Erik Weiner wants to push back against the rising tide of consolidation within Florida's banking industry. Over the past decade, locally owned community banks have disappeared at an alarming rate, replaced by branches affiliated with large regional and national banks.
"Whenever there's a community bank that's proven successful, there's somebody waiting in the wings to pick them off," says Weiner, 52, the founder, president and CEO of Portrait Bank, set to open this month in Winter Park in office space that the bank spent $500,000 to renovate. "So you have constant consolidation, and then very few banks starting behind that, so you're getting a continuous reduction. We're down to just a handful of community banks."
The numbers back up that claim: In Central Florida, four banks — Truist, Bank of America, Wells Fargo and Chase — control about 67% of the market in terms of local deposits. Only two Florida banks, Winter Haven-based SouthState Bank and Stuart-based Seacoast Bank, appear in the top 10 ranking of local deposit market share, and neither would be considered a community bank; rather, they fall into the regional category.
The data, Weiner believes, points to a quickly growing appetite for more community banks.
"I think of everything in terms of supply and demand," he says. "On the supply side, you have four banks controlling 67% of the marketplace — that's not good. And you have just a handful of community banks, so there's this huge gap, and that struck me as an urgent need in this community."
Although Weiner boasts more than 30 years of banking experience in Central Florida — with leadership roles at BankUnited, Fifth Third Bank, SouthTrust Bank and, most recently, City National Bank of Florida, where he served as executive vice president — a de novo (newly chartered) bank was new to him. So, he assembled a team of other seasoned pros, including Ed Timberlake, who headed Bank of America's Central Florida operations until his retirement in 2007, after which he un-retired to serve on the board of Seaside National Bank & Trust. Timberlake is a founding investor and will serve as chairman of the board at Portrait Bank.
"Erik and the Portrait Bank team represent exactly the kind of community-minded leadership our region needs," Timberlake says. "This bank will be more than just a financial institution; it will be a true community partner."
The board also includes notable local names from other industries, including William Lowman, founder and managing partner at Orlando law firm Shuffield Lowman, and Warren Dietel, CEO and owner of Puff 'n Stuff Catering, one of the largest catering companies in Central Florida.
Timberlake, who also serves as board chairman at the Dr. Phillips Center for the Performing Arts and has received numerous awards for his community service and support, was a big get.
"I'm sure his name would come up in any sentence about the top three most prestigious bankers in Central Florida," Weiner says. "He's been a tremendous advocate for the community."
Portrait Bank, Weiner adds, will focus on business and commercial real estate banking but also offer retail banking products, both with a hands-on, personalized, high-tech approach. The response from the community has been strong, with more than 200 initial investors committing $35 million in escrow funding and counting. The average investment, according to Weiner, is $200,000, and "we have a multitude of people who are at the $100,000 entry point."
— By Brian Hartz