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.”
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26 Tribute to Heroes Parade - Main St LWR
5:00 pm - 9:00 pm
28 Braden River Soccer Club Try-outs
29 LWRBA May Membership Lunch
11:30 am - 1:00 pm
31 May YLA Breakfast "Legendary Leaders"
7:30 am - 9:00 am
Gullett student wins speech contest
Gullett Elementary School student Hailey Wahlers took home top honors May 11, after placing first in the Tropicana District Speech Contest.
Girl Scouts give cookies a new cause
Local Daisy Scouts from Troop 180 are helping Feeding Empty Little Tummies feed homeless school children in the area.
Dancing group to host fundraiser
Members of KC and the Sunshine Dancers, a group of Manatee County dancers ages 8 to 20, will show off their dancing skills in jazz, hip-hop and contemporary dance from 7 to 9 p.m. May 28, as the group holds a show titled "Breaking Ground."