Community Bank & Company has agreed to acquire Florida-based The Palm Bank, a subsidiary of Palm Bancorp.
The Palm Bank, established in 2003, provides banking and financial products and services to businesses and individuals.
The acquisition brings three additional banking centers, all located in Tampa, to the Community Bank network and grows the bank to over $850m in assets.
CBM Florida Holding Company chairman Marcelo Lima said that this acquisition creates an institution with 20 banking centers spanning the entire Tampa Bay region. It expands their presence from two to five branches in Tampa alone, fosters loans to businesses and individuals, and helps to drive economic recovery.
The transaction, is subject to certain customary conditions, is expected to close in the first half of 2012.