LAKEWOOD RANCH, Fla., April 19, 2012 /PRNewswire/ -- Community Bank & Company announced today that it had net income of $1.0 million in the first quarter of 2012, its eighth consecutive quarterly profit. Profit before provision was $1.7 million up from $0.2 million in the first quarter of 2011. Deposits grew organically by $94 million in the quarter from $558 million at year-end 2011 to $652 million at March 30, 2012.
"We are off to a great start in 2012 thanks to significant deposit growth and strong loan demand," said Trevor Burgess, the Bank's Chief Executive Officer. Adding, "We are extremely excited about our May 1st name change to C1 Bank, a simplification of our ideals to put our clients 1st and our community 1st. It's also rare to have a bank change its name because of its success."
Chairman Bill Sedgeman noted "I'm especially excited by our deposit growth and the hundreds of families and businesses that are choosing to move their money to Community Bank – soon to be C1 Bank."
"Our entire team is working hard to prepare for our name change to C1 Bank. We have new signage in the works at all banking centers and we are nearing the end of a major banking center renovation and modernization campaign. We want our banking centers to say something about who we are as a Bank – modern, high technology and dedicated to fast, first class client service," said Bank President Katie Pemble.
Profit before provision for Q1 2012 grew to $1.7 million up from $0.2 million in Q1 2011
Net Income for Q1 2012 grew to $1.0 million up from $0.2 million in Q1 2011
Total assets at March 30, 2012 grew to $827 million up from $303 million at March 30, 2011
Total employees at March 30, 2012 were 175 up from 153 at year-end 2011.
Opened its 18th banking center on Indian Rocks Road in Belleair Bluffs.
Received regulatory approval from the State of Florida Office of Financial Regulation for the acquisition and merger with The Palm Bank of Tampa. The Palm bank will add (pending FDIC approval) three prime locations in Hillsborough County to the Bank's network – will bring the banking center count to 21.
Community Bank's capital ratios exceed all required regulatory guidelines to be considered well capitalized:
Tier 1 Leverage
Tier 1 Risk-based capital
Total Risk-based capital
About Community Bank:
Community Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 18 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.communitybanknow.com. Community Bank is changing its name effective May 1, 2012 to C1 Bank and will be changing its web site to www.C1Bank.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 is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.
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 $19 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 lockbox services to condominiums, doctors and other businesses who need to carefully track their accounts receivable