April 19, 2024

Taxes/Finance

The state of finance in Florida

Jason Garcia | 9/28/2017

A Bank Breaks Through

On Aug. 1, a block away from Winter Park’s tony Park Avenue shopping district, Winter Park National opened its doors for the very first time.

It was a little bank and a big moment: Winter Park National is the first nationally chartered bank to open in Florida since 2009 and the depths of the financial crisis.

Backed by a group of managers and directors with a long history of community banking — including those with Century National, which sold to Seacoast in 2005, and New Traditions, which Iberia bought in 2015 — the plans for Winter Park National were set in motion more than a year ago.

There were two driving factors, says David Dotherow, Winter Park National’s president and CEO. The first was that the FDIC decided to rescind a stringent rule it had issued after the financial crisis. The rule required new banks seeking a national charter to operate under intense federal oversight for seven years. Previously, the oversight period had only lasted for three years. The second factor was consolidation in the banking industry, which had seen the number of community banks fall sharply — from about a dozen in central Florida, for instance, to only three or four.

Community banks play an important role, Dotherow says, particularly in helping smalland medium-sized businesses.

“We’re not trying to bank Fortune 500 companies. We’re trying to bank the businesses that are in our community, and we stay within our community.”

The bank raised $40 million following its approval in April and hired about 15 people to staff its first branch and corporate offices.

» Next page: Cash Angels

Tags: Banking & Finance, Economic Backbone

Florida Business News

Florida News Releases

Florida Trend Video Pick

Giant domino line of cereal boxes falls to celebrate Cereal for Summer Drive
Giant domino line of cereal boxes falls to celebrate Cereal for Summer Drive

About one thousand cereal boxes were lined up by Achieva Credit Union employees in honor of the donations.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Do you think recreational marijuana should be legal in Florida?

  • Yes, I'm in favor of legalizing marijuana
  • Absolutely not
  • I'm on the fence
  • Other (share thoughts in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2024 Trend Magazines Inc. All rights reserved.