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Stonegate President and CEO Davic Seleski said in a news releaser that the bank has withdraw n its application for government capital undee the Troubled Asset ReliefProgram (TARP). It has plentg of excess capitaland doesn’t need the money, he Seleski noted that the bank made more than $49 millionj in new loans to South Florida businesses and consumers during the past six months without “We are doing our part to relievde the credit crunch,” Seleski “TARP would not induce us to increase our Finally, the current administration’s efforts to put condition on the acceptance of TARP, as well as the possibilitu of further conditions in the future, make this a very unattractives source of capital.
” Stonegate (OTCBB: SGBK) earned $231,941 in the firstf quarter, up from $75,056 in the same quarter a year ago. The announcementg comes as the bank said it had improvee first quarter earnings and lending The bankhad $359 million in assets on March 31, up from $280 million a year ago. Stonegate held $3 million in nonperforming or 1.05 percent of its tota l loans, and nearly $1.1 million in repossessed real estate. Its leve of noncurrent loans shoulrd decrease in the second quarter as the bank proceeds withseverap foreclosures, the company said.
On April 6, Stonegate Bank took possessiomn of a site in West Palm Beach that had been plannedd as the Acquaterracondo project, after winningv a $7.2 million judgment against the developer. Stonegate shares closed Monday up 10 cents to No 52-week high/low information was available.
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