Florida Banking April/May 2026

THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM APRIL | MAY 2026 FLORIDA B ANK I NG

Florida’s de novo pioneers reflect on a decade of building community-focused banks Built From the Ground Up

FLORIDA B ANK I NG

CONTENTS

APRIL | MAY 2026 VOLUME 41 | NUMBER 2

Editorial & Executive Offices 1001 Thomasville Road, Suite 201 Tallahassee, FL 32303 850-224-2265 www.floridabankers.com

ON THE COVER

Kathy Kraninger President & Chief Executive Officer kkraninger@floridabankers.com Suellen Wilkins Director of Marketing & Communications swilkins@floridabankers.com Keith Costello Chair Garrett Richter Chair-Elect Derek Jones Immediate Past Chair Advertising & Production Offices NFR Communications, Inc. 250 Prairie Center Dr., Ste. 300 Eden Prairie, MN 55344 952-835-2275 www.nfrcom.com For advertising information, contact Erica Nelson Advertising Sales Executive 763-497-1778 Erica@NFRcom.com Statements of fact and opinion are made on the responsibility of the authors alone and do not imply an opinion or endorsement on the part of the officers or members of FBA. Florida Banking is published six times annually. Subscription price is $50 per year for nonmembers. Postmaster, send address changes to Florida Bankers Association, P.O. Box 1360, Tallahassee, FL 32302. Copyright 2026 For reprints or single issues, contact 800-336-1120

Built From the Ground Up Florida’s de novo pioneers reflect on a decade of building community-focused banks

6

President's Perspective Right-Sizing Regulation for Community Banks Chair’s Message Building the Next Generation of Community Banks Government Relations The 2026 Session Ends without a Budget ABA Insurance Services ATM ‘Jackpotting’ attacks have increased Celebrating Our FBEF Donors Community Banking Strategy for Growth Fighting On in 2026 Faces of the Foundation Commercial Lending School: Attendees Collaborate and Connect Personal Transactions Kudos Upcoming Events & Ad Index

3

4

10

12

14 16

17 18 20 22 26 30

2 | FLORIDA BANKING

Right-Sizing Regulation for Community Banks PRESIDENT'S PERSPECTIVE

all bankers to provide input. No issue is too small. If a rule is outdated, unnecessarily complex, duplicative or simply does not make sense for the size and risk profile of your institution, it should be raised. Many of the most meaningful reforms begin with practical observations from the bankers who deal with these rules every day. Congress is also moving bills to right size community bank regulation. House Financial Services Committee Chairman French Hill, with the help of many friends on the Committee, has advanced the Main Street Capital Access Act , legislation that would restore meaningful tailoring across the regulatory framework. Among other reforms, the bill would raise the asset threshold for the Federal Reserve’s Small Bank Holding Company Policy Statement from $3 billion to $25 billion, increase eligibility for the Community Bank Leverage Ratio framework from $10 billion to $15 billion, and reduce the statutory CBLR range to 6-8 percent to provide greater flexibility for well-capitalized community banks. The legislation also would index certain regulatory thresholds to nominal GDP so regulatory requirements evolve with economic growth rather than becoming more restrictive over time simply because the economy expands. He has also demonstrated flexibility and leadership in adjusting to the proposals to gain bipartisan support along the way. These bills underscore an important reality: while regulators can make important adjustments through rulemaking and supervision, only Congress can make those reforms durable. Further, policymakers cannot do this work alone. They need public support from us, and they need continued insights as to the biggest pain points holding you back from serving your customers and communities. Please respond to FBA calls to action and let us know your ideas!

There is growing momentum in Washington to bring greater balance and common sense to bank regulation. That action deserves recognition and requires your support! Over the past year, the federal banking agencies have taken meaningful steps to tailor regulation and supervision. Treasury Secretary Bessent has made this a priority, and President Trump recently issued an Executive Order to bring community banks back into the mortgage business as one prong to address home affordability. Fed Vice Chair Bowman, FDIC Chairman Hill, and OCC Comptroller Gould have made clear their commitment to focusing oversight on material financial risk rather than unnecessary and outdated bureaucracy. They are leaving no stone unturned! The list is lengthy, and they are just getting started. For example, the FDIC and OCC issued a joint proposed regulation to focus examiners on material financial risks by defining “unsafe or unsound practices” and “matters requiring attention.” Both agencies have already adjusted training manuals and will update them to match the final rule. The banking agencies have finalized changes to the enhanced supplementary leverage ratio, and modifications to the community bank leverage ratio will be finalized soon based on the comments submitted. Risk based capital rules implementing Basel III are out for comment, and the agencies are working on reforms to the CAMELS rating system. They are streamlining BSA/AML requirements and going through the list of long-needed reforms. Bowman has been advocating for streamlining and focusing regulation for community bankers for a long time — and is now in a seat to drive the Fed’s reforms. She has emphasized the importance of understanding the hidden costs of supervision and compliance and calling on

KATHY KRANINGER

FBA PRESIDENT & CEO “

Policymakers need our support and continued insights as to pain

points holding you back from serving your customers and communities.”

Upcoming Event CFO Forum Where Florida Financial Leaders Connect Renaissance Orlando Resort Disney Springs Lake Buena Vista, Florida Learn more: May 14-15, 2026

floridabankers.com /fba-cfo-forum.html

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 3

CHAIR’S MESSAGE

Building the Next Generation of Community Banks

Florida’s resurgence in de novo bank formation shows that the entrepreneurial spirit of community banking is alive and well.

the future of our industry. Launching a de novo bank today requires extraordinary commitment. The process is lengthy and complex. It demands significant capital, experienced leadership and a long-term vision. Those who undertake it do so because they believe deeply in the role community banks play in strengthening local economies and building lasting relationships with customers. In that sense, de novo banking is about more than creating new institutions. It is about developing the next generation of community bank leaders and ensuring our industry continues to evolve while staying true to its core mission. The success of these new banks also sends an important message: community banking remains an essential part of our financial system. Even in an era defined by consolidation and rapid technological change, there is still strong demand for institutions that make decisions locally, understand their markets and remain deeply connected to the communities they serve. As an association, the FBA will continue working to support that future. That means advocating for policies that encourage responsible bank formation, fostering innovation and ensuring community banks of all sizes have the opportunity to compete and succeed. Florida’s recent momentum in de novo banking is something we can all be proud of. But even more importantly, it’s a reminder that the future of community banking is still being built — one institution, one relationship and one community at a time.

One of the great strengths of the community banking industry has always been its ability to renew itself. Throughout our history, new banks have emerged when communities needed them most – founded by local leaders who saw an opportunity to serve their neighbors, support local businesses and bring a relationship-driven approach to financial services. That spirit of entrepreneurship has helped define community banking for generations. In recent years, however, that cycle of renewal slowed dramatically. Following the financial crisis and the wave of regulatory change that followed, new bank formation across the country fell to historic lows. For several years, virtually no new banks were chartered nationwide. And yet, Florida has shown that the entrepreneurial spirit of community banking is very much alive. As highlighted in this issue’s cover story, our state has experienced a remarkable resurgence in de novo bank formation. In looking at the past decade, Florida is leading the nation with 11 new banks opened, including one that converted from a trust charter. We also have five de novos currently in formation, two of which should open any day as their charter applications have been approved. That achievement reflects not only the strength of our economy, but also the determination of the bankers, investors and community leaders who believe in the value of locally focused financial institutions. What makes these efforts especially meaningful is what they represent for

KEITH COSTELLO FBA CHAIR

“

In looking at the past decade, Florida is leading the nation with 11 new banks opened...we also have five de novos currently in formation, two of which should open any day.”

Register Now! Annual Meeting Taking place June 7-10 at the JW Marriott Miami Turnberry Resort & Spa in Aventura — is the premier forum for fueling progress across our state’s banking community.

4 | FLORIDA BANKING

REGISTER NOW!

Built From the Ground Up A Decade of De Novo Leadership in Florida Banking By Suellen Wilkins, Director of Marketing & Communications

I n the years following the financial crisis, the idea of launching a new community bank bordered on the improbable. The Administration has recognized that “a Main Street revival starts with a community bank comeback,” in Secretary of the Treasury Scott Bessent’s words — and Florida is leading the way! Over the past decade, Florida has emerged as one of the nation’s leaders in post-crisis de novo bank formation. These institutions were built in one of the most highly regulated and capital-intensive banking environments in modern history. Their founders navigated lengthy charter processes, rigorous supervisory expectations and demanding capital thresholds — all while convincing investors, regulators and communities that a new bank could not only survive, but thrive. For this cover story, Florida Banking magazine spoke with the organizers, CEOs, legal advisors and policy experts who have shaped Florida’s de novo resurgence. Their stories reveal a consistent truth: successful de novo banks are not born of opportunity alone. They are built on disciplined capital planning, patient execution, experienced leadership and an unwavering commitment to community. A Post-Crisis Landscape Florida was among the states hardest hit by the Great Recession, losing 70 bank charters from 2008 to 2013. As consolidation accelerated, the absence of locally focused institutions left noticeable gaps in many markets. “The formation of new banks is essential to maintaining a competitive marketplace,” says Terry Hughes, FBA Senior Vice President of Membership. “As consolidation through mergers and acquisitions continues, de novos help ensure consumers and small business owners continue to have access to locally focused financial services.” Nationally, however, the path to forming a new bank became more difficult than ever. In his remarks before the Fed Community Bank Conference on Oct. 9, 2025, Secretary Bessent said, “The post-crisis framework has left a trail of destruction in its wake by reinforcing the larger economic dynamics that have hollowed out

the American heartland while enriching the money centers in coastal cities. To be clear, the financial crisis underscored the need for new regulations. The purpose of Dodd-Frank was to end ‘too big to fail.’ But it ended up creating ‘too small to succeed.’ These new regulations entrenched the dominance of the largest banks by rewarding economies of scale and necessitating effective lobbying operations in Washington. What followed was a community bank bottleneck that left America’s hometowns reeling.” Since 2010, the United States has lost 3,600 community banks, a reduction of over 45 percent. Further, new bank formations have slowed to a trickle — averaging just six new banks per year since 2010 as compared to over 100 a year prior to 2008. Regulators tightened expectations, capital requirements climbed, and the industry absorbed wave after wave of consolidation. Mickey Marshall, VP & Regulatory Counsel at ICBA, notes the slowdown reflects both economic and regulatory realities. “The process of applying for a charter remains costly and time consuming,” Marshall explains. “Banks in formation can wait months or even years for approval, during which time market conditions can materially change.” Capital requirements represent the most significant barrier. Regulators expect new banks to raise significant capital all up front before opening, along with maintaining elevated capital levels during their early years. At the same time, de novos must demonstrate compliance — before they can be approved to open — with the full spectrum of banking laws from BSA/AML and fair lending to the Community Reinvestment Act. To get a charter requires significant capital outlay. “One of the main challenges,” Marshall adds, “is that regulators have taken the view that the acceptable failure rate for banks is zero. That has driven higher capital expectations and increased supervisory focus.” The result is a paradox: fewer banks are formed, and those that make it through the process must be incredibly conservative. They tend to be exceptionally well capitalized, carefully structured and strategically disciplined.

Mickey Marshall

Terry Hughes

6 | FLORIDA BANKING

“ Despite national

headwinds, Florida has distinguished itself as a leader in post-crisis de novo activity. Since 2017, the state has had more success in launching new banks than any other state.”

Source: FDIC BankFind Suite

Source: Klaros Group

Why Florida? Despite national headwinds, Florida has distinguished itself as a leader in post-crisis de novo activity. Since 2017, the state has had more success in launching new banks than any other state. Organizers point to several factors driving that momentum. First, demographic growth. Florida’s population expansion — fueled by domestic migration and immigration — continues to generate opportunity for community-based financial institutions. Second, consolidation itself creates space. As existing community banks merge or grow larger, room opens for new entrants to serve relationship-driven niches. And third, community demand. “De novo banks tend to succeed where there is a clear need for a community-focused institution,” Hughes explains. “The common thread is not geography, but community demand.” Jack Greeley, attorney at Smith Mackinnon, PA, notes that Florida’s decline in community bank numbers over the past 17 years means few markets are truly “overcrowded.” “A quality local group can build something special in an under-represented community bank market,” he says. Florida’s de novo banks share a common origin story — local leaders identifying unmet needs and deciding to act.

Filling the Void For many founders, inspiration came directly from consolidation. Dennis Murphy, President & CEO of Gulfside Bank in Sarasota, recalls the aftermath of failures and mergers in his region. “Our directors and I recognized the void that existed for a locally owned and managed bank,” he says. “Community banks make a positive and lasting impact on the communities in which they operate.” Rob Shaw, CEO of Echelon Bank I/O in Clearwater, describes a similar motivation. “Our community needed a locally led institution with decision-makers on the ground — a bank that understands businesses, families and entrepreneurs and can move with speed, flexibility and accountability.” Mary Usategui, President & CEO of BankMiami, saw growing local businesses struggling to find relationship-driven financial services. “We were inspired by the gap between entrepreneurs and access to flexible, local decision-making,” she says. “Our goal was to build a bank rooted in the community that reinvests locally.” In Ocala, Carl Walls, President & CEO of Gala Bank recounts how directors and major customers Built From the Ground Up, Continued on page 8

Dennis Murphy

Rob Shaw

Mary Usategui

Jack Greeley

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 7

service, asset quality and strategic planning. Excellence is never an accident.” Murphy calls hiring the right team his most pivotal leadership decision. Shaw emphasizes assembling a leadership team and board with deep market knowledge and shared values before anything else. Usategui highlights bringing together individuals who not only know the market, but find genuine purpose in helping clients. Across the state, de novo leaders agree: culture and talent are foundational. Capital discipline “Capital is king,” Murphy states plainly. In today’s regulatory environment, disciplined capital planning is non-negotiable. Greeley advises organizers to structure business plans projecting profitability no later than the first quarter of year three and to maintain strong leverage ratios in early years. Capital requirements may limit entrants, but they also reinforce long-term stability. Successful de novos measure performance relentlessly and are willing to walk away from opportunities that don’t provide optimal returns. Patience and process Nearly every CEO emphasized patience. “This experience will take longer and require more patience than you expect,” Usategui says. Shaw echoes the sentiment: “A successful de novo isn’t about rushing to open. It’s about building trust with regulators, investors and the community.” From completing detailed biographical and financial documentation to navigating vendor negotiations and regulatory vetting, the process is intricate and exacting. Organization and teamwork are critical at every stage. Above all, Florida’s de novos are defined by community focus. They are built to restore local decision-making, foster entrepreneurship and strengthen regional economies. “They enhance careers, make meaningful community contributions and create investment rewards,” Greeley says. “It is impactful.” Looking Ahead Will de novo formation continue? Marshall expects modest growth over the next five years, driven by continued consolidation, population trends and technological evolution — including AI and emerging financial models. At the same time, new types of applicants, including fintech and nontraditional firms, are entering the charter conversation.

Florida: The Nation’s Most Active State for New Bank Formation Florida leads the nation in post-crisis bank formation, accounting for 15% of de novo banks opened in the United States over the past 10 years.

De Novo Banks Opened by State Feb. 1, 2016-Feb. 27, 2026 State

De Novo Banks Opened

Florida

10

California

8 6 5 4

Ohio

Georgia & Texas

Arizona, New York & Utah

Nationwide

67

Source: FDIC

Built From the Ground Up, Continued from page 7

sought to preserve personal connection after a sale. “They wanted a local bank and didn’t want to lose that personal connection in a digital banking world.” Even in high-growth Central Florida, where opportunity abounds, leaders saw the same pattern. Erik Weiner, Founder, President & CEO and Jay Darulla, COO of Portrait Bank I/O in Winter Park emphasize the importance of restoring local listening and responsiveness in a market where options had narrowed despite population growth. “Even with tremendous population growth in metro Orlando, banking options locally have become more limited,” says Darulla. “Customers are consistently asking for additional choices, and building a new bank right in your hometown is a unique opportunity to meet that need.” Weiner agrees. “A successful de novo bank isn’t built overnight,” he says. “It’s built by listening, earning trust one relationship at a time and staying disciplined through the process.” The DNA of a Successful De Novo Across every interview, several themes emerged — a blueprint for what separates thriving de novos from those that struggle: The right people If there’s one universal principle, it’s that people matter most. Greeley puts it succinctly. “The people. They build their banks focused on shareholder value, customer

Erik Weiner

Jay Darulla

8 | FLORIDA BANKING

Florida’s recent experience suggests disciplined, community-driven organizers remain central to the state’s banking future. The FBA has also taken an active role in advocating for policies supporting responsible de novo formation. In recent years, the FBA convened a De Novo Banking Task Force composed of bankers, legal advisors and industry experts to examine the regulatory and structural barriers that continue to discourage new bank formation. The group has focused on identifying reforms that would streamline what many organizers describe as a lengthy and bureaucratic chartering process while preserving the strong safety and soundness standards that underpin the banking system. Florida bankers have also taken their message to Washington. In May 2025, Mary Usategui and Keith Costello, Chairman & CEO of Locality Bank, testified before the U.S. House Committee on Financial Services Subcommittee on Financial Institutions during a hearing titled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.” Their testimony highlighted the vital role community banks play in supporting small businesses and local economies, while outlining the regulatory hurdles that make launching a new bank increasingly difficult. Their message resonated with policymakers. In the months following the hearing, the U.S. House of Representatives advanced legislation aimed at strengthening community banking and encouraging new bank formation. Industry leaders believe these efforts represent an important step toward restoring a healthier pipeline of new institutions nationwide. Hughes believes the re-emergence of de novo banking represents one of the most important developments for the long-term health of Florida’s banking industry. “The entrepreneurs and investors behind these institutions deserve recognition for navigating a demanding regulatory and economic environment to bring new banks to life.” Building the Next Generation of Community Banks In an era often defined by mergers and scale, launching a new bank is an act of conviction. It requires capital, credibility and extraordinary patience, along with regulatory fluency, operational precision and strategic discipline. Most of all, it requires belief that communities still value local ownership, personal relationships and responsive decision-making. Over the past decade, Florida’s de novo leaders have not only created new institutions. They have reaffirmed the enduring relevance of community banking in the

Sunshine State. In doing so, they are helping ensure that the next generation of community banks will continue to serve Florida’s businesses, families and communities for decades to come.

11 and Growing….

The FBA congratulates the teams that have opened de novo banks across Florida over the past 10 years. BankMiami, Coral Gables March 17, 2025 Climate First Bank, St. Petersburg June 1, 2021 Cypress Bank & Trust, Melbourne Converted from a non-depository trust Aug. 16, 2021 Evermore Bank, Fort Lauderdale Dec. 15, 2022 Gala Bank, Ocala Dec. 30, 2024 Gulf Atlantic Bank, Key West April 13, 2020 Gulf Coast Business Bank, Fort Myers June 6, 2022 Gulfside Bank, Sarasota Nov. 13, 2018 Locality Bank, Fort Lauderdale Jan. 12, 2022 Waterfall Bank, Clearwater Sept. 20, 2021 Winter Park National Bank, Winter Park Aug. 1, 2017 Thank you to all bankers who have worked and are working to grow Florida’s banking community! Echelon Bank I/O, Clearwater TBD 2026 New South Bank I/O, Tampa Application date TBD Portrait Bank I/O, Winter Park TBD 2026

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 9

The 2026 Session Ends without a Budget GOVERNMENT RELATIONS

establishes a regulatory framework for virtual currency kiosks and protects users of kiosks by requiring: • a virtual currency kiosk business (except licensed money transmitters) to comply with registration requirements, and updating disciplinary actions and unlicensed activities sections to apply to registered entities: the total dollar amount of all transactions per customer each calendar day be limited to $2,000 for new customers and $10,000 for existing customers; • a customer to be provided with the choice of a physical or electronic receipt; and, • a full refund in specified circumstances. We thank Rep. Owens and Sen. Rouson for this good bill to fight fraud. The FBA will continue to work on fraud legislation in the 2027 Session. Please let us know of any issues you would like us to address. Trusts – Safe Deposit Boxes House Bill 1337 was introduced after the Florida Supreme Court commissioned a task force to study probate personal representatives’ interaction with financial institutions. In part the bill: increases the maximum amount of funds in a qualified account held by a financial institution which may be distributed to a family member using affidavit procedures from $1,000 to $2,000; requires financial institutions to grant personal representatives access to a decedent’s safe deposit box and allows them to pay any accumulated charges for, and terminate, the safe deposit box lease; and, authorizes

This year’s Session ended Friday, March 13, but it has not concluded. Unfortunately, the Legislature was unable to pass a budget for the 2026-27 fiscal year. They must return at a future date to pass the budget. What we do know is the Legislature will return on April 20 for a special session called by Gov. DeSantis to work on congressional redistricting. The Legislature could address the budget and property taxes at that time. We will keep you informed. Regardless of the Legislature’s inability to pass a budget, the FBA had a good Session. Two of the bills we worked on passed and will go to the Governor for his approval: IOTA House Bill 893 passed early in the Session. The bill sets the rates for IOTA accounts at the Wall Street Journal Prime Rate in effect on the first business day of each month, less 300 basis points, or 3.0 percent, with a minimum floor rate of 0.25 percent and a maximum ceiling rate of 1.5 percent, net fees. We thank Sen. Erin Grall for this compromise legislation. We also thank the House sponsor Rep. Traci Koster and two others who were instrumental last Session to get us to this point – Reps. Robbie Brackett and Randy Maggard. The bill will become law on July 1, if signed by the Governor. We also await the Florida Supreme Court’s adoption of an identical Florida Bar rule to replace the current IOTA rates. Virtual Currency Kiosks House Bill 505 is legislation the FBA was engaged in to thwart fraud. The bill

ANTHONY DIMARCO FBA EXECUTIVE VICE PRESIDENT AND DIRECTOR OF GOVERNMENT AFFAIRS “

The FBA had a good Session. Two of the bills we worked on passed and will go to the Governor for his approval. ”

Upcoming Event Florida Trust & Wealth Management School July 12-17, 2026 Renaissance Orlando Resort Disney Springs Lake Buena Vista, Florida Learn more: floridabankers.com/florida-trust wealth-management-school.html

10 | FLORIDA BANKING

While this is the first in the nation legislation, there are no federal regulations in place, so we will have to wait and see if it is “substantially similar.” We will keep you updated. During the legislation’s journey through the committee process, we noticed a discrepancy that may have put Florida chartered trust companies at a disadvantage to these new issuers. Thankfully, the bill sponsors, Rep. Webster Barnaby and Sen. Colleen Burton, and the Office of Financial Regulation (OFR) agreed to our amendment for the bill. These are just four of the bills we worked on this Session. We also worked on legislation that passed, including foreign officers and legal tender to name a few. Then there were the bills in which we were engaged but did not pass: OFR’s legislative package, artificial intelligence, gift cards, Bank Owned Life Insurance (BOLI) and condominiums. We now await the assorted special sessions that will be headed our way throughout the summer. It is also campaign season. Stay tuned.

personal representatives to initiate legal proceedings to enforce their authority under the Florida Probate Code and to recover any associated costs, including attorney fees. The FBA was able to amend the language to require the personal representative to produce Letters of Administration to access a safe deposit box. This brings clarity to the bill and allows our members to rely on the Letters of Administration when granting access to a safe deposit box. Thanks to Sen. Bradley and Reps. Tuck and Fabricio for the legislation and our amendments. Stablecoins House Bill 175 establishes a regulatory framework for state qualified payment stablecoin issuers (“issuers”) of stablecoins that is “substantially similar” to the GENIUS Act. The legislation must go to the US Treasury when approved by the Govenor, to establish if it is “substantially similar” to the GENIUS Act and the corresponding federal regulations.

Enhancing risk management practices and improving loan portfolio performance through rigorous portfolio reviews, stress testing exercises, and model validations since 1989. PORTFOLIO LOAN REVIEW • Community Bank and Specialized Portfolios • Due Diligence Acquisition Review with credit mark PORTFOLIO STRESS TESTING • CRE and C&I with Capital Impact Analysis • CRE Construction Projects and other specialty segments MODEL METHODOLOGY VALIDATIONS • CECL and Stress Testing methodologies Unparalleled Credit Insights

ceisreview.com | 888-967-7380

how we can tailor our services to meet your specific needs.

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 11

ATM ‘Jackpotting’ attacks have increased Criminals are using master keys and endoscopes to get into ATMs ABA INSURANCE SERVICES

PAT WILLIAMS ABA INSURANCE SERVICES

In one such case, security video captured images of several people repeatedly accessing an ATM and removing large amounts of cash. The individuals were staged in a nearby parking lot and made a total of 48 trips to the ATM. It is suspected the thieves had a master key, a small gold key with a rounded base and teeth on both sides, that allowed them easy access to the machine. Police ultimately apprehended the individuals and found a mobile wifi device, laptop and USB cables in their vehicle. Thieves may also use an endoscope (similar to the slim, flexible instrument used in medical procedures) to reach the internal mechanism of the machine, where they can attach a cord that allows them to sync their laptop with the ATM’s computer. After installing malware, the perpetrators will contact co-conspirators, who can remotely control the ATMs and force the machines to dispense cash. Such mechanisms can dispense 100 bills in about a minute. To mitigate risk of loss, financial institutions should proactively work with their ATM manufacturers to ensure all machines in use are up to date on current security protocols. This should include: • Limiting physical access to ATMs. • Installing machine specific keys to avoid easy access through master keys. • Implementing additional access controls for service technicians. • Ensuring ATM hard drives are encrypted. • Ensuring network communications

ATM attacks have been rampant since 2018 and are showing no signs of letting up. For several years, “hook and chain” attacks were the most common method of ATM theft. To mitigate this type of theft risk, many banks erected physical barriers. More recent incidents, however, involve individuals using generic or master keys to unlock a machine’s exterior chassis, or endoscopes to get inside an ATM. No trucks required. Shockingly, these can easily be purchased on the internet. The criminals then tamper with the machine’s hard drives to install malware, ultimately resulting in the disbursement of cash. This is known as “jackpotting” – altering the ATM mechanisms and typically inserting malware to cause the machine to dispense cash to unauthorized users. The U.S. Secret Service has reported an increase in ATM jackpotting over the last six months. The attacks are believed to be the work of organized criminal groups and target multiple ATM manufacturers. With generic or master keys, criminals access an ATM’s chassis and remove and/or install malware using various methods such as a USB port device which then allows them to reboot the onboard PC using the compromised media and issue dispense commands, allowing them to deplete the ATM of cash. These commands can be sent remotely using either a laptop or cell phone, allowing them to avoid engaging directly with the ATM machine. In some cases, magnets are also used in conjunction to unlock an ATM’s exterior.

“

The U.S. Secret Service has reported an increase in ATM jackpotting over the last six months. The attacks, believed to be the work of organized criminal groups, target multiple ATM manufacturers.”

12 | FLORIDA BANKING

service for over 35 years. Excess insurance and STAMP surety bonds are also available. For more information on risk management, please visit abais.com/Insights or contact ABA Insurance Services’ Patricia P. Williams at 410-960-6878 or ppwilliams@abais.com. The facts of any potential claims situation which may actually arise, and the terms, conditions, exclusions, and limitations in any policy in effect at that time, are unique. Thus, no representation is made that any specific insurance coverage applies. This information provides guidance and is not intended as a legal interpretation of any federal, state or local laws, rules or regulations. ABA Insurance Services Inc. (“ABAIS”) does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of ABAIS and its affiliates is limited to the terms, limits and conditions of the insurance policies issued by ABAIS. © 2026 Great American Insurance Company. All rights reserved. ABA Insurance Services Inc. dba Cabins Insurance Services in CA (CA license #0G63200, 2G63200), ABA Insurance Services of Kentucky Inc. in KY and ABA Insurance Agency Inc. in MI. 3401 Tuttle Road, Ste 300, Shaker Hts, OH, 44122

use TLS encryption. • Ensuring all components (operation system, firmware, software, etc.) include the latest updates. • Considering installation of an ATM alarm to help detect attacks and ward off criminals. • Ensuring alerts are triggered when an ATM goes offline with a more immediate response time. • Neutralizing cash to make it unusable to attackers by using cassettes with ink-staining solutions. ABA Insurance Services, a member of Great American Insurance Group, is a long-term, reliable and stable source of D&O, Bond, Cyber Liability and P&C insurance for financial institutions, including trust companies and banks in formation. Our unique insurance program, co-endorsed by Florida Bankers Association (FBA) and American Bankers Association, has been committed to serving and supporting financial institutions by providing quality insurance and excellent customer

Sponsored by

Symposium Women July 30, 2026 • Virtual Event aba.com/WomenLead

Lead

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 13

Celebrating Our FBEF Donors Join us in making an impact

“

The Florida Bankers Educational Foundation (FBEF) extends heartfelt thanks to our donors through March 15, 2026, in support of the 2025-26 fiscal year.* Your generosity provides scholarships, fuels professional growth and builds a stronger future for our industry. Every gift advances our mission — and there’s always room to grow. If you haven’t contributed yet, we invite you to join this community of supporters.

Together, we’re investing in education, advancing careers and shaping the future of Florida banking.”

Florida Capital Bank, Keith Perry Grove Bank & Trust, Jose E. Cueto Gulf Coast Business Bank, Bill Blevins Gulfside Bank, Dennis B. Murphy HC3, Catherine Holden ICI Consulting, Inc., Keith Hagen INB, N.A., Gaby Cioli Intercredit Bank, N.A., Mario Oliva Intracoastal Bank, Ryan Page Madison County Community Bank, Edward Meggs Mainstreet Community Bank of Florida, W. Ben Flowers Paul Rountree NFP Executive Benefits, Joe Schaefer Ocean Bank, Alfonso A. Macedo Locality Bank, Keith Costello Luse Gorman, PC, Zac Davis

EverBank, Greg Seibly FBA Insurance Services, Brandon Maggard First Bank of Clewiston, Mark Deitz First Foundation Bank, Garrett Richter First Horizon Bank, Mario Trueba First National Bank Coastal Community, Shaun E. Williams First National Bankers Bank, Chris Alexander Charlie Brinkley Rob Trott The First National Bank FirstBank Florida, Jose Maria Lacasa FIS, Pamela Acciardo Flagship Bank, Anthony DiTinno Flagship Bank, David B. Key Florida Bankers Association, Kathy Kraninger of Mount Dora, Robert D. White First State Bank of the Florida Keys, Gary Carney

Capital City Wealth, William L. Moor, Jr. Central Bank, John Thompson Century Bank of Florida, Jose Vivero Citizens Bank & Trust, Greg Littleton City National Bank of Florida, Jorge Gonzalez Colony Bank, Edward Canup Commerce Bank and Trust,

Amerant Bank, N.A., Jerry Plush American Bankers Association, Tyler Wong Anchor Bank, Nelson Hinojosa Anthem Bank, Rodger D. Shay, Jr. Artificial Intelligence Risk Inc., Alec Crawford

Axiom Bank, Ross Breunig Banesco USA, Calixto Garcia-Velez BankFlorida, James S. Stalnaker, Jr. Clara Diaz-Lial Barwick Bank, James J. Bange BOND.AI, Adam Montgomery Mark Agostinelli Brean Capital, Grier Campbell Marc Ghirardi Busey Bank, Sean Gallagher Caldwell Trust Company, Kelly Caldwell, Jr. BankUnited, Tom Cornish

Guy Colado Eric Ravndal Community Bank, Jason Crowe Ty Johnson Fred Leopold Sawyer Taylor Justin Woodard Linnette Wolfgram Community Bank of the South, William T. Taylor Crews Bank & Trust, James W. Crews, Jr. Rob Roberts CRS Data, Matthew Russell Cypress Bank & Trust, Dana Kilborne Elliott Davis, Alek Bevensee Lauren Nilan

14 | FLORIDA BANKING

Waterfall Bank, Kevin Darmody Courtenay Marshall Winter Park National Bank, David A. Dotherow *Company and contact names are listed as they were at the time the donation was made. The FBEF is a 501(c)(3) non-profit corporation registered with the Florida Department of Agriculture & Consumer Services, Registration #CH7621. Contributions to the FBEF are tax deductible. Organized in 1956, the FBEF

Trustmark National Bank, John D. Sumrall U.S. Century Bank, Luis de la Aguilera United Southern Bank,

One Florida Bank, Frederick G. Pullum Pacific National Bank, Carlos Fernandez-Guzman Maria Elena Fernandez Guzman Popular Bank, Israel Velasco Portrait Bank (InOrganization), Jay Darulla PULSE, Brian Harbin Raymond James Bank, N.A., Amanda Stevens Renasant Bank, Eric Navarre Saltmarsh, Cleaveland & Gund, Paul Allen

A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE 800-435-7352 WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE. www.FloridaConsumerHelp.com continues to help bankers throughout Florida. If you are interested in making a tax-deductible contribution to the FBEF, contact Letty Newton at 850-701-3522, lnewton@floridabankers.com, or PO Box 1360, Tallahassee, FL 32302-1360. For information about applying for FBEF funding, please go to www.floridabankers. com/FBEF.

Connie Nelson Greg L. Nelson Valley Bank, Jeff Armstrong Jeffery W. Klink

Marisa Allen Jason Keith Jay Newsome

Kristen Stogniew Justin Strickland Sanibel Captiva Community Bank, Kyle D. DeCicco ServisFirst Bank, Gwynn Davey SouthState Bank, John Corbett STS Group, Ben Sellers Adam Stephens Sunrise Bank, Barry Griffiths Sunstate Bank, Lloyd DeVaux Surety Bank, Ryan G. James TC Federal Bank, Nat Higdon TCM Bank, NA, Jacob Eisen Terrabank, N.A., Antonio Uribe The Omnia Group, Blithe Woodham

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 15

Community Banking Strategy for Growth ICBA

REBECA ROMERO RAINEY PRESIDENT AND CEO, ICBA “ supporting our customers with

As financial services continue to shift, community banks are well positioned to be the anchors for the industry, supporting our customers and communities with a resiliency that transcends the environment. By continuing to lean into the personal relationships we create, we are differentiating ourselves and bringing immense value to those we serve. Doubling down on our relationship based model means that we’re supporting our customers with the deployment of new and efficient technology. We’re speeding up processes, enhancing our customers’ experiences and growing our connections with them, while retaining the attributes that are at the core of who we are and what we do. We simply need to fast-forward the tenets that already exist to address growing demands. Individually, community banks might need to have hard conversations to determine which solutions warrant their time and attention and which might not best serve their customers. The beauty of community banking is that it’s not one size-fits-all, and each community bank will have the opportunity to identify the new technologies and solutions that support them most. A personalized community banking strategy for customer growth For instance, as we think about customer retention and acquisition, and by extension bank marketing, the needs of the individual communities

we serve are paramount in today’s environment. Agricultural banks have established different services to support their farm-based communities than banks that are more attuned to catering to the construction industry. Each of these segments has unique needs, and community banks shine by addressing them. It’s about identifying the personal needs of the collective, which is what we have always done. But now, with the pace of change, community banks must scale their services to maximize potential sooner rather than later. Maybe you are launching a new solution that speaks to a particular niche you serve, or a new process that simplifies engaging with customers. Perhaps you are using an existing technology more or in new ways. With any new opportunity, it’s about leaning into strengths and taking them to the next level for your customers. So, as you read this month’s issue, I encourage you to identify incremental actions you can take to expand your prospects. Look at what your peers are doing and use it for inspiration. Post a question to ICBA Community. Seek out colleagues at ICBA LIVE. Engage with ICBA Preferred Service Providers, corporate members and ThinkTECH Accelerator participants. Whatever direction you choose, take steps to lean into community banking and this community. Without a doubt, we will shape the future of financial services one relationship-based solution at a time.

Doubling down on our relationship based model means that we’re

the deployment of new and efficient technology.”

16 | FLORIDA BANKING

Washington Update: Fighting On in 2026 ABA

call to action and quickly publishing new data (available at RateCapReality.com) that showed that the proposed 10% rate cap would have a drastic impact on the card industry, threatening between up to 85% of open credit card accounts. These policy threats remain very real, and at the time this column was written, ABA was still engaged in an all-out push to ensure that our perspective is being heard by the entire policy community. We’re using every tool in our toolbox, from grassroots calls to action to targeted advertising to in-person lobbying efforts. Even more messaging efforts are planned. The speed and velocity with which these issues emerged was a reminder that even as we face a more supportive regulatory environment, major policy challenges remain and we must be ready to respond. At the same time, it also underscored the strength of our collective advocacy. When bankers come together to elevate the issues that matter, our voices carry significant weight. In these two policy debates, the response from our industry has changed the momentum even if the final outcomes remain uncertain. Rest assured, ABA and the state associations are working tirelessly on behalf of the industry, and with your support, I’m confident in our ability to move the needle on major policy challenges, wherever and whenever they arise. But we need your voice. Please consider joining us at the 2026 ABA Washington Summit, March 9-11 in the nation’s capital. This free event is our best opportunity to show up in person in Washington and show the administration and Congress that the banking industry is strong, united, and ready to advocate on behalf of the customers, clients and communities we serve.

In just the first few weeks of 2026, the banking industry faced two separate and significant policy challenges. The first was a fight over the future of stablecoins and digital asset regulation, which heated up as 2025 drew to a close and lawmakers were considering new market structure legislation. For bankers, this legislation represented an opportunity to close a critical loophole in the Genius Act that allowed stablecoin partners and affiliates to offer yield like rewards, clearly undermining the intention of the Genius Act’s ban on issuers paying interest. The threat to the banking sector was clear: failure to address the loophole could lead to billions of dollars in deposits exiting banks, which would have severe downstream effects on local lending and economic growth. The second major challenge we faced came when the president in early January expressed support for a 10% credit card interest rate cap in a social media post. As bankers know all too well, price caps always have unforeseen and costly consequences for consumers, and if this kind of cap was imposed, as many as 159 million Americans could lose access to credit. In the face of these dual threats, America’s banks sprang into action. Thanks to ABA members and our partners in the State Association Alliance, we were able to send over 10,000 letters to senators and 3,200 signatures on a petition reminding them about the Genius Act loophole and its potential impact on families and small businesses across the country. Our Community Bankers Council — which includes community bankers from every state — penned its own letter, and ABA rallied the other community financial institutions trades together helping the industry demonstrate a united front on Capitol Hill. ABA and our members were also out in front on card issues, issuing a grassroots

ROB NICHOLS PRESIDENT AND CEO, ABA

WWW.FLORIDABANKERS.COM APRIL/MAY 26 | 17

Faces of the Foundation By Ingrid Phipps, Market Retail Leader, Centennial Bank Master of Business Administration, Saint Leo University, August 2025

I am honored to be featured as a recipient of the Florida Bankers Educational Foundation (FBEF) Scholarship. This recognition represents one of the most meaningful milestones in my academic and professional journeys. As the first person in my family to attend college, pursuing higher education represents more than earning a degree; it represents breaking generational barriers and creating new opportunities for those who will follow. I was born in Nicaragua and raised in Key West since I was three years old. Growing up in such a close-knit and vibrant community shaped my values of hard work, resilience, and service. Key West is more than where I live, it is home. It is the community that helped raise me, and now it is the community I have the privilege to serve professionally. Balancing a full-time career in banking while completing my degree has required discipline, resilience and a strong sense of purpose. Today, I serve as a Market Retail Leader overseeing branches in Key West with Centennial Bank. In this role, I lead teams, support branch performance and ensure our customers receive exceptional service built on trust and accountability. Continuing my education while advancing in my career has strengthened my ability to lead with confidence and make informed decisions that benefit both our customers and our employees. I believe sometimes we do not fully realize our impact as bankers. I have heard individuals say, “Oh, they are just bankers,” as though the role is insignificant. What they fail to see is that banking is deeply woven into the fabric of our communities. We are at the very root of financial interdependence with the individuals and businesses we serve. Bankers are often the first to hear about life’s most meaningful milestones whether it is purchasing a first vehicle, buying a home, expanding a business or welcoming a growing family. How we respond, how we engage and how we lead directly influences local economic growth and stability. Working at Centennial Bank brings me great pride. We understand that customers entrust us with more than deposits; they entrust us with their financial security. We manage their funds with the utmost care, responsibility and ethical oversight. In times of economic uncertainty, especially when we have witnessed turmoil in financial markets and bank failures due to a lack of sound risk management and oversight, the importance of education becomes even more evident. Knowledge is not optional in banking — it is essential. Education equips us to protect our customers, guide our teams and uphold the integrity of the financial system.

The support from the FBEF has eased the financial burden of tuition and allowed me to remain focused on excelling academically while advancing professionally. It has also reminded me that there are leaders and donors who believe in investing in hardworking bankers committed to development and community impact. After completing my master’s degree, I truly feel that the sky is the limit. That accomplishment was not an ending, but a beginning. I am preparing to return to school to pursue my doctorate, continuing the commitment to lifelong learning that has shaped my career and my leadership philosophy. For bankers considering returning to school or pursuing higher education, my encouragement is simple: do not underestimate your potential. There may never be a perfect time, but there will always be value in growth. Education builds confidence, sharpens leadership and prepares us to navigate an ever-evolving financial landscape with clarity and responsibility. Education has opened doors I once only imagined, and I am determined to continue growing not just for myself, but for my family, my team and the community I serve. I am deeply grateful to the FBA and FBEF for championing education within our profession. This scholarship has made a meaningful difference in my life and career. My hope is that my journey from Nicaragua to Key West, from first generation college student to community banking leader encourages others to recognize that we are not “just bankers.” We are advisors, community partners, leaders, and stewards of financial trust — and the work we do truly matters! Working to advance your career through education? We’re here to help! Visit FloridaBankers.com/FBEF for more information. The FBEF is a 501(c)(3) non-profit corporation registered with the Florida Department of Agriculture & Consumer Services, Registration #CH7621. Organized in 1956, the FBEF continues to help bankers throughout Florida today.

18 | FLORIDA BANKING