Published: Tuesday, Nov. 03, 2009

Updated: Tuesday, Nov. 03, 2009

Community Bank to get $15M from investors

BRADENTON — Federal regulators on Monday approved a new capital investment for Community Bank of Manatee.

The Federal Reserve Board approved an individual investor group, CBM Florida Holdings Co., to invest $15 million in the Bradenton-based Community Bank through a stock sale.

Community Bank, which has five branches in Manatee and Hillsborough counties, 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 deal July 22.

“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,” said Bill Sedgeman, Jr., chairman and chief executive officer of Community Bank of Manatee.

Community Bank reported $253 million in assets through June 30, and $217 million in deposits.

Bauer Financial issued a zero-star rating to Community Bank for the second quarter.

The transaction with CBM Florida Holdings is expected to close within 15 days.

Lima’s banking background includes seven years with ABN Amro Bank in Brazil and Chicago where he has served as fund manager, chief economist and adviser to the bank’s asset liability committee.

Burgess is a manager of an investment management firm, Artesia Capital Management USA, LLC, and for nearly 10 years was an investment banker with Morgan Stanley.

“We are extremely excited about investing in Community Bank of Manatee, its employees and this community,” Lima said. “We are also excited that our investment will take the bank to a capitalization level well above the regulatory requirements for well capitalized.”