C1 Bank Acquires First Community Bank of Southwest Florida

C1 Bank now serves Tampa Bay, Southwest Florida and Miami from 29 locations

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Aug 02, 2013, 06:30 ET

ST. PETERSBURG, Fla., Aug. 2, 2013 /PRNewswire/ -- C1 Bank announced today that it has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase assets and assume deposits and other liabilities of First Community Bank of Southwest Florida, headquartered in Fort Myers. C1 Bank is now one of the 20 largest lenders in the State of Florida with:

28 Banking Centers in Tampa Bay and the southwest Florida coast plus a loan production office in Miami
Total assets of approximately $1.3bn
Total loans of approximately $900mm
Total deposits of approximately $1bn

With today's acquisition, C1 Bank remains well capitalized and poised to serve the needs of Florida's businesses and families.

Depositors of First Community Bank of Southwest Florida will automatically become depositors of C1 Bank, and their deposits will continue to be insured by the FDIC up to applicable limits. Depositors can access their accounts through automated teller machine transactions, checks, and debit transactions. Offices of First Community Bank of Southwest Florida will open during regular operating hours on Monday, August 5, 2013 as branches of C1 Bank.

"C1 Bank welcomes First Community Bank's clients. Our name is a simplification of our ideals to put our Clients 1^st and our Community 1^st," said Trevor Burgess, C1 Bank CEO. "Banking can be exciting, fun and service oriented and we are thrilled to bring our brand south to Ft. Myers, Cape Coral and Bonita Springs through this, our fourth acquisition of a bank in Florida," continued Burgess.

Rita Lowman, C1 Bank COO stated, "Our number one goal is to provide first class service to our new clients. We anticipate a smooth transition and are very excited to expand our presence in Florida."

C1 Bank President Katie Pemble added, "C1 Bank has grown into one of the largest and fastest growing banks in Florida and each day our dedicated associates strive to be the very best bank in the state."

Hovde Group, LLC served as the financial advisor to C1 Bank.

About C1 Bank: C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 28 locations in Tampa Bay and the coast of southwest Florida, plus a loan production office in Miami, and online at www.C1Bank.com. C1 Bank CEO, Trevor Burgess, won Ernst & Young Entrepreneur Of The Year® 2013 in Florida in the Financial Services category. C1 Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers, the Official Bank of the Outback Bowl and a Corporate Partner of the Miami HEAT.

C1 Bank services include:

Full Service Checking, Savings and Money Market depository products for consumers and businesses
Residential mortgages, includes 30 years fixed, jumbo, NRA and portfolio loan products, all approved with quick local decision making
Business loans and commercial real estate loans, up to $23 million, to assist local business growth
Small Business Administration loans, up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
Emerald Banking products to serve entrepreneurs, physicians, lawyers, accountants and other professionals
Association and Treasury Services - providing lockbox services to condominium associations and other businesses in need of sophisticated treasury management solutions

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SOURCE C1 Bank