A Florida holding company formed three years ago to buy troubled banks has struck its third deal in the Tampa Bay area.
CBM Florida Holding Co. in Lakewood Ranch said Thursday that its bank subsidiary, Community Bank & Co., is acquiring Old Harbor Bank, a $220 million-asset thrift in Clearwater that has seven branches in Pasco and Pinellas counties. The deal, expected to close later this quarter, would boost Community Bank's assets to more than $1 billion and increase its number of branches to 24.
Old Harbor ranks among the Tampa Bay area's most troubled institutions. The critically undercapitalized thrift has lost more than $20 million over the last three years and at March 31 more than 17% of its loans were at least 90 days past due, according to Federal Deposit Insurance Corp. data.
CBM Florida Holding made its first acquisition in late 2009 when it bought a controlling interest in Community Bank of Manatee, which it renamed Community Bank & Co. It closed its second deal last month when it bought the $452 million-asset First Community Bank of America in Pinellas Park.
The company did not disclose a deal price for Old Harbor, but said that it, along with other Community Bank shareholders, will invest another $25 million into Community Bank to help it complete the deal. It also hinted in a news release that is eyeing other acquisitions.
"We continue to reinvest in recapitalizing Florida banks because we believe in the marketplace and the recovery of the Tampa Bay economy," said Marcello Lima, the chairman of CBM Florida Holding.