Former bank CEO in line for $35M payday after sale

ST. PETERSBURG — The $402.5 million sale of C1 Bank, which closed July 21, paid off well for several investors and executives.

Little Rock, Ark.-based Bank of the Ozarks, in one of the largest recent bank acquisitions in Florida, bought St. Petersburg-based C1 for what was about $25 per share. C1, founded in 1995 in Manatee County, when it was named Community Bank of Manatee, has been one of the fastest-growing banks in the region over the last five years. Brazilian investor Marcello Lima and several partners, including onetime Morgan Stanley executive Trevor Burgess, invested more than $15 million into the bank in 2009, when community banks in Florida struggled with capital reserves.

The public face and CEO of C1 the last five years, Burgess is eligible to receive at least $35 million in the deal, according to new Securities and Exchange filings. Burgess, who will stay on with the bank as chief innovation officer, will receive $3.3 million in a change of control agreement, documents show. He also owns 1.26 million shares of the bank, worth $31.6 million.