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SRQ DAILY Aug 29, 2016

Monday Business Edition

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Monday Business Edition

"This seemed like the best fit when we looked at what was best for our shareholders, customers and staff. It's a very detailed analysis."

- Charles Brown, Insignia Bank
 

[Finance]  Brown Bullish About Stonegate Buy
Jacob Ogles, jacob.ogles@srqme.com

Stonegate Bank last week announced its intentions to acquire Sarasota-based Insignia Bank in a $36.5-million transaction, with Insignia President and CEO Charles Brown becoming CEO for Stonegate’s Charlotte, Sarasota and Manatee county locations. The deal is expected to close in the first quarter of 2017. Brown, who founded Insignia in 2006, spoke with SRQ about decisions behind the acquisition and his role at the bank in the future.

How will this change impact existing Insignia Bank clients and customers? For customers it’s really easy. Doing reverse due diligence, there will be better pricing on loans and deposits. We will have all the same locations and add some more—it’s the current Stonegate locations as well as the Insignia locations—and there will be the the same great staff serving them. It’s win-win-win-win.

What will you be in charge of now at Stonegate? I’m excited about it. This adds Charlotte County to my territory, and I was CEO of Charlotte State Bank at one time. I will handle a market location where I have some roots.

We’ve heard more news of bank acquisitions than bank failures in the region lately. What is the state of financial health for banks in the region right now? If you are referring to the real estate market, it’s very healthy and the rising tide lifts all boats. As the real estate market continues to progress, so will the financial institutions. As far as the health of other banks, I’d leave that up to the rating agencies to discuss.

What led to the decision to sell Insignia to Stonegate? We continued to look at multiple strategies through the years. We looked at going public, listing stock, dividend strategies. This seemed like the best fit when we looked at what was best for our shareholders, customers and staff. It’s a very detailed analysis. In the end, it’s simple. Stonegate allows us to continue with a state presence and to leverage some of the infrastructure.

Did the change in the regulatory environment in recent years impact your decision? Not so much. We have had an unusual run with smart employees and a staff that functions well in this regulatory environment. It’s challenging for a lot of banks, but we’ve kept up with it. 

[Demographics]  Percent Of ELL Students In Sarasota
Diana Morales

With the rise of newcomers entering the state, we see an increase in ELL students throughout schools. The Florida Department of Education shares the total percentage of Sarasota County students that have been identified as English Language Learners. As seen on the chart, there has been a steady increase from 2008 to 2015 from 5.4% to 6.4%.  

[Technology]  SMH Announces New Parkinson's Therapy

This September, Sarasota Memorial’s rehabilitation team is bringing the innovative and evidence-based course of LSVT LOUD therapy to Parkinson’s patients in North Port. The Lee Silverman Voice Treatment is a clinically proven method to help strengthen the voice and improve the speech of people affected by Parkinson's disease and other neurological conditions. To attain optimal results, the program will initially be offered in 16 individual sessions over a single month. 

Sarasota Memorial Health Care System

[Partnership]  North Sarasota Library partners with Peace Corps

The North Sarasota Public Library has established a new partnership with the Returned Peace Corps Volunteers of Gulf Coast Florida, which recently assisted the library with maintaining and enhancing the library's reading garden. Over the past few months, the volunteers donated their time and energy assisting the library staff and children with programming for the reading garden. 

Sarasota County

[Exec Moves]  Ferrandino Named CEO for Education Design Studio

Rita Ferrandino has been named CEO for seed fund/incubator Education Design Studio Inc. (EDSi). Ferrandino is the founding partner at Arc Capital Development, a global private investment and advisory firm that invests in and operates companies in the K–20 education and special needs markets and has served over 95 clients in the US, Canada, Mexico, Singapore, Hong Kong, China, Ireland, Turkey, Israel and India. Arc clients and portfolio companies provide products generating over a billion dollars a years to schools worldwide. 

Education Design Studio

SRQ Media Group

SRQ DAILY is produced by SRQ | The Magazine. Note: The views and opinions expressed in the Saturday Perspectives Edition and in the Letters department of SRQ DAILY are those of the author(s) and do not imply endorsement by SRQ Media. Senior Editor Jacob Ogles edits the Saturday Perspective Edition, Letters and Guest Contributor columns.In the CocoTele department, SRQ DAILY is providing excerpts from news releases as a public service. Reference to any specific product or entity does not constitute an endorsement or recommendation by SRQ DAILY. The views expressed by individuals are their own and their appearance in this section does not imply an endorsement of them or any entity they represent. For rates on SRQ DAILY banner advertising and sponsored content opportunities, please contact Ashley Ryan Cannon at 941-365-7702 x211 or via email

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