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TAMPA -- Community Bank & Co. agreed to acquire The Palm Bank, a Tampa-based institution, and its holding company Palm Bancorp Inc. late December.
The purchase gives Community Bank three new banking centers in Tampa, and will push the Lakewood Ranch-based institution's assets above $850 million. Community's current assets are approximately $729 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," says Marcelo Lima, chairman of CBM Florida Holding Co. (Community Bank's parent firm), in a release.
In May, Community Bank & Co. closed on its acquisition of Pinellas Park-based First Community Bank of America. In July, Community said it had an agreement in place to purchase Old Harbor Bank, but that arrangement fizzled in September. (Old Harbor was later purchased by 1st United Bank, which closed three of the failed bank's former branches last month.)
Community Bank & Co. has been profitable for six consecutive quarters, and earned $3 million in net income through the first nine months of 2011.
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