C1 Bank announces tenth consecutive quarterly profit with $2.2 million in net income

ST. PETERSBURG, Fla., Oct. 19, 2012 /PRNewswire/ -- C1 Bank announced today that it had net income of $2.2 million in the third quarter of 2012, its tenth consecutive quarterly profit.  Year to date net income was $5.4mm up 72% from the prior year.  

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"We are 100% focused on our clients - listening to their financial dreams - helping businesses and families borrow money in a responsible way, and safeguard their deposits," said Trevor Burgess, the Bank's Chief Executive Officer.

C1 Bank progressed towards its planned acquisition of U.S. Century bank which will expand C1 into Miami-Dade adding 24 new banking-centers and over 20,000 new clients.  C1 Bank expects the acquisition to close at the end of 2012, pending regulatory approval and customary closing conditions.

Chairman Bill Sedgeman noted, "C1 Bank's track record of earnings, now ten quarters in a row, helps demonstrate the Bank's strength and its ability to serve its marketplace."

"We are thrilled to have 200 dedicated associates serving the families and businesses of Tampa Bay," said bank president Katie Pemble, adding, "Our associates' dedication to quickly and efficiently serve our clients in a first class way is tremendous."

Highlights

• Net Income for Q3 2012 grew to $2.2 million and for the three quarters of 2012 to $5.4 million
• Total assets at September 30, 2012 were $901 million
• Total employees at September 30, 2012 were 200 up from 153 at year-end 2011
• New super-tech Headquarters opened in downtown St. Petersburg

Capital Ratios

C1 Bank's capital ratios exceed all regulatory guidelines required to be considered well capitalized.

About C1 Bank:

C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 21 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.C1Bank.com.  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 and the Official Bank of the Outback Bowl.

C1 Bank services include:

• Full Service Checking, Savings and Money Market depository products for consumers and businesses
• Residential mortgages, from "30 years fixed" to "jumbo" products all with fast local decision making
• Business and commercial real estate loans of up to $20 million to help local businesses grow
• Small Business Administration loans of 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 for doctors, lawyers, accountants and other business professionals
• Association and Treasury Services - providing lockbox services to condominiums and other businesses who need to carefully track their accounts receivable

SOURCE C1 Bank