Locality Bank Welcomes New Leadership Team in Fort Lauderdale

News Summary

Locality Bank in Fort Lauderdale has announced significant changes to its leadership team, welcoming new board members and a senior vice president as part of its growth strategy. The new board members bring extensive experience to guide the bank post-de novo process, while the bank aims for substantial growth this year. With recent successes in asset accumulation and community support, Locality Bank is positioned for a promising future.

Exciting Changes at Locality Bank in Fort Lauderdale

Fort Lauderdale is buzzing with the latest news from Locality Bank as they make some big moves to bolster their leadership team! The bank has welcomed a handful of new faces to its board of directors, and a seasoned star as a senior vice president. This transition comes on the heels of the bank’s successful completion of the de novo process, which is a regulatory step necessary for newly formed banks to gain more operational flexibility.

New Faces, New Opportunities

First up, let’s introduce some new board members who are bringing their wealth of experience and local knowledge to the table. First, we have John P. “Jack” Seiler, an attorney and former mayor of Fort Lauderdale. With over 36 years of legal experience under his belt, Jack is no stranger to the banking scene, having previously served as chairman of Broward Bank of Commerce. He’s all set to lend his expertise to help steer Locality Bank towards success.

Next, we have Thomas Vogel, the founder of Elevate Partners, who is a veteran in the real estate development game. Having a real estate pro on the board is sure to be beneficial for a bank focused on supporting local businesses.

Last but not least, there’s George Bavelis, a dedicated investor who has spent years in both real estate and banking. He’s served on the boards of Buckeye State Bank and Heartland Bank, so he’s well-equipped to contribute to Locality Bank’s overarching vision.

Leadership Boost with Pamela M. Dalton

Now, let’s not overlook that in addition to the new board members, Pamela M. Dalton has been appointed as the senior VP for bank retail and relationship manager. With more than 25 years of experience gleaned from her time at giants like Bank of America and American National Bank, she’s expected to bring valuable insights and customer-focused strategies to the team. Her experience will certainly help strengthen the bank’s commitment to offering personalized services to the local community.

Moreover, it should be noted that Gerry Litrento was recently hired as the senior VP and chief revenue officer, further augmenting the bank’s leadership ranks.

Remarkable Bank Growth

Since its inception in 2021, Locality Bank has witnessed remarkable growth. The bank’s assets surged from a modest $35 million to an impressive nearly $300 million.

They’ve been quite busy, issuing over $200 million in loans to satisfied local businesses and successfully attracting $250 million in deposits. Residents have also banded together, contributing nearly $40 million in capital, demonstrating the community’s trust and confidence in their local bank.

Rising Trends and Community Support

The news doesn’t stop here for banking in South Florida! Other developments include Hub International Ltd.’s recent acquisition of Scott Costolo Inc., the parent company of C&L Marine Insurance, which is sure to strengthen its presence in the region.

Bank of America has also made headlines with the appointment of Jason Edelmann as president for the Fort Lauderdale market, consolidating the bank’s various service lines across the area.

Southeast Florida is also feeling the economic shift with a consumer price index increase of 2.9% for the 12 months ending February 28, indicating a steady climb in local prices.

Looking Forward

Future development is on the horizon as Banesco USA has established a loan-and-deposit production office in Broward County, with plans to open a retail branch by 2026. Plus, thanks to $250 million from the U.S. Treasury’s Emergency Capital Investment Program, they are focused on lending to minority communities, which is hugely beneficial for local development.

As for Locality Bank, the optimistic outlook persists, with hopes from leadership for a significant 25% to 30% growth this year. The combination of new leadership and a strong community backing is bound to propel Locality Bank to even greater heights!

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