Florida Banking April/May 2026

“ 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

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