Victory, at Last

Bill Sedgeman and his executive team at Community Bank of Manatee have turned the nearly impossible into a reality.

On Dec. 4, they announced a deal to bring $15 million in investment capital into the bank. The money, $11.5 million of it coming from an investment group led by a Brazilian-born commercial banker, will serve as a lifeline for the $252 million asset bank, says Sedgeman, the bank's chief executive.
Existing board members and shareholders made up the remaining $3.5 million in the investment.

The investment qualifies the 14-year-old bank to be labeled as well capitalized by federal regulators. Sedgeman says it also allows the bank, with five branches in Manatee and Hillsborough counties, to get back to lending as opposed to solely trying to fix ongoing loan issues.