ST. PETERSBURG, Fla., May 7, 2012 /PRNewswire/ — C1 Bank announced today that it has received FDIC approval for its acquisition of and merger with The Palm Bank of Tampa. C1 Bank had previously received approval from The State of Florida Office of Financial Regulation. The transaction is expected to close on June 1, 2012 when the three Palm Bank banking centers located on McDill, on Davis Island and in downtown Tampa will open as C1 Bank banking centers.

C1 Bank President, Katie Pemble, noted, “We look forward to welcoming Palm Bank’s thousands of sophisticated savers and borrowers to the C1 Bank family. We pride ourself on first class customer service and on our commitment to putting clients 1st and our community 1st.”

Palm Bank President and CEO, Bob Covington, said, “Our team is excited to join the C1 Bank. Our clients will enjoy the same great service we have always offered but now with the added benefit of C1 Bank’s Tampa Bay wide banking center network, as well as expanded deposit and loan products.”

Highlights Upon Closing:

• 21 Banking Centers including seven in Hillsborough County, six in Pinellas County, three in Manatee County, three in Charlotte County and two in Pasco County.
• Approximately 200 dedicated associates
• Over $950 million in assets based upon March 31, 2012 data
• Capacity to make loans up to $20 million

About C1 Bank:

C1 Bank (formerly Community Bank) is a local, independent bank that serves thousands of sophisticated savers and borrowers from 21 locations (as of June 1st) in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.C1Bank.com.

C1 Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.

C1 Bank services include:

• Full Service Checking, Savings and Money Market depository products for consumers and businesses
• Emerald Banking products for professionals and executives including doctors, lawyers, accountants, corporate executives, their firms and their families
• Residential mortgages, from “30 years fixed” to “jumbo” products all with fast local decision making
• Business and commercial real estate loans of up to $20 million to help local businesses grow
• Small Business Administration loans of up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region’s top SBA lenders
• Association and Treasury Services – providing lockbox services to condominiums, doctors and other businesses who need to carefully track their accounts receivable

SOURCE C1 Bank