LAKEWOOD RANCH, Fla., May 31, 2011 /PRNewswire/ — Community Bank & Company today announced that it has closed its acquisition of and merger with First Community Bank of America. The combined institution has 17 branches in Pinellas, Hillsborough, Manatee, Pasco and Charlotte counties serving thousands of clients. All 17 branches will be branded “Community Bank” and will feature the Community Bank livery and distinctive nighttime green glow.

First Community Bank of America President and CEO, Ken Cherven, joins the Community Bank management team. Bill Sedgeman serves as Community Bank’s Chairman & CEO and Katie Pemble as its President.

Trevor Burgess, the CEO of Community Bank’s majority owner, CBM Florida Holding Company, said, “Community Bank is now one of the largest, strongest and most capable community banks in the Tampa Bay market. We invested over $30,000,000 today to preserve jobs and to maintain our status as a highly capitalized institution with significant lending fire power.”

Community Bank is a full service bank and leader in five exciting areas:

• Full Service Checking, Savings and Money Market depository products for consumers and businesses
• Residential mortgages, from “30 years fixed” to “jumbo” products all with fast local decision making
• Business and commercial real estate loans of up to $15 million to help local businesses grow
• Small Business Administration loans of up to $5 million – Community Bank is a Preferred Lender and is consistently ranked as one of the region’s top SBA lenders
• Association and Treasury Services – providing lock-box services to condominiums, doctors and other businesses who need to carefully track their account receivables

Community Bank also announced today that Bob Glaser, President & CEO of Smith & Associates has joined is board of directors. Bob brings nearly 30 years of Tampa Bay real estate experience and community leadership to the board.

CBM Florida Holding Company Chairman Marcelo Lima noted, “Today is an exciting day for Community Bank as we incorporate First Community Bank of America. We welcome everyone to stop in to one of our 17 branches to experience the Community Bank service difference. We are also thrilled to have Bob Glaser join our Board of Directors. Bob’s experience as an entrepreneur and in real estate gives us great perspective on Tampa Bay‘s dynamic business climate.”

About Community Bank:

Community Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 17 locations across Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.communitybanknow.com. Community Bank is a leader in checking, savings and money markets, residential mortgages, business loans, the SBA loan program and association and treasury services.

SOURCE Community Bank & Company