Community posts record profits

LAKEWOOD RANCH — Community Bank & Co. earned a net income of $1.6 million in the second quarter of 2011, its highest earnings total.

The Lakewood Ranch-based bank says its acquisition of First Community Bank of America helped fuel that earnings growth. Additionally, assets grew past $760 million; deposits are now just slightly less than $600 million; and the bank's loan portfolio is roughly $530 million.

Last week, Community Bank hired 22 new employees at a job fair in St. Petersburg. The new additions will give the bank 166 total employees by the end of the third quarter.

Over the next several weeks, Community Bank will work to close on its proposed acquisition of Old Harbor Bank. Once that transaction is completed, Community's assets will exceed $1 billion.

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.