Community Bank & Co. is buying another troubled Tampa Bay area institution, agreeing to invest $25 million through its parent company to recapitalize Old Harbor Bank in Clearwater.

The deal confirmed Friday morning comes just five weeks after Community Bank closed on its acquisition of First Community Bank of America.

First Community Bank and Old Harbor were among a handful of bay area banks that received the lowest-possible, zero-star ranking from Coral Gables ratings agency Bauer Financial. Zero stars indicate a bank that is in severe financial distress and could be susceptible to failing.

Community Bank's parent company, CBM Florida Holding Co., was formed in 2008 to acquire and recapitalize Florida banks.

Community Bank, which is based in Lakewood Ranch in Manatee County, has been on a mission to specifically expand in Pinellas, Hillsborough and Pasco counties. By adding Old Harbor's seven branches, Community Bank grows to a total of 24 branches and nearly $1 billion in assets.

"We continue to invest in recapitalizing Florida banks because we believe in the marketplace and in the recovery of the Tampa Bay economy," Marcelo Lima, chairman of CBM Florida Holding, said in a statement.

A signal of Community Bank's intent to buy Old Harbor came through an earlier filing with federal regulators. Officials with Community Bank did not return calls Thursday afternoon to discuss their plans.

The boards of directors and shareholders of Community Bank and Old Harbor have both approved the deal. Pending regulatory approval, the acquisition is expected to close in the third quarter of 2011.