MANATEE -- The FDIC Friday lifted the consent order that Community Bank & Co. had been operating under since November 2009.

That was good news for bank officials who have worked hard to increase capitalization and raise new capital.

“This is yet another positive development for Community Bank,” said Chairman and Chief Executive Officer Bill Sedgeman.

The state’s Office of Financial Regulation had previously lifted its consent order in November.

The Lakewood Ranch bank received a three-star rating in the March rankings by Bauer Financial. The highest ranking of financial health of banks is five stars.

Community Bank was upgraded from a two-star to a three-star in the second quarter of 2010 after the bank raised $1.7 million in new capital. In the third quarter, it added an additional $7 million.

“Community Bank is a highly capitalized and profitable bank and we are excited about all the positive signs we are seeing in the marketplace,” said bank Director Trevor Burgess.

The bank, which is acquiring First Community Bank of America based in Pinellas Park, plans to open a sixth branch this month on Beach Drive in St. Petersburg.

Community Bank has approximately $275 million in assets among its six branches in Manatee and Hillsborough counties