Community Bank Receives Approval from State of Florida for Acquisition of and Merger with First Community Bank of America
Community Bank acquisition of and merger with First Community Bank of America should be completed in second quarter pending approval from the FDIC
LAKEWOOD RANCH, Fla., April 21, 2011 /PRNewswire/ -- Community Bank & Company today announced that it has received from the State of Florida Office of Financial Regulation, a notice of intent to approve its acquisition of and merger with First Community Bank of America. Community Bank expects to complete the acquisition in the second quarter of 2011 pending approval from the FDIC.
(Logo: http://photos.prnewswire.com/prnh/20101116/FL03020LOGO )
Trevor Burgess, the CEO of Community Bank's majority owner, CBM Florida Holding Company, said, "We are extremely excited to have received approval from the State of Florida. This transaction allows Community Bank to preserve jobs, serve our combined customer base with a sophisticated set of banking products and helps to recapitalize Florida's banking sector. We will have 17 locations across Tampa Bay making us one of the region's largest and best capitalized community banks."
The combined institution will have 17 branches in Pinellas, Hillsborough, Manatee, Pasco and Charlotte counties serving thousands of clients. Community Bank specializes in loans to small and medium sized businesses, residential mortgages and a full service suite of banking products, from checking to money markets to children's savings accounts.
CBM Florida Holding Company Chairman Marcelo Lima noted, "This is an exciting time for Community Bank, our clients and our employees. We are opening a new branch on Beach Drive in St. Petersburg on May 2nd, we have had four quarters of consecutive profitability and hundreds of new customers are choosing to bank with Community Bank."
ABOUT COMMUNITY BANK:
Founded in 1995, Community Bank continues to specialize in solutions for individuals by offering the regions best checking account, "Clover Gold," residential mortgages including "jumbo mortgages" with local, quick decision- making, and in business solutions including Small Business Administration loans. Community Bank was recently ranked as the number one local community bank for SBA loans.
Community Bank is a local, independent bank serving the communities of Florida's Tampa Bay:
Lakewood Ranch - 2025 Lakewood Ranch Boulevard
Braden River - 6000 State Road 70 East
West Bradenton - 7202 Manatee Avenue West
South Tampa - 110 South Boulevard, Tampa, FL
Brandon-Riverview - 10109 U.S. Highway 301 South
OPENING 5-2-11: St. Petersburg - 158 Beach Drive Northeast
SOURCE Community Bank & Company
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