LAKEWOOD RANCH, Fla., Dec. 26, 2011 /PRNewswire/ -- Trevor Burgess, the Chief Executive Officer of CBM Florida Holding Company, and Robert Covington, the Chief Executive Officer of The Palm Bank, announced today that Community Bank & Company ("Community Bank"), has entered into a definitive agreement with Palm Bancorp, Inc. and its subsidiary, The Palm Bank ("Palm Bank"), for the acquisition of The Palm Bank based in Tampa, FL. The acquisition will be accomplished through the merger of Palm Bank into Community Bank.
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This acquisition brings three additional banking centers, all located in Tampa, to the Community Bank network and grows the Bank to over $850 million 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 followed by the May 2011 acquisition of First Community Bank of America.
Community Bank, which is based in Lakewood Ranch, Florida, currently has approximately $729 million in assets. It has achieved six consecutive quarters of profitability and has reported net income year-to-date as of September 30th of over $3 million.
"This acquisition creates an institution with 20 banking centers spanning the entire Tampa Bay region. It expands our presence from two to five branches in Tampa alone, fosters loans to businesses and individuals, and helps to drive economic recovery," said Marcelo Lima, Chairman of CBM Florida Holding Company.
Robert Covington, The Palm Bank's CEO said, "We are excited to have The Palm Bank team join Community Bank - this transaction gives our customers a broader range of products and services while maintaining the best in class service they have come to expect."
"We will be excited to welcome Palm Bank customers to the Community Bank family. We also look forward to welcoming the employees of Palm Bank to the Community Bank team. Together we will have a fantastic group of highly trained professionals looking out for the needs of thousands of customers across Hillsborough, Pinellas, Manatee, Sarasota, Charlotte and Pasco counties," said Trevor Burgess, Chief Executive Officer of CBM Florida Holding Company.
The boards of directors of Community Bank, Palm Bancorp, Inc. and The Palm Bank have approved the acquisition. Closing is subject to certain customary conditions, including regulatory approvals and the approval by shareholders of The Palm Bank. The merger is expected to close in the first half of 2012.
Paula Johannsen from Carson Medlin a Division of Monroe Securities, Inc. is acting as advisor to Palm.
SOURCE Community Bank & Company
