Jul. 30--BRADENTON -- Individual investors were approved by state regulators to purchase Community Bank of Manatee.

The Florida Office of Financial Regulation approved the acquisition July 22, a month after Community Bank entered into a definitive agreement with CBM Florida Holdings Co.

Community Bank, which has five branches in Manatee and Hillsborough counties, will receive $10 million in new equity capital through a stock sale to Marcelo Lima and Trevor Burgess who formed CBM Florida Holdings for the acquisition.

Bill Sedgeman, chairman of Community Bank, said the sale will make the bank stronger financially thanks to the added capital.

"It's a good move because we need capital to grow, and it's hard for banks to raise capital today because people don't feel as wealthy as they once were," Sedgeman said.

Community Bank reported $258 million in assets in its March 31 financial report, but Sedgeman said the branches have the potential to expand their worth.

"These branches could all be a hundred million a piece, we're at 250 so we've got extra capacity to grow," Sedgeman said.

The sale must now await final approval by the Federal Reserve. Sedgeman said the goal is to close the acquisition by the end of August.

The Florida Office of Financial Regulation held a public hearing July 22, as required by law because one of the investors, Lima, is a citizen of Brazil.

Lima's principal holding company is Turquois Capital, C.V. He served seven years with ABN Amro Bank in Brazil and Chicago, acting as fund manager, chief economist and adviser to the bank's asset liability committee.

Burgess is a manager of an investment management firm, Artesia Capital Management USA, LLC, and for nearly 10 years was an investment banker with Morgan Stanley.

Community Bank of Manatee reported $216 million in deposits and $18 million in shareholders' equity in its March 31 financial report. Community Bank of Manatee was founded in 1995, and has three branches in Manatee County and two in Hillsborough.

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