Bank reports $1M profit

LAKEWOOD RANCH — Community Bank & Co., which will change its name to C1 Bank next month, reported a net income of $1 million for the first quarter.

It's the Lakewood Ranch-based bank's eighth straight profitable quarter, according to a new release. In addition to the profits, the bank grew deposits by $94 million in the quarter, from $558 million on Dec. 31 to $652 million on March 30.

“We are off to a great start in 2012 thanks to significant deposit growth and strong loan demand,” Community Bank CEO Trevor Burgess says in a release.

Starting May 1, the bank is also changing its name to C1 Bank.

Community Bank posted several other highlights in its first quarter earning release. The list includes:

• Total assets year-over-year grew 173%, from $302 million on March 30, 2011 to $827 million this year;

• Total employees are up to 175, from 153 at the end of 2011;

• The bank opened its 18th branch, with a location on Indian Rocks Road in Belleair Bluffs.