Community, Old Harbor deal off

LAKEWOOD RANCH — A proposed merger between Community Bank & Co. and Old Harbor Bank has been cancelled.

In July, shareholders at Lakewood Ranch-based Community Bank said they were prepared to invest $25 million in new capital into Clearwater-based Old Harbor, but later called off the deal. Officials estimated the new bank would manage more than $1 billion in assets through a network of 24 branch locations had a deal been completed.

Community Bank chairman and CEO Bill Sedgeman did not return a call for comment prior to deadline.

In May, Community acquired Pinellas Park-based First Community Bank of America, investing $30 million of fresh capital into the struggling bank after the merger was completed.