Florida approves bank merger

LAKEWOOD RANCH — Florida's Office of Financial Regulation will approve a pending merger between Lakewood Ranch-based Community Bank and Co. and First Community Bank of America, which is based in Pinellas Park.

In February, Community agreed to buy FCBA for $10 million in cash. The deal is expected to close next month, and will yield a single bank with more than $700 million in assets and 17 branch locations throughout the Gulf Coast.

Community's holding company, CBM Florida Holding Co., has said it is prepared to inject an additional $20 million into the new entity to spur growth once a deal closes.

One step remains before the merger can be completed: the Federal Deposit Insurance Corp. must also sign off on the deal. Trevor Burgess, CBM Florida's CEO, says the FDIC has already let his company know that its application for a merger was complete, but final word is still pending.

Community Bank & Co. recently exceeded the $300 million-in-assets mark, and began 2011 with its fourth-consecutive profitable quarter.