Community, FCBA close on deal

LAKEWOOD RANCH — Community Bank & Co. officially closed on its acquisition of Pinellas Park-based First Communiy Bank of America today. The combined entity now operates a network of 17 branches.

Bill Sedgeman is chairman and CEO of Community Bank, and Katie Pemble is the bank's president. Ken Cherven, former president and CEO at FCBA, has joined community's larger management team.

Trevor Burgess is CEO of CBM Florida Holding Co., Community Bank's parent company. In a release, Burgess says his firm invested $30 million in the transaction to keep the new entity well capitalized.

In conjunction with the closing of its most recent acquisition, Community Bank also announced that it has added a new member to its board. Bob Glaser, president and CEO of Smith & Associates, is now a director at the Lakewood Ranch-based bank.