#United States #Fort Lauderdale #Locality Bank #Keith Costello #Florida Bankers Association

Locality Bank's CEO Takes the Helm

In a significant event for the banking community in Florida, Keith Costello, the co-founder and CEO of Fort Lauderdale's Locality Bank, has been officially sworn in as the Chairman of the Florida Bankers Association (FBA). This milestone took place during the FBA’s 137th Annual Meeting at the elegant Ritz-Carlton in Naples, Florida. Following a year of dedicated service as Chair-Elect, Costello now leads one of Florida's most established banking organizations, founded over 135 years ago in 1888. The FBA proudly represents more than 150 member banks and approximately 134,000 banking professionals across the state.

A Commitment to Community Banking

In a heartfelt announcement on LinkedIn, Costello expressed his honor in stepping into the role, emphasizing his commitment to serving the bankers of Florida with both humility and enthusiasm. "It's my great honor to serve as the next chairman," he stated. His leadership represents a pivotal moment for community banks as he aims to bring forward the voices and needs of local banking institutions.

Less than a month prior to this ceremony, on May 14, 2025, Costello made headlines by testifying before the U.S. House Subcommittee on Financial Institutions. His testimony focused on enhancing competition in the banking sector and voiced his concerns about regulatory constraints that hinder the growth of new banks. This experience highlights his proactive approach to addressing systemic challenges in the financial industry.

Locality Bank's Rapid Expansion

Since its inception in January 2022 with initial local capital of $38 million, Locality Bank has experienced remarkable growth. The bank's assets have ballooned to approximately $300 million, with over $200 million in loans provided to support local businesses in South Florida and around $250 million in deposits attracted from the community. In addition, Locality Bank has contributed to the local economy by creating over 40 jobs, adhering to its innovative, digital-first community banking model.

Earlier this year, the bank celebrated exiting its de novo period, which provides it with increased operational flexibility to enhance its lending capabilities and service offerings, including SBA loans and tech-driven solutions tailored for local entrepreneurs.

Setting Strategic Goals as Chair

As Costello embarks on his chairmanship, he has outlined several key priorities for 2025–2026:

• - Encouraging New-Bank Formation: He aims to advocate for more accessible capital requirements and streamlined chartering rules to stimulate the establishment of new community banks.
• - Balancing Regulation: Costello emphasizes the necessity of ensuring that regulatory frameworks do not overburden community banks, allowing them to compete fairly.
• - Enhancing Technology Partnerships: He plans to focus on fostering technology collaborations that empower smaller banks with the tools necessary to thrive while retaining local decision-making authority.
• - Strengthening Community Banking: As Florida continues to grow in population and business activity, Costello stresses the importance of keeping banking services deeply rooted in community needs.

Costello's commitment to the topic of de novo bank formation indicates a focus on fostering an environment conducive to new banks, which are crucial for promoting competition and diversity in the financial landscape in Florida. "The issue of de novo bank formation is critical… I want to do whatever I can to foster an environment where more banks can be created," he affirmed in a recent interview with Florida Banking magazine.

About the Florida Bankers Association

The Florida Bankers Association, based in Tallahassee, has served as a vital advocate for Florida's banking professionals since its establishment. The association focuses on policy development, industry education, and leadership guidance within the banking community. During its recent Annual Meeting from June 8 to June 11, 2025, leaders from across the state convened to discuss strategies and objectives for the upcoming year.

About Locality Bank

Locality Bank is dedicated to empowering local businesses in South Florida by providing them with the resources they need to maximize their potential. Combining exceptional customer service with advanced digital solutions, Locality Bank offers a modern and personalized banking experience tailored to the unique needs of the region's entrepreneurs. For more information, you can visit localitybank.com. Connect with them on social media platforms such as Facebook, LinkedIn, Instagram, and YouTube to stay updated on their initiatives.