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
30 Fresh Market on Main
9 Early Fall Gently Used Book Sale
10:00 am - 3:00 pm
17 Women's Council of Realtors Fashion Show
27 Health & Wellness Expo
10:00 am - 1:00 pm
Students make splash for school
Lakewood Ranch Community Activities Corp. this weekend will celebrate the start of school with its annual Back to School Splash Bash event Aug. 23, at the Lakewood Ranch YMCA, 5100 Lakewood Ranch Blvd.
Klauber, Mancini honored by AJC
The West Coast Florida Region of AJC (American Jewish Committee) will honor Michael Klauber and Phil Mancini, of Michael’s On East, in November.
Temples share the Torah
Twenty-three years ago, Temple Sinai received a Torah on loan when it organized a new congregation in Sarasota.