A Florida bank holding company attempting to execute a consolidation strategy is adding a second bank to its collection.

CBM Florida Holding Co. in Lakewood Ranch said in a press release Friday that its Community Bank & Co. had agreed to buy the $505 million-asset First Community Bank of America in Pinellas Park, Fla.

CBM said it would pay First Community Bank Corp. of America $10 million in cash for the thrift, which was adequately capitalized at Sept. 30 though 8.33% of its assets were noncurrent.

CBM also said that it planned to invest an additional $20 million into the bank when the deal closes. CBM said the bank would have $60 million of Tier 1 equity and more than $700 million in assets.

The acquisition is expected to close in mid-2011, the company said.

CBM was established in 2008 for the purpose of acquiring and recapitalizing banks.

The company took a majority ownership stake in the $275 million-asset Community Bank in 2009.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.