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“Our long-term goal is to covert the state,” said Steve City National’s regional manager for Centralo Florida. “There really isn’t a Florida-dominant bank todat that does that.” City National likely will add locations throughh both acquisitions andnew construction, Greebn said. If City National succeeds, it will occupty a niche largely left empt since became part of inthe 1990s. Florida banking today is a mix of communitu banks withlimited operations, regional lenders such as and giant banks, which include and soon and .
A well-financefd lender that focuses on the state coulf offer customers the personal attention of communituy banks combined with the financial clouf to makebig loans, Green said. The bank’xs new local branch – its staff of eight occupyingh the space formerly occupiedby Sergio’s Restaurantg – faces the towering Bank of America building on Northu Orange Avenue, a physical reminder of the giantg competitors City National will face as it pursue s its growth strategy. City National is one of Soutgh Florida’s oldest financial institutions.
Until it openerd a small loan office on the second floo of an Altamonte Springs office building twoyearws ago, the 63-year-old bank operated exclusively in Broward and Palm Beach counties wherre it has 15 branches. The opportunity to reachj beyond its historic turf came last fall when Caja a Spanish lender with morethan $300 billionj in assets, bought an 83 percent stake in City Nationa for $927 million. Green said Caja Madrid’s ownershiop and City National’s strong balance sheet givez it the resources to undertake expansion when othere lenders arecutting staff. “We aren’g focused on the issues troubling the rest of thebankingh industry,” Green said.
“Wr have a partner in Caja that’s capable of helping grow in theFloridsa marketplace.” City National’s most recent quarterlhy report depicts a bank with strong capital reservesd and a $903,000 profit. Similarly, BankUnited of Coral Gables also growth plans in thestates – and has a strong balanc sheet after going into FDIC It was recapitalized by , and among J. Clay Singleton, a finance professor at , said a strongh Florida bank with the capital to expanc could do well even asthe so-calledr megabanks expand their reach. “The megabankds have huge footprints, but they’re also suffering huge financialp problems.
If you’re a lender with money, this is a time to Marshall Vermillion, senior vice presidentf of community lenderOrange Bank, said City National has stronyg leadership and solid footing. “Positioning yourself to take advantags of the unrest in the banking businesis wise. Things are going to come and this is a good timeto prepare. As a professor of mine in business schoolonce said, the best time to get on a trainj is when it’s stopped.” THE DETAILS: Web Assets: $4.
7 billion Source: , Orlando Businesz Journal Research