C1 Bank announces ninth consecutive quarterly profit with record $2.2 million in net income; C1 Bank welcomes Neil Grossman to its board of directors

LAKEWOOD RANCH, Fla., July 17, 2012 /PRNewswire/ -- C1 Bank announced today that it had record net income of $2.2 million in the second quarter of 2012, its ninth consecutive quarterly profit.  Year to date net income was $3.2mm up 45% from the prior year.   Deposits at June 30, 2012 grew to $733 million and assets to $925 million.

(Logo:  http://photos.prnewswire.com/prnh/20120402/FL80456LOGO )

"Second quarter was fantastic," said Trevor Burgess, the Bank's Chief Executive Officer.  "We changed our name to C1 Bank, we completed the acquisition of The Palm Bank welcoming thousands of new clients, and we had strong profitability."

Chairman Bill Sedgeman noted "I founded the bank 16 years ago with the goal of providing first class service to clients across Tampa Bay.  Today C1 Bank's reach and product set allow us to help families and businesses meet their financial needs and objectives no matter how big or small they may be."

"This year we are dedicated to making hundreds of new loans to families and businesses.  We are one of the only local banks that is so active in the marketplace," said bank president Katie Pemble.

C1 Bank also announced today that Neil Grossman will join its board of directors at its July board meeting.  Mr. Grossman has degrees in both law and engineering from Columbia University and Mr. Grossman is a financial expert having spent time working for a number of leading financial institutions including JP Morgan and Norges Bank (the Central Bank of Norway).  Mr. Grossman and his wife Mindy live in St. Petersburg.

Highlights

• Net Income for Q2 2012 grew to $2.2 million and for the first half of 2012 to $3.2 million
• Total assets at June 30, 2012 grew to $925 million
• Total employees at June 30, 2012 were 193 up from 153 at year-end 2011.
• Completed the acquisition of The Palm Bank and its three Tampa locations
• Changed the bank's name to C1 Bank – a simplification of the Bank's ideals to put Clients 1st and Community 1st

Capital Ratios

Community Bank's capital ratios exceed all regulatory guidelines required to be considered well capitalized.

About C1 Bank:

C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 21 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.C1Bank.com.  C1 Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services.   C1 Bank is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.

C1 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 $20 million to help local businesses grow
• Small Business Administration loans of up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
• Association and Treasury Services - providing lockbox services to condominiums, doctors and other businesses who need to carefully track their accounts receivable

SOURCE C1 Bank