LOCAL DAVIDS STAY STRONGAGAINST BANKING GOLIATHS
Community Banks Carve Out their
[ By Ge o r g e Wh i t e ] Photography by Cathy Heinz MARKET SHARE all banks
First Row: Florida Bank of Commerce’s officers, Peter Rochester, Ben Malik and Dana Kilbourne; Bank First. Second Row: Florida Bank of Commerce and Coastal Bank. Third Row: Florida Business Bank officers, John P. Genoni, Joe Sophia, Ben Herrman and Bob Mays; Community Bank of the South President Bill Taylor (photo by George White). Fourth Row: Sunrise Bank.
big and small have had to weather the national economic downturn. For community banks in Brevard, the stakes are higher still. Some local banks have come through the unexpected storm more efficient and even stronger, placing them in position to grow and acquire partners and failing banks. Some community banks, especially those with troubled loans or needing investors, are fighting for their lives.
Florida Business Bank “It fell off a cliff about five years
ago. Everybody knew the economy was going to turn because it couldn’t go on forever, but to the extent that it did was a surprise to everybody” said Bob Mays, president and CEO, Florida Business Bank, founded 10 years ago in Melbourne. Last year the bank took a lot of
“tough medicine,” identified and dealt with problems in its loan portfolio, and ramped up its collection efforts.
It also studied the demographics of the marketplace, redesigned product sets for small-to-medium-sized businesses and brought in new talent. And the measures have paid off. “We’re actually in terrific shape. If
you’re making money in this economy, you’ve obviously done the right things,” Mays said. Now eyeing an “aggressive plan to grow,” FBB seeks to partner with other banks, Mays commented. “The other tactic is to buy a bank that fails, which makes a great deal of sense because you make money from day one. The reality of it is you still have to deal with the problems.” FBB focuses on the “bread and
butter” of the local economy: small businesses with $2 million to $10 million in sales that want to borrow $250,000, he explained. “Our message is, ‘we’re here, we understand that business, we have a ton of capital and a very strong willing- ness to lend,’” he said.
Community Bank
of the South Stressing service above all else is the
strategy of Community Bank of the South, founded in 1999, with locations in Merritt Island, Cocoa and Rockledge.
spacecoastbusiness.com OCTOBER2010[37
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