Community Bank of Manatee will receive $10 million in new equity capital through a pending stock sale to four individual investors led by Marcelo Lima and Trevor Burgess, the company announced.
“This new capital investment is the best and most exciting event I have ever worked on for Community Bank,” said Chairman and CEO William H. Sedgeman Jr. “The transaction will propel us to new heights, especially with the addition of two sophisticated and experienced new members to our board of directors.”
Bank officials anticipate the transaction will be consummated by the third quarter of this year, subject to approval of the shareholders of Community Bank as well as the appropriate regulatory agencies.
“With recent local bank failures and a real estate crisis well documented in the press, I could not be more proud of this vote of confidence,” Sedgeman said.
President Mike McCoy agreed.
“This new capital will expand our capacity to make loans and even better serve our market,” McCoy said. “That is the ideal on which our bank was founded, and that is what our local bank does best: Assisting families and small business in our community to further their dreams and aspirations.”
Currently 0 Responses
24 Food Fight
6:00 am - 11:00 pm
26 Lakewood Ranch Republican Club Luncheon
12:00 pm - 1:00 pm
27 KidsCreate: Outdoor Pinting for Children
9:00 am - 11:00 am
27 Health & Wellness Expo
10:00 am - 1:00 pm
Cardinal Mooney alumni plan reunion
Did you go to Cardinal Mooney in 1964? Your former classmates are calling for you!
Looming event aids in cancer cause
Learning Express Toys partnered with the MaxLove Project Sept. 13 and Sept. 14 for a special MaxLove International Loom-A-Thon Against Cancer.
MTI hosts 9/11 blood drive
As the nation remembers the terrorist attacks of Sept. 11, 2001, Manatee Technical Institute will commemorate the tragedy with a blood drive from 8:30 a.m. to 2:30 p.m. Sept. 10 and Sept. 11, at its main campus, 6305 State Road 70 East, in front of Braden River High Schol.