Community Bank Announces Record Profit of $5.6 Million for 2011

LAKEWOOD RANCH, Fla., Jan. 23, 2012 /PRNewswire/ -- Community Bank & Company announced today fourth quarter 2011 net income of $2.4 million and annual net income of $5.6 million for 2011 year end – both quarterly and yearly records for the bank. Profit before provision was $8.4 million, another record for the bank. Community Bank made over $151 million in new loans benefitting local businesses and consumers, nearly doubling last year's previous record of $84 million in new loans.

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"This was an exceptional year for Community Bank. We are most proud of having made over $151 million in new loans to support Tampa Bay families and businesses. Every loan we make supports economic recovery in the marketplace—aiding growth and hiring," said Trevor Burgess, CEO of the bank's controlling shareholder, CBM Florida Holding Company.

Community Bank welcomed thousands of new checking and savings account customers in 2011 as families and businesses made the choice to bank with confidence at a bank that is contributing to the improved economic strength of the Tampa Bay region. "We put our customers 1st and we put our community 1st and that's why so many families and businesses are moving their money to Community Bank," said Chairman and CEO Bill Sedgeman.

"Our success this year comes from a great team of associates dedicated to serving customers in a 1st class way. Our entire team is dedicated to fast, effective and personalized service," said bank president Katie Pemble.

• New loans grew by $151 million or by 80% over 2010's previous record of $84 million
• Profit before provision for 2011 grew to $8.4 million up from $0.1 million in 2010
• Net Income grew to $5.6 million up from a loss of $1.3 million in 2010
• Total assets at year end 2011 grew to $729 million up 164% from $276 million at December 31, 2010
• Total employees at year end 2011 reached 153 up from 48 at December 31, 2010
• Community Bank plans to open its 18th banking center on Indian Rocks Road in Belleair Bluffs in the next few months, subject to regulatory approval, expanding the bank's reach in Pinellas County.
• Community Bank has entered into a definitive agreement to acquire The Palm Bank in Tampa and expects to close that acquisition in the first half of 2012, pending regulatory approval. The Palm Bank will add three prime locations in Hillsborough County to the Community Bank network – and with Belleair will bring the banking center count to 21.

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

CBM Florida Holding Company Chairman Marcelo Lima added, "We are more excited than ever about serving Tampa Bay and in fulfilling our commitment to build the best bank in Tampa Bay. Customers want a bank that will listen to them and where they can have access to a full suite of sophisticated products and services."

Community Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 17 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.communitybanknow.com. Community Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. Community Bank is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.

Community 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 $19 million to help local businesses grow
• Small Business Administration loans of up to $5 million ‐ Community Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
• Association and Treasury Services ‐ providing lockbox services to condominiums, doctors and other businesses who need to carefully track their accounts receivable

SOURCE Community Bank & Company