BRADENTON — Community Bank of Manatee received approval today from federal regulators to be purchased by individual investors.
The Federal Reserve Board approved the acquisition in which CBM Florida Holdings Co. will purchase the Bradenton-based Community Bank for $15 million.
Community Bank entered into a definitive agreement in June with CBM Florida Holdings, an investor group led by Marcelo Lima and Trevor Burgess.
The Florida Office of Financial Regulation approved the acquisition July 22.
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