Manatee bank to receive $15M in new capital

 

Manatee bank to receive $15M in new capital

 

Date: November 2, 2009
by: The Observer Staff

 
 

Community Bank of Manatee Chairman and CEO William H. Sedgeman Jr. announced today that an investor group led by Marcelo Lima and Trevor Burgess has received regulatory approval from the Federal Reserve Board to invest $15 million, along with a number of existing shareholders and community members, in new equity capital in Community Bank of Manatee.

The State of Florida Office of Financial Regulation previously approved the transaction. The transaction should close within the next 15 days.

“By bringing new investors and existing investors together, we have recapitalized Community Bank of Manatee and are poised to make new residential and commercial loans and to welcome new depositors,” Sedgeman said.

Community Bank of Manatee currently serves customers from five branches, including two in the East County located at 2025 Lakewood Ranch Blvd. and 6000 S.R. 70 E.

For more information, call the Lakewood Ranch office at (941) 750-0700 or the S.R. 70 office at (941) 756-0099, or visit the bank’s Web site, www.CommunityBankNow.com.
 

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