LAKEWOOD RANCH, Fla., July 7, 2011 /PRNewswire/ -- Trevor Burgess, the Chief Executive Officer of CBM Florida Holding Company, announced today that Community Bank & Company ("Community Bank") has entered into a definitive agreement with Old Harbor Bank, Clearwater, FL ("Old Harbor") to acquire and assume substantially all of Old Harbor's assets and liabilities.
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CBM Florida Holding Company, along with other Community Bank shareholders, will invest over $25 million in Community Bank to provide the capital necessary to complete the acquisition. Community Bank will be one of the largest and most highly capitalized community banks in the Tampa Bay region with nearly $1 billion in assets.
CBM Florida Holding Company was established in 2008 to acquire, capitalize and rehabilitate Florida banking institutions. Its first investment was completed in December 2009 when it acquired a controlling interest in Community Bank. Its second investment was Community Bank's acquisition of First Community Bank of America, which closed on June 1, 2011.
"The Old Harbor acquisition creates a retail banking institution with 24 branches spanning the entire Tampa Bay region. We will have ten branches in Pinellas County, four in Hillsborough, four in Pasco and three each in Manatee and Charlotte," said Trevor Burgess CEO of CBM Florida Holding Company. "Old Harbor has great customers and great employees and we are excited about the prospect of them joining the Community Bank team."
"We continue to invest in recapitalizing Florida banks because we believe in the marketplace and in the recovery of the Tampa Bay economy," said Marcelo Lima, Chairman of CBM Florida Holding Company.
The boards of directors and shareholders of Community Bank and Old Harbor have approved the acquisition agreement. Closing is subject to certain customary conditions, including regulatory approval. The acquisition is expected to close in the third quarter of 2011.
About Community Bank:
Community Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 17 locations across 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.
SOURCE Community Bank & Company
