Community Bank of Manatee Announces Agreement to Receive $10,000,000 in New Capital

BRADENTON, Fla., June 4 /PRNewswire/ -- Chairman and CEO, William H. Sedgeman, Jr., announced today that Community Bank of Manatee has entered into a definitive agreement to raise $10,000,000 in new equity capital, through a pending stock sale to four individual investors led by Marcelo Lima and Trevor Burgess.

"This new capital investment is the best and most exciting event I have ever worked on for Community Bank," said Sedgeman. "The transaction will propel us to new heights, especially with the addition of two sophisticated and experienced new members to our Board of Directors," he continued.

"We are extremely excited about investing in Community Bank of Manatee and its management team led by Bill Sedgeman," said Marcelo Lima.

Trevor Burgess added, "Bill and his associates have provided first class service to their customers and we are especially excited to join such a diligent and talented board with deep ties to the community, who have kept their focus on the basics of banking."

It is anticipated that the transaction will be consummated by the third quarter of this year, subject to approval of the shareholders of Community Bank as well as the appropriate regulatory agencies.

"With recent local bank failures and a real estate crisis well documented in the press, I could not be more proud of this vote of confidence," Sedgeman added.

"This new capital will expand our capacity to make loans and even better serve our market," said Mike McCoy, President. "That is the ideal on which our bank was founded and that is what our local bank does best: assisting families and small business in our community to further their dreams and aspirations."

ABOUT COMMUNITY BANK OF MANATEE

Community Bank of Manatee, is a locally-owned bank serving the communities of Florida's Central Gulf Coast with five branches in Manatee and Hillsborough counties:

    2025 Lakewood Ranch Boulevard, Lakewood Ranch, FL      941-750-0700
    6000 State Road 70, East, Bradenton, FL                941-756-0099
    7202 Manatee Avenue West, Bradenton, FL                941-761-3400
    1001 West Cleveland Street, Tampa, FL                  813-258-8187
    10109 U.S. Highway 301 South, Riverview, FL            813-672-0999

Founded in 1995 by veteran Bradenton banker, William H. Sedgeman, Jr., Chairman and CEO, the bank is Manatee County's oldest local bank. Their professional staff is available to meet at their customer's convenience (with Saturday hours at all but the South Tampa location) to help select Community Bank services and financing choices that simplify the lives and streamline the business operation for their customers.

At March 31, 2009, Community Bank of Manatee had total assets of $258 million, total deposits of $216 million and shareholders' equity of $18 million. For more information, visit the bank's website at: www.CommunityBankNow.com or contact the nearest office.

SOURCE Community Bank of Manatee