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Business Observer Monday, Apr. 4, 2011 11 years ago

Community Bank order lifted

Action on Lakewood Ranch-based Community Bank & Co. was lifted Friday.

LAKEWOOD RANCH — The Federal Deposit Insurance Corp. lifted its consent order on Community Bank & Co. on Friday. Community had been operating under the order since November 2009.

The move should help Community complete its acquisition of First Community Bank of America (FCBA), which it has officially been working to complete since February. Community will pay $10 million in cash to acquire FCBA, creating a 17-branch bank with more than $700 million in assets.

Community has also said it is prepared to inject $20 million in fresh capital into the combined bank once a deal is completed.

Later this month, Community will open a new banking branch in St. Petersburg, on Beach Drive.

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