Community buys Old Harbor

LAKEWOOD RANCH — Community Bank and Co. has an agreement in place to acquire Clearwater-based Old Harbor Bank, according to an announcement released late Thursday.
 
Community says its shareholders, along with its corporate parent CBM Florida Holding Co., will invest $25 million in new capital to complete the merger.
 
Once the deal is completed, the new Community Bank and Co. will manage nearly $1 billion in assets, through a network of 24 branches. Ten of those offices will be located in Pinellas County, with another four in Hillsborough, four in Pasco and three each in Manatee and Charlotte.
 
In May, Community closed on its acquisition of Pinellas Park-based First Communiy Bank of America. Bill Sedgeman is chairman and CEO of Community Bank, and Katie Pemble is the bank's president.