LAKEWOOD RANCH, Fla., May 11, 2011 /PRNewswire/ --Community Bank & Company today announced it received approval from the FDIC for its acquisition of and merger with First Community Bank of America. Community Bank expects to complete the acquisition by the end of May 2011. The State of Florida, Office of Financial Regulation had previously approved the transaction issuing the final order of approval on April 26, 2011.
Trevor Burgess, the CEO of Community Bank's majority owner, CBM Florida Holding Company, said, "This transaction creates one of the largest, strongest and most capable community banks in the Tampa Bay market. We are investing over $30,000,000 in this transaction to preserve jobs and to maintain our status as a highly capitalized institution with significant lending fire power."
The combined institution will have 17 branches in Pinellas, Hillsborough, Manatee, Pasco and Charlotte counties serving thousands of clients. Community Bank specializes in loans to small and medium sized businesses, loans under the Small Business Administration program, residential mortgages and a full service suite of banking products, from checking to money markets to children's savings accounts.
All 17 branches will be branded "Community Bank" and will feature the Community Bank livery and distinctive nighttime green glow.
CBM Florida Holding Company Chairman Marcelo Lima noted, "We are excited to welcome the nearly 100 talented and dedicated First Community employees to the Community Bank team. We extend our heartfelt thanks to all of the First Community clients and we look forward to serving them for years to come. We welcome everyone to stop in at one of our 17 branches to see the Community Bank service difference."
Community Bank expects to close the transaction on June 1, 2011.
ABOUT COMMUNITY BANK:
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:
Lakewood Ranch - 2025 Lakewood Ranch Boulevard
Braden River - 6000 State Road 70 East
West Bradenton - 7202 Manatee Avenue West
South Tampa - 110 South Boulevard, Tampa, FL
Brandon-Riverview - 10109 U.S. Highway 301 South
St. Petersburg - 158 Beach Drive Northeast
SOURCE Community Bank & Company