Bank reports $1M profit

LAKEWOOD RANCH — Community Bank & Co., which will change its name to C1 Bank next month, reported a net income of $1 million for the first quarter.

It's the Lakewood Ranch-based bank's eighth straight profitable quarter, according to a new release. In addition to the profits, the bank grew deposits by $94 million in the quarter, from $558 million on Dec. 31 to $652 million on March 30.

“We are off to a great start in 2012 thanks to significant deposit growth and strong loan demand,” Community Bank CEO Trevor Burgess says in a release.