Community National Bank of Sarasota County has a new lead shareholder:
Last month Community National's employee stock ownership plan bought 30%
The ESOP is now the bank's largest shareholder, which makes Community
"When this bank was organized 10 years ago it was formed with the
"This was a way we felt we could continue as a locally owned bank."
Last summer a group of Community National directors decided to sell
He partnered with two private investors who were willing to buy up to
Part of the directors' motivation was a tax break for selling stock to
As long as the ESOP is buying at least a 30% stake, the seller qualifies
hat means the seller can reinvest the profit without paying capital
Though rare, an ESOP owning so much of a bank's stock is not unheard of.
For example, in 1994 an employee stock ownership plan bought 63% of the
"We wanted to have some control over our destiny," said Louis Korom 3d,
As the name implies, Mr. Korom said, his bank has done what it can to
Community National has no plans to take a new name, but Mr. Schuler said
"I keep picturing a card that says 'Susie Jones, teller/proprietor,'" he