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 Lakewood Ranch Republican Luncheon
12:00 pm - 1:00 pm
24 BOO Fest-Lakewood Ranch
6:00 pm - 9:00 pm
25 Ellenton Sunday Market
28 Wine, Dine and Make a Difference
6:00 pm - 10:00 pm
Only 16 days left to vote for your favorite 'It's Read Everywhere' photo!
Voting is now live for the Observer's 'It’s Read Everywhere' photo contest.
Ranch women make visit to McCurdy’s
Members of the Lakewood Ranch Women’s Club enjoyed an fun-filled evening at McCurdy’s Comedy Theatre Sept. 24.
Girl Scout earns Silver Award
Cypress Potter recently earned her Girl Scout Silver Award, the highest award for Girl Scout cadets in grades sixth through eighth, from the Girl Scouts of Gulfcoast Florida.