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Old Harbor Bank and Community Bank & Co. Enter Definitive Agreement
Old Harbor BK Fl (OTCBB:OHBK) Intraday Stock Chart Today : Friday 8 July 2011 Old Harbor Bank (OTCBB: OHBK) announced today that it has entered into a definitive agreement pursuant to which Community Bank & Co., Lakewood Ranch, FL will acquire substantially all of its assets and liabilities. In connection with the transaction, the holding company for Community Bank will invest an additional $25 million into Community Bank. Old Harbor's seven banking offices will join Community Bank, which will become one of the largest and best capitalized banks in the Tampa Bay region.
"We are delighted to join together with Community Bank & Co.," stated Anthony N. Leo, Chief Executive Officer of Old Harbor Bank. "This transaction will offer our customers the additional convenience and service of being a part of an outstanding institution with 24 offices throughout the Tampa Bay area."
Old Harbor Bank operates seven banking offices in Pinellas and Pasco Counties, and has total assets of approximately $215 million. Kendrick Pierce & Co. of Tampa, FL served as financial advisor to Old Harbor Bank and Bush Ross of Tampa, Florida served as the Bank's counsel.
CBM Florida Holding Company, along with other Community Bank shareholders, will invest over $25 million in Community Bank to provide the capital necessary to complete the acquisition. Community Bank will be one of the largest and most highly capitalized community banks in the Tampa Bay region with nearly $1 billion in assets.
CBM Florida Holding Company was established in 2008 to acquire, capitalize and rehabilitate Florida banking institutions. Its first investment was completed in December 2009 when it acquired a controlling interest in Community Bank. Its second investment was Community Bank's acquisition of First Community Bank of America, which closed on June 1, 2011.
"The Old Harbor acquisition creates a retail banking institution with 24 branches spanning the entire Tampa Bay region. We will have ten branches in Pinellas County, four in Hillsborough, four in Pasco and three each in Manatee and Charlotte," said Trevor Burgess CEO of CBM Florida Holding Company. "Old Harbor has great customers and great employees and we are excited about the prospect of them joining the Community Bank team."
"We continue to invest in recapitalizing Florida banks because we believe in the marketplace and in the recovery of the Tampa Bay economy," said Marcelo Lima, Chairman of CBM Florida Holding Company.
***MISSING THE consideration to shareholders PART***
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, SBA loan programs, and association and treasury services.
Community Bank & Company Enters Into Definitive Agreement to Acquire Old Harbor Bank
LAKEWOOD RANCH, Fla., July 7, 2011 /PRNewswire via COMTEX/ -- Trevor Burgess, the Chief Executive Officer of CBM Florida Holding Company, announced today that Community Bank & Company ("Community Bank") has entered into a definitive agreement with Old Harbor Bank, Clearwater, FL ("Old Harbor") to acquire and assume substantially all of Old Harbor's assets and liabilities. (Logo: http://photos.prnewswire.com/prnh/20101116/FL03020LOGO )
CBM Florida Holding Company, along with other Community Bank shareholders, will invest over $25 million in Community Bank to provide the capital necessary to complete the acquisition. Community Bank will be one of the largest and most highly capitalized community banks in the Tampa Bay region with nearly $1 billion in assets.
CBM Florida Holding Company was established in 2008 to acquire, capitalize and rehabilitate Florida banking institutions. Its first investment was completed in December 2009 when it acquired a controlling interest in Community Bank. Its second investment was Community Bank's acquisition of First Community Bank of America, which closed on June 1, 2011.
"The Old Harbor acquisition creates a retail banking institution with 24 branches spanning the entire Tampa Bay region. We will have ten branches in Pinellas County, four in Hillsborough, four in Pasco and three each in Manatee and Charlotte," said Trevor Burgess CEO of CBM Florida Holding Company. "Old Harbor has great customers and great employees and we are excited about the prospect of them joining the Community Bank team."
"We continue to invest in recapitalizing Florida banks because we believe in the marketplace and in the recovery of the Tampa Bay economy," said Marcelo Lima, Chairman of CBM Florida Holding Company.
The boards of directors and shareholders of Community Bank and Old Harbor have approved the acquisition agreement. Closing is subject to certain customary conditions, including regulatory approval. The acquisition is expected to close in the third quarter of 2011.
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, SBA loan programs, and association and treasury services.
SOURCE Community Bank & Company
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