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LAKEWOOD RANCH — One of the fastest-growing banks on the Gulf Coast, Community Bank & Co., intends to change its name to C1 Bank.
The name change is effective May 1. Bill Sedgeman, chairman and founder of the bank, told the Business Review today that having community in the name of a bank has confused customers. He said a Google search of the bank's market — six Gulf Coast counties from Sarasota to Pasco — found seven banks with the word community in the title. Nationwide, there's at least 15 banks with community in the title.
“We want to brand our difference,” said Sedgeman, who founded the bank in Manatee County in 1995. “This is one way to do it. There are just too many community banks out there.”
The bank chose C1, Sedgeman said, because it reflects on the mission to put clients and the community first. The management of the bank will not change with the name, added Sedgeman.
The name change was announced over the weekend. Signs at all 18 branches will be changed to C1 Bank by May 1.
The bank had $729.27 million in assets and $31.97 million in annual revenues at the end of 2011. Assets were up 164% over 2010, while revenues rose 151%. The bank lent more than $181 million in 2011, President Katie Pemble said in the release.
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