Florida Banking August 2023

CHAIR’S MESSAGE

TAKEAWAYS FROM OUR 135TH ANNUAL MEETING

BY JOSE CUETO, FBA CHAIR

FBA CHAIR JOSE CUETO RECENTLY TOOK OVER AS PRESIDENT AND CEO OF GROVE BANK & TRUST

I t was great to see so many familiar faces at the FBA’s recent 135th Annual Meeting in Orlando. “FBA Fest 2023” was one for the books. It was a huge honor to welcome financial journalist and author Maria Bartiromo as our Keynote Speaker; Bartiromo is a friend to our industry and often gives the FBA a platform to speak about banking issues. But this year’s event was also bittersweet, as it was Alex Sanchez’s last convention as FBA President and CEO. We know that his are big shoes to fill! We had the opportunity

rates and this possible mild recession will continue to gradually slow the pace of inflation in the economy. In her keynote speech, Bartiromo gave excellent remarks about her career, the economy, national security and growth. She too confirmed that we’re seeing an erosion of purchasing power and rising credit card debt. In her remarks, she cautioned against giving our purchasing power to China. “Our search for growth can’t play second fiddle to our national security,” Bartiromo warned. She ended her remarks

to celebrate Alex’s service and contributions to the industry over his 30-year career. Thanks to those of you who wore your “Sanchez Farewell Tour” T-shirts to help us surprise Alex. I’m always grateful for the opportunity to network with peers and to hear from our knowledgeable speakers and panelists. Our industry has certainly faced challenges in the first half of the year; we have battled bad legislation and misinformation, and we’re fielding questions

by giving us some hope by pointing out areas for growth within the economy. Whatever the future holds, our industry will continue to be vigilant and serve our customers well. This is why it is so important for us to stay informed and involved. Thanks again to the FBA team for putting on an excellent event with impressive speakers to both educate and entertain us. I’d also like to congratulate our deserving award winners and new officers. Other

“IN HER KEYNOTE SPEECH, BARTIROMO GAVE EXCELLENT REMARKS ABOUT HER CAREER, THE ECONOMY, NATIONAL SECURITY AND GROWTH.”

from our customers and local communities about the future of our economy. Luckily, our sessions, panels and workshops addressed these timely topics. I wanted to share a few of my takeaways both for those who need a refresher and for those who couldn’t be there: Economist Sean Snaith, Director of UCF’s Institute for Economic Forecasting, explained that many of the major economic issues we’ve faced since 2020 (inflation, supply chain failures, high oil and gas prices) are rooted in COVID-19 policies. The United States is on the brink of a mild “pasta bowl” shaped recession, meaning it won’t be as deep as the previous recessions of 2020 or 2008. Snaith believes the higher interest

highlights of the 135th Annual Meeting included our vendor trade show, BankPac Silent Auction, and our final gala with awesome musical entertainment by The Flashback Four. If you couldn’t join us, there are plenty of other opportunities to get involved in the latter half of the year. Check your inbox for more information about upcoming events. I hope to see you at one or both of our leadership events in September for FDIC Chair Martin Gruenberg and FDIC Vice Chair Travis Hill. These events are a great opportunity for discussion and Q&A with our federal banking regulators. Until then!

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