C1 Bank reports $2.2 million second quarter income - a record

July 17, 2012 

LAKEWOOD RANCH — C1 Bank notched a record income of $2.2 million in the second quarter, its ninth consecutive quarterly profit, the lender said Tuesday.

The bank’s year-to-date net income grew 45 percent from the previous year to reach $3.2 million. Deposits at C1 as of June 30 were $733 million, with total assets of $925 million.

The Lakewood Ranch-based C1 Bank complete its acquisition of The Palm Bank during the second quarter, increasing its branch count to 21.

The lender also this quarter confirmed it will relocate its headquarters from Lakewood Ranch to downtown St. Petersburg during the summer.

“Second quarter was fantastic,” CEO Trevor Burgess said in a statement “We changed our name to C1 Bank, we completed the acquisition of The Palm Bank welcoming thousands of new clients, and we had strong profitability.”

C1 Bank now employes 193 workers, up from 153 at year-end 2011. Each of the lender’s capital ratios in the second quarter exceeded the regulatory guidelines required to be considered well capitalized.

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