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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12 LWRBA March Membership Luncheon
11:30 am - 1:00 pm
12 March Membership Luncheon
15 Irish Celtic 5K, Lakewood Ranch
8:00 am - 10:00 am
15 Palma Sola Botanical Park plants, antiques and crafts sale
8:00 am - 3:00 pm
22 5th Annual Ponies for Pups
22 Lakewood Ranch Community Fund 'Havana Nights' Gala
23 The Bridal EXPO
12:00 pm - 4:00 pm
26 LWRBA March Executive Briefing
7:30 am - 9:00 am
Daylight Saving Time starts 2 a.m. Sunday, so be sure to set your alarm accordingly.
The Tabernacle Christian School middle school student Lauren Medred, an East County resident, earned top vocal honors, taking first place in vocal solo female category of the Florida League of Christian School’s Festival of the Academics and Arts Feb. 28 and March 1 at Southeastern University in Lakeland.
Manatee County schools dominated a state technology competition with five of six top-three finishes earned by Manatee County schools during the 35th annual Technology Student Association State Competition late February.