LAKEWOOD RANCH, Fla., July 26, 2011 /PRNewswire/ -- Community Bank & Company announced today that its Second Quarter 2011 earnings were $1.6 million. This is Community Bank's fifth consecutive profitable quarter and represents record earnings in the history of the bank. The acquisition of First Community Bank of America, strong loan demand and deposit growth propelled the bank past $760 million in assets. Chairman and CEO Bill Sedgeman said, "Community Bank now has 17 locations from Pasco County in the north to Charlotte County in the south. We have five branches in Pinellas County, four in Hillsborough, three each in Manatee and Charlotte and two in Pasco making us a convenient retail bank for nearly the entire Tampa Bay marketplace."
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Deposits reached $599.5 million while loans grew to $530.2 million. President Katie Pemble said, "Community Bank is adding customers because of our dedication to first class service. We make decisions about loans locally and quickly and that makes a big difference in today's dynamic business environment."
Community Bank employed 140 people at June 30, 2011 and this number will grow sharply in the third quarter as a result of the highly successful job fair where 22 job offers were extended - helping get the community back to work.
Reacting to a need for residential mortgage loans, Community Bank has expanded its offerings and hired mortgage experts across Tampa Bay to help clients finance the purchase or re-finance of their home. Community Bank offers 30 year fixed mortgages, jumbo mortgages and even loans to foreign nationals. Community Bank's residential loans are approved daily so that closings can take place in as little as one week from the time of application to funding.
Community Bank previously announced its intention to acquire Old Harbor Bank and is working towards final regulatory approval in the third quarter of this year. After the merger, Community Bank will add seven additional branches for a total of 24 across Tampa Bay and assets will be in excess of $1 billion.
About Community Bank:
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 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 $15 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 lock-box services to condominiums, doctors and other businesses who need to carefully track their accounts receivable
SOURCE Community Bank & Company
