‘The anticipated Community Bank of Manatee’s $15m capital investment transaction has closed, Chairman and CEO, William H. Sedgeman, Jr., announced.
An individual investor group led by Marcelo Lima and Trevor Burgess invested $11.5m to acquire a controlling interest in the bank, while existing board members and shareholders raised another $3.5m for the total of $15m in new capital.
Commenting on the transaction Mr. Sedgeman was reported as saying: “Our board and shareholders rallied to support our efforts to raise this capital and they are thrilled at the prospects of growing the bank through the five branch network we have built in Manatee and Hillsborough counties”.
“We are ready to lend millions to local businesses and families and we will continue to deliver the best banking services and solutions for customers new and old”, he added.
Community Bank also announced that Bob Critchfield has joined the bank as President. He last served as Senior Vice President of Citizens Banking Corporation where he oversaw the bank’s small business strategy across 170 branches.
Founded in 1995, Community Bank of Manatee is a local, independent bank serving the communities of Florida’s central Gulf Coast with five branches in Lakewood Ranch, Bradenton (2), Tampa, Riverview. It specializes in solutions for individuals and business solutions including Small Business Administration loans.