#United States #Fort Lauderdale #South Florida #Community Banking #Locality Bank

Locality Bank Completes De Novo Period: A Landmark Achievement for Local Businesses

On January 12th, 2025, Locality Bank reached a pivotal milestone in its journey by completing its de novo period, concluding a three-year supervisory phase that is crucial for newly chartered banks. This accomplishment is not just a significant moment for the bank itself but also heralds a new chapter for the South Florida business community it serves.

CEO's Vision
Keith Costello, the CEO of Locality Bank, articulated the importance of this milestone: “When we opened our doors, South Florida had been without a new, locally headquartered community bank for years. Today, we reaffirm our commitment to giving local businesses the personalized service and support they need to succeed.” This sentiment reflects a genuine dedication to understanding the needs of local businesses while fostering an environment conducive to growth.

What Does It Mean For South Florida?
The completion of the de novo period brings with it a range of benefits. With reduced regulatory constraints, Locality Bank is now positioned to:

• - Expand lending capabilities: As the demand for flexible financial solutions increases, the bank can now enhance its lending options, meeting the evolving needs of local businesses more efficiently.
• - Introduce new products and services: Being attuned to the local market allows the bank to offer tailored financial products and services that resonate with the specific requirements of businesses in South Florida.
• - Boost operational flexibility: Locality Bank will now operate with greater adaptability, allowing it to support various business initiatives more effectively.

A Community-Focused Approach
Headquartered in Fort Lauderdale, Locality Bank prides itself on its deep understanding of the local economic landscape. Drew Saito, Co-Founder and Chief Lending Officer, emphasized the unique bonds formed with business owners: “Our bankers work directly with business owners in their communities,” enabling informed decision-making based on actual market conditions. This local insight has proven pivotal as the bank grows alongside its clients.

Since its foundation, Locality Bank has showcased remarkable growth. Its assets have surged from $35 million to nearly $300 million, illustrating the efficacy of its community-oriented business model. Notably, over $200 million in loans have been disbursed to local businesses, fuelling their expansion and job creation efforts.

Additionally, the bank has garnered $250 million in deposits alongside nearly $40 million in capital from community residents, enhancing its loan funding capacities. These accomplishments speak volumes about the trust and reliance local residents place in Locality Bank.

Commitment to Sustainable Growth
Corey LeBlanc, Chief Operating Officer and Co-Founder, encapsulated the bank's mission: “This achievement reinforces our fundamental mission. We’re focused on empowering local businesses to maximize their potential through personalized banking relationships and deep market expertise.” This commitment not only highlights the bank’s role as a financial partner but also underscores its dedication to promoting long-term economic development in the community.

As Locality Bank pivots from its de novo period into a new era of growth, the South Florida business community stands to benefit significantly. The bank's innovative digital capabilities, combined with its emphasis on personal service, offer a unique approach empowering local businesses to thrive in a competitive marketplace.

About Locality Bank
Combining traditional banking values with modern technology, Locality Bank is dedicated to serving the specific needs of South Florida businesses. Located at 1400 South Andrews Avenue, Fort Lauderdale, Florida, it offers a blend of relationship-driven banking and user-friendly digital tools. For more information, visit www.localitybank.com, call (888) 238-5053, or connect on social media platforms like Facebook, Instagram, and LinkedIn.