highway in Boca and 3555 Military Trail in Jupiter. If the merger is consummated later this year as scheduled, the Regent Bank branch at 580 Yamato Road would close, a spokeswoman said. The Regent Bank branch at 1572 Palm Beach Lakes Blvd. in West Palm Beach would become a Stonegate location.

Both banks are small players in Palm Beach County. As of mid-2015, Pompano Beach-based Stonegate had $261 million in deposits, a market share of 0.58 percent, according to the Federal Deposit Insurance Corp. Davie-based Regent Bank held $87 million, or 0.19 percent of Palm Beach County’s money.

Stonegate gained national attention last year when it launched a debit card designed to work in Cuba.

 

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