ST. PETERSBURG, Fla., Jan. 27, 2014 /PRNewswire/ -- Trevor Burgess, C1 Bank CEO, announced today that C1 Bank made over $419 million in new loans during 2013, a record for the bank, building off of 2012's then record $205 million in new lending.
C1 Bank CEO, Trevor Burgess said, "We are committed to serving the needs of Florida's business community, its entrepreneurial leaders and their families. Every one of our loans supports Florida's growth and economic recovery. $419 million in new loans is a huge amount for a community bank and we are honored that so many great Florida businesses trust C1 Bank as their banking partner."
2013 earnings for C1 Bank were $12.2 million capping 15 consecutive quarters of profitability. Average ROE for the year was 11.7%, the third consecutive year of greater than 10% average ROE; a feat achieved by less than 10% of Florida's banks. Assets were $1.328 billion and revenue topped $68.4 million.
"Our earnings were helped by strong loan growth, the integration of August's acquisition of First Community Bank of Southwest Florida, and by the deposit growth from thousands of families and businesses that decided to bank with C1 Bank," added CEO Burgess.
In January C1 Bank opened its first Miami branch in the Wynwood Arts District and will quickly follow this spring and summer with new branches on Main Street in Sarasota, in Coral Gables, and in Doral.
Highlights:
- Net Income for 2013 was $12.2 million
- Total assets at December 31, 2013 were $1.328 billion up from $937 million at December 31, 2012
- Total employees at December 31, 2013 were 219 up from 210 at year-end 2012
Capital Ratios:
C1 Bank's capital ratios exceed all regulatory guidelines required to be considered well capitalized.
| Ratio |
C1 Bank 12/31/13 |
Regulatory "Well Capitalized" |
| Tier 1 Leverage |
9.28% |
5.00% |
| Tier 1 Risk-based capital |
10.48% |
6.00% |
| Total Risk-based capital |
10.83% |
10.00% |
About C1 Bank: C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 27 locations across Florida and online at www.C1Bank.com. C1 Bank was honored as the 19th fastest growing company in Florida at the 2013 "Florida Fast 100" awards, as having the "Coolest Office Space," as one of the "Tampa Bay Fast 50," and as one of "Tampa Bay's Largest 100 Private Companies." C1 Bank CEO, Trevor Burgess, won Ernst & Young Entrepreneur Of The Year® 2013 in Florida in the Financial Services category. C1 Bank is a leader in checking, savings and money markets, business loans, SBA loan programs, portfolio residential mortgages, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers, the Official Bank of the Outback Bowl and a Corporate Partner of the Miami HEAT.
C1 Bank services include:
- Full Service Checking, Savings and Money Market depository products for consumers and businesses
- Business loans and commercial real estate loans, up to $25 million, to assist local business growth
- Small Business Administration loans, up to $5 million - C1 Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
- Residential mortgages, including jumbo, NRA and portfolio loan products, all approved with quick local decision making
- Banking products to serve entrepreneurs, physicians, lawyers, accountants and other professionals
- Association and Treasury Services - providing lockbox services to condominium associations and other businesses in need of sophisticated treasury management solutions
SOURCE C1 Bank
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