LAKEWOOD RANCH - Community Bank of Lakewood Ranch has acquired The Palm Bank in Tampa.
The purchase includes Palm Bank's three banking centers in Tampa. Community Bank currently has approximately $729 million in assets. It has six consecutive quarters of profitability and has reported net income year-to- date as of September 30th of more than $3 million.
“This acquisition creates an institution with 20 banking centers spanning the entire Tampa Bay region. It expands our presence from two to five branches in Tampa alone, fosters loans to businesses and individuals and, helps to drive economic recovery,” said Marcelo Lima, chairman of CBM Florida Holding Co.
Robert Covingtion, The Palm Bank’s CEO said, “We are excited to have The Palm Bank team join Community Bank – this transaction gives our customers a broader range of products and services while maintaining the best in class service they have come to expect.”
The boards of directors of Community Bank, Palm Bancorp, Inc. and The Palm Bank have approved the acquisition. Closing is subject to certain customary conditions, including regulatory approvals and the approval by shareholders of The Palm Bank. The merger is expected to close in the first half of 2012.