BRADENTON, Fla., Oct. 25 /PRNewswire/ -- Chairman and CEO, William H. Sedgeman, Jr., announced today that Community Bank posted net income of $105,000 in the third quarter and that an additional $7.0 million in capital has been received by the Bank bringing the Bank's Tier 1 Leverage Ratio to 11.6% and its Total Risk-based Capital Ratio to 16.2%.
Community Bank is now one of the most highly capitalized community banks in the region. Community Bank has now had two profitable quarters in a row and attracted a significant number of new depositors in the quarter as consumers seek out local strong secure banks that are focused on lending to businesses in the community. Bauer Financial recognizing the progress the Bank has made in recapitalizing and returning to profitability, recently upgraded Community Bank to three stars.
"Customers are moving their money to Community Bank because we know this community and we lend to businesses and consumers in this community. We are fast on our way to being the best bank in the Tampa Bay market," said Chairman and CEO Bill Sedgeman.
President Katie Pemble added, "We opened hundreds of new accounts in the third quarter as customers looked for alternatives to the mega banks and decided that they want to bank with a bank that lends to and supports the community."
Director Trevor Burgess added, "We provide sophisticated solutions to our customers and few banks are as focused as we are on getting the region back to work. We are lending to small and medium sized businesses so that they can grow and hire."
Director Marcelo Lima noted, "Community Bank now has some of the highest capital ratios of any community bank in Florida. Our strength and our earnings allow us, and our dedicated team, to serve the community. This makes us proud."
ABOUT COMMUNITY BANK OF MANATEE
Founded in 1995, Community Bank continues to specialize in solutions for individuals by offering the regions best checking account, "Clover Gold," residential mortgages including "jumbo mortgages" with local, quick decision-making, and in business solutions including Small Business Administration loans. Community Bank was recently ranked as the number one local community bank for SBA loans.
Community Bank, is a local, independent bank serving the communities of Florida's Tampa Bay with five branches in Manatee and Hillsborough counties:
2025 Lakewood Ranch Boulevard, Lakewood Ranch, FL
6000 State Road 70, East, Bradenton, FL
7202 Manatee Avenue West, Bradenton, FL
110 South Boulevard, Tampa, FL
10109 U.S. Highway 301 South, Riverview, FL
For more information, visit the bank's website at: www.CommunityBankNow.com or contact the nearest office.
SOURCE Community Bank of Manatee