Community posts record profits

LAKEWOOD RANCH -- Community Bank & Co. reported a net income of $5.6 million for 2011, its best year ever.

The Lakewood Ranch-based bank brought in $2.4 million in net income in the fourth quarter of 2011, also a record, a release says.

The bank issued $151 million in new loans in 2011, breaking the record set last year when Community made $84 million in loans. The bank also says it attracted “thousands” of new checking and savings customers.

Community Bank & Co. ended the year with $729 million in assets -- up 164% over the year, from $276 million at the end of 2010 -- and 153 employees, nearly triple its head count from the end of 2010.

The bank currently operates a network of 17 branch locations, but four additions are planned: a new branch addition, in Belleair Bluffs; and three new branches rebranded from its acquisition of The Palm Bank, which was announced on Jan. 2.