Community hits $300M in assets

LAKEWOOD RANCH — Community Bank & Co. earned $194,000 in net income in the first quarter of 2011, marking the fourth-consecutive quarter in which the Lakewood Ranch-based bank was profitable.

The bank also exceeded $300 million in total assets within the year's first quarter, citing “strong loan demand and deposit growth” in a release.

In concurrence with its latest earnings announcement, the bank also offered updates on two future endeavors to grow its business. First, Community recently received approval from both the state of Florida and the FDIC to open a new bank branch in St. Petersburg. The new office is scheduled to open on May 2.

The second report was not as momentous. The bank continues to work toward completing a merger with First Community Bank of America, but was unable to report any new progress toward achieving that goal.

If a merger were completed, Community would then operate a network of 17 branches throughout the Tampa Bay area. Since its St. Petersburg location has not yet opened, the bank currently operates five locations.