C1 Bank contemplating whether to move its Lakewood Ranch headquarters

LAKEWOOD RANCH - Rapidly growing C1 Bank, now based in Lakewood Ranch, is contemplating a move of its headquarters and has leased space in downtown St. Petersburg.

"We are bursting at the seams, we need more space but we haven't decided where we will move yet," said Chief Executive Officer Trevor Burgess.

The bank, which now employs 200 people at 21 branches, just got approval from the FDIC to purchase Palm Bank in Tampa. The deal is expected to close June 1.

"We are actively considering where we will go," Burgess said. The bank has signed a five-year lease for 11,000 square feet on the first floor of the Tampa Bay Times building in downtown St. Petersburg.

The former Community Bank now will have seven branches in Hillsborough, six in Pinellas, three in Manatee, three in Charlotte and two in Pasco.

Burgess said he expects an announcement in the next few weeks about the location of its headquarters.

"As of June 1, we will be the 19th largest bank in Florida," he said. The bank expects to hire another 10 to 15 employees related to its Palm Bank purchase.

The bank holds more than $950 million in assets.