Florida Banking August/September 2025

THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM SEPTEMBER 2020 Building BankMiami A New Chapter in Community Banking THE MTAHGEAMZAINGEAOZIFNETHOEFFTLHOERFIDLOARBIDAANKBEARNSKAERSSOACSSIAOTCIOIANTION WWW.FLORIDABANKERS.COM SEPTEMBER 2020 WWW.FLORIDABANKERS.COM AUGUST | SEPTEMBER 2025

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ON THE COVER 8 BankMiami

A New Chapter in Community Banking

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Cover Story (left to right): David Monter, Mary Usategui, Daniel Martinez, Robert Regolizio of BankMiami. Photos by Benjamin Rusnak, benjaminrusnak.com

CONTENTS

5 — President's Perspective Washington Update Keeping Focus and Seizing Opportunity!

7 — Chair’s Message Renewing the Spirit of Community Banking

12 Government Relations From the Community to the Capitol: Why Your Story Counts 14 Trust & Wealth Management Beauty – and Art – Are in the Eye of the Beholder: How the Appeal of Collectibles is Transforming the Art World 18

20 Faces of the Foundation Meet Scholarship Recipient Marcel Padron 22 Annual Meeting A Week of Connection, Insight and Celebration 24 Personal Transactions 26 Kudos 30

Suellen Wilkins Director of Communications swilkins@floridabankers.com

Keith Costello Chair

Garrett Richter Chair-Elect

BancPac Thanks 2025 Silent Auction Donors

Derek Jones Immediate Past Chair

Upcoming Events & Advertising Directory

4 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

PRESIDENT'S PERSPECTIVE

WASHINGTON UPDATE KEEPING FOCUS AND SEIZING OPPORTUNITY!

BY KATHY KRANINGER, FBA PRESIDENT AND CEO

In politics as in life, you have to be able to “separate the signal from the noise.” Our brains are designed to do this – think about the world our eyes take in every day, ignoring a sea of faces we don’t recognize in a crowd while pulling out someone we didn’t expect to see and shouting their name. Similarly, as we are bombarded by the many voices and messages coming out of Washington, we remain laser focused on the opportunities to advance our public policy goals. With the President’s deregulation initiative, the hard work of FBA – alongside ABA, ICBA and our peer state banking associations – is bringing results. The current Administration and Congress are keenly interested in eliminating unnecessary, burdensome rules and unleashing economic growth. And in short order: • Congress negated the CFPB’s overdraft rule and the OCC’s merger rule. •CFPB has asked courts to vacate its medical debt and section 1033 rulemakings. • CFPB has announced it is revisiting its section 1071 rule while the court has stayed enforcement of the current rule. •Federal banking regulators have proposed the rescission of the 2023 Community Reinvestment Act rule. •FDIC has withdrawn proposals on brokered deposits, executive compensation and corporate governance. •Federal banking regulators removed subjective reputation risk from examination guidance. • Federal banking regulators have signaled interest in exercising any authority under current law to adjust and index regulatory thresholds for inflation and risk, proposing rules to that end. The One Big Beautiful Bill Act is law, providing tax certainty through making significant tax provisions permanent like the Section 199A pass-through deduction rate of 20 percent. In a major victory for our collective advocacy efforts, the bill included a modified

version of the ACRE Act, under which banks will be permitted to exclude from gross income 25 percent of interest income derived from certain qualified real estate loans without a sunset date. ACRE enables bankers to serve their communities better and starts to level the playing field with farm credit. While credit union taxation was not included, key committees have been looking into whether credit unions have strayed from their mission and their non-profit status as we have suggested. Stadium naming rights, fair lending violations, commercial bank acquisitions, commercial lending activity, nationwide membership, and tax exemptions for credit union service organization activities require scrutiny. Congress is already working on another reconciliation bill, and we will continue to beat this drum. Easing the path for de novo bank formation remains a significant priority for FBA, and the door is open with Chairman French Hill’s initiative to Make Community Banking Great Again. We are working with members of Congress and the Administration on proposals to do exactly that, with the experience and input of our many entrepreneurial Florida bankers. Overall, we are seeking ways to level the playing field between banks and our growing roster of competitors – credit unions, fintechs, neobanks, private lenders, crypto firms, big tech. Major proposals around affordable housing, insurance (particularly the National Flood Insurance Program), and establishing the U.S. as a leader in the digital asset space are moving. Policymakers are also paying attention as we highlight ways to counter the overwhelming fraud and scam activity plaguing our customers and weighing down our institutions. We are at the table, bringing the interests of Florida’s bankers in serving our communities and customers. Please contact me any time with concerns, questions and ideas. I love hearing from you to better hone our engagement in Washington.

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CHAIR’S MESSAGE

RENEWING THE SPIRIT OF COMMUNITY BANKING

BY KEITH COSTELLO, FBA CHAIR

A s I begin my term as Chair of the Florida Bankers Association, I’m both humbled and energized by the opportunities ahead. Our industry is at a pivotal moment. Rapid technological change, ongoing regulatory shifts, and the continued consolidation of banks across the country are reshaping the way we serve our communities. But these challenges also present powerful opportunities – particularly for those of us who believe deeply in the value of community banking. One of my top priorities this year is to champion the return of de novo bank activity in Florida. Since the passage of Dodd-Frank, the formation of new banks has slowed to a trickle, and the supply simply hasn’t kept pace with demand. Yet we continue to see mergers and acquisitions reduce the number of institutions in our state, especially those with deep community roots. That’s why the launch of BankMiami is such a milestone – not just for Miami, but for all of us. As you’ll read in this issue’s cover story, Mary Usategui and

community banks. While the FBA represents institutions of all sizes, my heart has always been in community banking. We need to ensure our smallest banks are not disproportionately burdened by regulations that may have been designed with the largest players in mind. And as technology continues to evolve, we must help level the playing field by promoting strategic partnerships, digital innovation and smart regulatory frameworks that don’t leave smaller institutions behind. I’m also closely watching developments in open banking, stablecoins, and digital asset regulation. These emerging areas can impact us all, and community banks need to be aware of them. We must understand the larger forces shaping our industry and seek ways to provide the best client experience constantly. Ultimately, I believe in a banking landscape that is diverse, resilient and community-focused. That’s the future I’ll be working toward this year – and I look forward to doing it together, with all of you.

her team have achieved something extraordinary: founding a new, woman-led, locally owned bank in one of America’s most dynamic markets. They’ve proven that with the right vision, preparation and community support, de novo banking is not only possible – it’s essential. It’s my hope that BankMiami won’t be the exception, but the start of a new era in Florida banking. This year, I’ll be working closely with the FBA to help foster an environment where more banks like BankMiami can launch and thrive. That means advocating for a more efficient and transparent regulatory process, encouraging capital formation and ensuring that state and federal policies support, not stifle, entrepreneurship in our industry. Just as important is supporting the ongoing success of our existing

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WWW.FLORIDABANKERS.COM AUGUST | SEPTEMBER 2025 — 7

Building BankMiami A New Chapter in Community Banking How Mary Usategui and her team are redefining local banking in one of America’s most dynamic cities.

BY SUELLEN WILKINS, DIRECTOR OF MARKETING AND COMMUNICATIONS

W hen Mary Usategui took a part-time job as a teller over 20 years ago, she had no intention of becoming a career banker. Today, she leads BankMiami — the first de novo bank in Miami-Dade County since 2008, and the first woman-founded bank in the city’s history. Alongside her leadership team, Usategui is bringing a deeply personal, community rooted approach back to banking in one of the nation’s most competitive and rapidly evolving markets. The Origin Story Mary Usategui’s path to the C-suite was anything but traditional.“I started at Coconut Grove Bank as a part time teller while going to school full time,” she recalls. “I had no idea how a bank operated.” But she quickly advanced through the ranks, eventually becoming Senior Financial Officer. Her career trajectory brought her to Professional Bank, where she reunited with Danny Martinez, who had recently joined from Gibraltar Bank & Trust. They had worked together previously at Coconut Grove Bank (now Grove Bank & Trust). As the Miami banking market experienced wave after wave of consolidation, the seeds of BankMiami began to take root. “There was a clear void in our community,” Usategui explains. “Concierge-style banking was disappearing. Clients were frustrated — decisions were no longer being made locally, and the personal relationships they had counted on were vanishing.” Martinez echoes that sentiment. “We saw our clients looking for something that didn’t exist anymore — a bank that understands Miami, that understands them. So we said, ‘Why not us?’” Usategui and Martinez left Seacoast Bank in mid 2023. By December, they had filed their application to open a new bank. BankMiami received approval within four months after application acceptance — a remarkably fast turnaround — and officially opened its doors on March 17, 2025. That success was no accident. “We did a lot of groundwork before filing,” Usategui says. “We had longstanding relationships with regulators and worked closely with the Florida Bankers Association (FBA), ICBA and ABA to advocate for a smoother de novo process.” The biggest challenge? Raising capital. The team successfully raised over $38 million, with a key stipulation: no single investor would own more than 10 percent. “We wanted to protect our business model,” Usategui says. “We knew where we wanted to go, and we didn’t want anyone coming in and redirecting us.”

A Milestone Moment Being the first woman to found a bank in Miami is a powerful achievement, but Usategui views it in broader terms. “It’s an honor, of course,” she says, “but what mattered most to me was opening a bank that our community needed. That we happened to be the first in 16 years — that’s what makes me proud.” For Martinez, the milestone holds both professional and personal meaning. “As the father of daughters, it’s inspiring to see Mary lead this. It sends a strong message to young women — you can do this. You can start something, and you can succeed.” He adds, “Her trajectory is incredible. She became CFO at a very young age and helped take a bank public before turning 40. She’s someone my daughters can look up to.” If you ask either of them what sets BankMiami apart, they’ll tell you it’s the people. “Every single employee is a shareholder,” Danny says. “That changes everything. It creates a sense of ownership you just don’t see at larger institutions.” Usategui adds, “We’ve built a team that for the most part has worked together before, and we put culture first. When you take care of your people, they take care of your clients. And the clients, in turn, become your best advocates.” The leadership team — Usategui, Martinez, CFO/ COO David Monter and Chief Credit Officer Rob Regalazio — brings decades of experience and deep knowledge of the Miami market. “David was my controller at Professional Bank and ran operations during one of the most difficult transitions we had,” Usategui shares. “Rob has unmatched credit knowledge. And Danny brings business development expertise and a powerful local network. The team we’ve assembled has some of the best in the business.” Starting Fresh, Serving Smarter BankMiami serves professionals – doctors, lawyers, CPAs and small business owners – offering custom financial solutions delivered with a personal touch. “It’s not just about accounts or loans,” says Martinez. “It’s about relationships. Our clients know they can call us on weekends. They know we’ll pick up. That’s rare these days.” The bank’s modern technology stack also sets it apart. “Most banks our size have legacy systems,” Usategui notes. “We built our tech from scratch. That BankMiami, Continued on page 10

8 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

A Flamingo with Meaning In true Miami fashion, the BankMiami logo – a bold flamingo – has become a local hit. “The flamingo symbolizes our uniqueness. It stands out, just like our bank,” Mary Usategui says. As BankMiami takes flight, its founders remain grounded in what matters most: people, relationships and building something meaningful. In Usategui’s words, “We didn’t just start a bank. We started a movement – to bring community, trust and heart back to banking.”

WWW.FLORIDABANKERS.COM AUGUST | SEPTEMBER 2025 — 9

The BankMiami team visits their new office on Sunset Drive in Coral Gables. The team plans to hold a grand-opening celebration once they move into the new building.

client acquisition, satisfaction and community impact.” That belief in people-first banking extends to internal culture. “We want this to be the best place to work,” Usategui says. “When employees feel valued, they deliver exceptional service. That’s how you grow – not through ads, but through word-of-mouth and trust.” BankMiami has already celebrated milestones, from navigating regulatory approval to being oversubscribed in their capital raise. But for Usategui and Martinez, the true accomplishment lies in the excitement and ownership felt by their team. “Watching our people flourish – that’s what I’m most proud of,” Usategui says. “Seeing employees take ownership and thrive in this new environment has been incredibly rewarding.” Martinez adds, “We’ve seen support not just from clients, but from other banks. That kind of goodwill means everything. It’s a testament to the relationships we’ve built over the years.” Looking to the future, BankMiami’s focus remains clear: grow sustainably, serve meaningfully and remain agile in a shifting financial landscape. Still, challenges remain. For de novo banks, fintech recognition issues and routing number delays are ongoing headaches. Community banks, more broadly, face looming concerns around digital asset regulation and limited tech resources. But Usategui and her team are ready. “We’re keeping a close eye on crypto regulation and potential shifts,” she says. “If the big banks adapt quickly, smaller banks risk falling behind. That’s why we’ve prioritized technology from Day One.” And, of course, capital remains a hurdle for any startup bank. “We’re fortunate to be in a wealthy region, but even then, raising funds was tough,” Martinez notes.“People bet on us because they believed in the team. That’s humbling — and motivating.”

BankMiami, Continued from page 8

flexibility lets us compete at a high level right out of the gate.” But why go through the trouble of starting a bank instead of acquiring one? “Because it gave us control,” Usategui says.“We didn’t want to untangle old systems or compromise our vision. Starting fresh was the right move.” The FBA has played a pivotal role in both Usategui’s personal development and BankMiami’s formation. “I joined the FBA about 10 years ago,” she says. “Our former CEO, Raul Valdes-Fauli, introduced me to it. After his passing, it became even more important for us to stay involved and carry on his legacy.” Usategui serves on the FBA Board of Directors and previously served on the FBA’s BancServ Board. In 2022, she received the FBA Horizon Award – a moment she says was “incredibly meaningful,” particularly because Valdes-Fauli had received the same honor. Following in their footsteps, Martinez received the FBA Horizon award in June 2025. He’s now in his second year of serving on the Florida Bankers Educational Foundation Board. “The support we’ve received from the FBA community has been unbelievable,” he says. “It’s been a huge part of our journey.” A Future Built on Trust The Miami banking landscape has changed dramatically over the past two decades. In 2008, there were 42 banks headquartered in the area. Today, there are just 18 – despite a booming population and business influx. That imbalance created a perfect window for BankMiami. “There was a real void in the market,” Usategui explains. “We saw it and jumped on it.” Their approach isn’t just about numbers, though. It’s about client experience. “We’re here to reduce friction in banking,” she says. “Success isn’t just asset size. It’s

10 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

MARY USATEGUI, PRESIDENT& CEO, FOUNDER

Mary Usategui has over 20 years of banking experience, including helping de novo banks grow and increase shareholder value. Prior to forming BankMiami, Usategui served as the Chief Financial Officer of Professional Bank from April 2014 until its successful sale to Seacoast Bank in February 2023. Following the Seacoast merger, she took on the role of Chief Strategy Officer. She also held other senior roles within Professional Bank and Coconut Grove Bank (now Grove Bank & Trust). During her professional career, she has been responsible for the oversight of finance, accounting, bank operations, human resources, investor relations, strategy and information technology. Usategui has been recognized by multiple publications and associations for her diligent work

in the banking sector and for her service in the community. Usategui is a native Miamian with deep ties to the local community. She attended Florida International University, where she earned her bachelor of business administration (with dual majors in finance and international business) and her master of science in finance. Usategui also holds a master of science in accounting from the University of Miami and is a CPA in the state of Florida. She currently sits on the FBA Board of Directors and the University of Miami Citizen’s Board.

DANIEL MARTINEZ, EVP – CHIEF BANKING OFFICER, CO-FOUNDER

Daniel (Danny) Martinez has over 30 years of banking experience. Prior to joining BankMiami, Martinez worked for financial institutions such as Seacoast Bank, Professional Bank, Citibank, Union Planters Bank-Private Banking Division and Gibraltar Private Bank & Trust Co,. where he serviced and formulated relationships with high net worth individuals and families as well as professionals within the legal, accounting and medical communities. Martinez served in many progressive roles leading up to Chief Banking Officer at Professional Bank, where he oversaw business development efforts, including loans and deposits, for the organization and was instrumental in recruiting top banking talent across the South Florida footprint. A native of Miami, Martinez serves on the Board of Directors at Christopher Columbus High

School - Alumni Association, the South Florida Banking Institute and the Cuban American Bar Association Pro Bono Division. He is a former board member of St. John Neumann Catholic Preparatory School, and Amigos for Kids. Martinez attended Christopher Columbus High School and Nova Southeastern University, where he received a bachelor’s of science in business management.

DAVID MONTER, EVP – CHIEF FINANCIAL OFFICER & CHIEF OPERATING OFFICER, CO-FOUNDER

David Monter brings over 30 years of comprehensive banking experience to BankMiami, having excelled in leadership positions at de novo institutions and larger financial organizations. Throughout his distinguished career, he has leveraged a deep expertise in operations, finance, tax and risk management to advance strategic objectives and drive sustainable growth. Monter began his career at BankUnited. During his tenure at Professional Bank, he held multiple pivotal roles, including Chief Operations Officer from 2014 until the bank’s successful sale to Seacoast Banking Corporation in February 2023. Following this acquisition, he served as Operations Business Risk & Controls Officer at Seacoast Bank. Previously, he was instrumental in launching Great Florida Bank, guiding it from the de novo phase to its successful sale to Florida

Community Bank. Monter holds a master’s degree in accounting, with a specialty in managerial & cost accounting, from Nova Southeastern University, and a bachelor’s degree in accounting and taxation from Florida International University.

ROBERT REGOLIZIO, EVP – CHIEF CREDIT OFFICER

Robert Regolizio is a seasoned banking professional with over 35 years of experience in the industry. Before joining the bank, he served as the Deputy Chief Credit Officer at Banesco USA, a position he has held since joining the company in 2023. Prior to his role at Banesco USA, Regolizio was the Chief Credit Officer at Professional Bank, starting in 2018. In this capacity, he played a pivotal role in the bank’s growth, contributing to its expansion throughout South Florida. His extensive career also includes a tenure as Chief Credit Officer at Gibraltar Private Bank and Trust, where he began in 2012. His responsibilities encompassed overseeing credit operations and supporting the bank’s strategic initiatives during a period of repositioning. Regolizio earned his bachelor of arts in accounting and MBA in banking and finance from

Dowling College in Oakdale, N.Y., equipping him with a strong foundation in business and finance. Throughout his career, Regolizio has demonstrated a deep understanding of the banking sector, particularly in credit risk management. His leadership has been instrumental in driving growth and operational excellence within the institutions he has served.

WWW.FLORIDABANKERS.COM AUGUST | SEPTEMBER 2025 — 11

GOVERNMENT RELATIONS

FROM THE COMMUNITY TO THE CAPITOL: WHY YOUR STORY COUNTS

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

P assing good bills and stopping the bad ones is a full-time job – and it requires that elected officials hear from our industry. Unfortunately, many legislators don’t know their local bankers. We need you to help our industry improve on telling “our story” to our elected officials. Our industry must also do a better job getting to know our elected officials before they vote in Tallahassee and D.C. Much of our success in years past was tied to a legislator telling us they knew their local banker, who said they were for or against an idea. It doesn’t matter whether you work in a small or a large bank. Legislators want to get to know and learn from their constituents. They want to better understand how banks work and what they do to improve their constituents’ lives.

The FBA organizes events, large and small, to connect regulators and lawmakers with our members to help them understand the issues that are of the utmost concern. However, effective advocacy requires year-round relationship building – not just responding during legislative session. We encourage you to: • Share your personal and community impact stories with legislators • Invite elected officials to your bank to meet staff and learn how banks support the community • Educate officials about the differences between banks and credit unions • Attend FBA events like luncheons, leadership dinners, Capitol Day and the D.C. Fly-In • Support campaigns and respond to FBA’s Calls to Action • Engage board members in advocacy efforts to offer non-banker perspectives The FBA is developing a pilot program with a tool kit for you to host elected officials at your bank. You can give them a tour, introduce them to your staff, and tell them about your work in the community and how it impacts your customers/their constituents. Another way to develop relationships is to commit time and treasure to political campaigns. I cannot tell you the number of times I’ve heard that a local banker was one of the first supporters in an election, and the legislator had never forgotten the help. Remember, even legislators who may not always vote with us must hear from local bankers, or they’ll never vote with us. Your FBA works continuously to represent the banking industry in Washington, D.C., and in Tallahassee, but we need support from local bankers to strengthen our efforts. Nothing is as powerful as a local banker telling his or her story of work in the community – and how we make dreams come true.

12 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

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TRUST & WEALTH MANAGEMENT

BEAUTY – AND ART – ARE IN THE EYE OF THE BEHOLDER HOW THE APPEAL OF COLLECTIBLES IS TRANSFORMING THE ART WORLD

BY ALEXANDER M. PARTHEMER, LL.M., AND RACHEL L. SEARS, PRIVATE WEALTH AND TAX ATTORNEYS AT JONES FOSTER

T he art market is undergoing a dynamic transformation, with collectors and investors increasingly turning their attention from traditional artwork – such as oil paintings, classical sculpture, and fine furniture – to more unconventional and eclectic categories. While Old Masters and Impressionist works still command respect and high values, a growing segment of the market is being driven by what many term “new art” or alternative collectibles. This trend includes everything from Tyrannosaurus Rex fossils and sneakers to ornate 19th-century shaving cream cups – items that blend cultural relevance, historical curiosity and rarity. These nontraditional collectibles often appeal to a younger, more diverse collector base that values storytelling, personal connection and cultural symbolism over formal artistic pedigree. At the same time,“ultra-contemporary” artists – those born after 1975 – are dominating gallery representation and auction demand, often with works priced under $10,000. These artists, like the collectibles they parallel, offer accessibility and a fresh narrative in a market that’s no longer defined solely by oil-on-canvas. Whether it’s prehistoric bones or limited-edition Air Jordans, the definition of art and value is expanding. For collectors and advisors alike, recognizing the shift toward the unique, experiential, and unconventional is key to understanding the future of the art world. As the art market continues to evolve, collectors face a shifting landscape shaped by generational preferences, emerging asset classes, and new challenges in valuation,

estate planning, and charitable giving. At a recent panel discussion,“Navigating the Old and New Art Markets: From Biedermeier to Birkin,”1 industry professionals from Kaufman Rossin, Jones Foster, and Ronald Varney Fine Art Advisors explored how the definitions of “art” and “collectibles” are expanding, and what this means for collectors, advisors and fiduciaries. Here, we highlight some of the key topics discussed and offer insights into navigating the new terrain of the art world. How Is the Definition of ‘Art’ Changing? Traditional notions of art have long centered around painting, sculpture, antique furniture and classical decorative objects. However, the market is increasingly embracing “nontraditional” collectibles that fall outside these categories. Fossils, sneakers, luxury handbags and even ornate 19th-century shaving mugs are now entering private collections, museum exhibitions, and high-profile auctions. This shift reflects both cultural and generational changes. Younger collectors, particularly Millennials and Gen Z, are more likely to gravitate toward items that reflect personal identity, nostalgia or cultural commentary. These pieces may not conform to classical standards of artistry, but they are gaining traction as meaningful, valuable assets. While traditional art still enjoys enduring prestige and long-established valuation methods, the rise of ultra-contemporary artists signals a growing appetite for innovation and immediacy. Recent studies show galleries increasingly prioritize these artists, particularly

1. “Navigating the Old and New Art Markets: From Biedermeier to Birkin,” April 10, 2025, Palm Beach Gardens, Florida, featured panelists Jennifer Quent (moderator) and Michael Kramarz of Kaufman Rossin; Ronald Varney of Ronald Varney Fine Art Advisors; and Alexander M. Parthemer of Jones Foster.

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generation about the asset’s value and cultural context. Failing to plan can lead to fragmented sales, undervaluation or even loss of the collection’s integrity. What Should Donors Know Before Gifting Art to Charity? Charitable donations of art and collectibles can offer significant tax benefits – but they also come with complex substantiation requirements. The IRS scrutinizes these transactions closely, and panelists stressed the importance of involving tax and legal advisors early in the process. The fair market value deduction for donated artwork may be limited or disallowed if the recipient organization cannot demonstrate a “related use.” For example, donating a painting to a museum that will display it may allow a full deduction, while giving it to a nonprofit hospital that plans to sell it may not. These rules apply whether the recipient is a public charity, private foundation or donor-advised fund. Further, high-value items require qualified appraisals, and the donor must submit IRS Form 8283 with the tax return. If the art is later sold by the charity within three years, the IRS may “claw back” the deduction unless the charity certifies related use. For traditional art, many institutions have well established intake and display procedures. With more unique or unconventional items, charities may lack the expertise or desire to accept the gift, making early discussions and contingency planning all the more essential. Is Art Still an Investment – Or Something Else? The panel concluded by revisiting an essential theme: while many treat art and collectibles as investments, their value often transcends financial metrics. Art tells stories, preserves history and reflects identity. This is true whether the item is a 17th-century oil painting or a signed pair of sneakers from a cultural icon. Traditional art may offer stability and long-term appreciation, while newer collectibles can deliver excitement, cultural relevance and rapid market growth. The key for collectors and their advisors is to understand the distinctions, navigate the complexities and plan with clarity. As the definition of art continues to expand, so too must the strategies for acquiring, preserving and transitioning these assets – because whether it’s Biedermeier or Birkin, the art of collecting is more dynamic than ever. The information provided in this article does not, and is not intended to, constitute legal advice; it is for general informational purposes only. No reader of this article should act or refrain from acting on the basis of this information without first seeking legal advice from counsel in the relevant jurisdiction to ensure the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation.

those born between 1975-1989 and after 1990, as they drive market relevance and buyer engagement. Practical Challenges in Collecting New Forms of Art and Collectibles With the expansion of what constitutes a “collectible,” new challenges have emerged – particularly around authentication, provenance and valuation. A Tyrannosaurus fossil may captivate buyers, but confirming its origin, legality of excavation and scientific classification requires a specialized team of experts. Likewise, a first-edition pair of Nike Air Jordans may command a premium, but without verifiable provenance and condition reports, the value is speculative. Contrast this with traditional art: while forgeries and authenticity disputes still abound, the infrastructure for evaluating classical works – galleries, auction houses, catalogues raisonnés – is more robust and time-tested. Moreover, valuation in newer markets can be volatile. Trends in fashion, pop culture and even social media can rapidly inflate or deflate demand for a given item. For collectors seeking long-term investment or legacy planning, these fluctuations require careful monitoring and frequent reappraisal. How Often Should Collectors Update Their Inventory and Valuations? Regardless of what a collection includes – be it Biedermeier furniture or Birkin bags – it’s critical to maintain a detailed, up-to-date inventory. Panelists emphasized the importance of conducting professional valuations every two to three years. This not only supports proper insurance coverage but also ensures that estate and tax planning reflect the current market reality. Inventorying should include photographs, descriptions, purchase details, provenance documentation and condition reports. For newer collectors, especially those entering the space through alternative assets, developing this habit early is essential. Many collectors underestimate the administrative burden of managing a collection, only to leave heirs or executors in a difficult position later. When Should Collectors Start Talking to the Next Generation? It’s never too early to begin the conversation. Panelists noted that some of the greatest losses – financial and emotional – occur when a collector passes away and no clear plan exists. A collection that held deep personal significance to the original owner may become a source of conflict or confusion for heirs with differing values or tastes. Whether the intention is to keep, sell, or donate the collection, discussing expectations with family members and integrating the collection into a broader estate plan is crucial. For traditional art, this might involve identifying specific heirs, creating trust structures or making arrangements with a museum. For newer or niche collections, it may require educating the next

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BANKPAC THANKS 2025 SILENT AUCTION DONORS

A sincere thank you to all of the banks and individuals who contributed to the 2025 Florida BankPac Silent Auction. Thanks to your generous contributions, $60,000 was raised for BankPac!

NFP Executive Benefits Glenn Blackwood One Florida Bank Rick Pullum Pacific National Bank Carlos Fernandez-Guzman PNC Bank Cressman Bronson Popular Bank Israel Velasco Prime Meridian Bank Sammie Dixon Profit Resources, Inc. Shaw Lokey Republic Bank Jim Kirkpatrick Saltmarsh, Cleaveland & Gund Paul Allen ServisFirst Bank Guillermo Chiang Spottswood Companies, Inc. Robert Spottswood Sunrise Bank Barry Griffiths Sunstate Bank Yvonne Debesa Surety Bank Ryan James Synovus Financial Corporation Sean Simpson Terrabank Antonio Uribe The Bank of Tampa Corey Neil The First National Bank of Mount Dora Bob White The Ritz-Carlton, Naples Truist Bank Tom Pennekamp United Southern Bank Valley Bank Jeff Armstrong Waterfall Bank Kevin Darmody

Anchor Bank

First Colony Bank

Nelson Hinojosa

Ralph Betancourt First Federal Bank John Medina First Foundation Bank Garrett Richter First Horizon Bank Mario Trueba First National Bank Coastal Community Shaun Williams First State Bank of the Florida Keys William Kemp Flagship Bank David Key Florida Bankers Association BancServ Anthony DiMarco Education Department Chris Alexander Charlie Brinkley Rob Trott Grove Bank & Trust Jose Cueto Gulf Atlantic Bank Adam Woods Gulfside Bank Dennis Murphy Intracoastal Bank Ryan Page Locality Bank Keith Costello Madison County Community Bank Ed Meggs Mainstreet Community Bank Ben Flowers Marine Bank & Trust Bill Penney Millennium Bank Suzanne Norris Terry Hughes Lesley Jordan Membership Department First National Bankers Bank

Anthem Bank Rodger Shay Bank of America

Fabiola Brumley Bank of Belle Glade Steve Prielozny BankFlorida Bud Stalnaker BankMiami Mary Usategui Cadence Bank Lourdes Mendes Capital City Bank Bill Moor Central Bank John Thompson Century Bank of Florida Gabriel Vivero Citizens Bank & Trust Greg Littleton Citizens First Bank Jay Bartholomew City National Bank of Florida Jorge Gonzalez Colony Bank Ed Canup Commerce Bank & Trust Eric Ravndal Community Bank Fred Leopold Community Bank of the South Bill Taylor Cypress Bank & Trust Dana Kilborne Dorsey Consulting, LLC Joe & Karen Dorsey Edison National Bank/Bank of the Islands Robbie Roeppstorf FineMark National Bank & Trust Harlan Parrish First Bank, Clewiston Andrew Couse

Many thanks to our auction sponsors:

And thank you to Seven Hills Auctions and Buddy Lee for their fine auctioneering services!

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FACES OF THE FOUNDATION

MEET SCHOLARSHIP RECIPIENT MARCEL PADRON

F lorida Bankers Educational Foundation (FBEF) Scholarship recipient Marcel Padron knows hard work and education are integral to career success. Padron started with First Bank, Clewiston, in 2017, working as a teller. He came about the job by chance. “After high school, I enrolled in college as a finance major because I’ve always been passionate about the business world,” Padron said. “While in school, I wanted to find a job related to finance that would give me real industry experience. That’s when I came across an opening for a teller position at a local community bank. It was perfect – it allowed me to earn money for college while also gaining hands-on experience.” Padron began paying close attention to how the bank operated. His finance classes gave him a strong foundation, he said, but working at the bank helped

him connect what he was learning in school to real world applications. “I saw firsthand how banks impact communities, from serving people to helping businesses grow,” Padron said. “That’s when I realized banking wasn’t just a job, it was a career with real purpose.” After completing a bachelor’s degree in finance, Padron continued to grow in his career at the bank. He worked as a teller until he graduated; after earning his finance degree, he applied for an opening as a loan-servicing specialist. He was grateful, he said, for the opportunity to step into that role. “From that point on, I made it my mission to learn as much as possible about banking,” he said. “I wanted to show my dedication and eagerness to grow. After a year, I transitioned into an accounting clerk position, where I discovered my passion for the accounting side of banking.” Padron was amazed

at how much he learned during the first year in his new role and realized the accounting aspect of banking was his true passion. Since continuing his education would help his growth in the banking industry, Padron applied for FBEF funding that would help him return to college. “Thanks to the FBEF scholarship, I was able to go back to school and earn my accounting degree, which has had a huge

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impact on my career,” Padron said. “It deepened my understanding of financial reporting, regulatory compliance and internal controls, which are critical areas in banking.” Earning his degree also brought him one step closer to his long-term goal of becoming a CPA. “The FBEF scholarship was a wonderful help, making it possible for me to continue my education by easing the financial burden. I’m incredibly grateful that my bank covered the rest of the costs.” Padron is thankful for the encouragement he has received from the First Bank team. “It’s so important for bankers to support the next generation. I feel very lucky to work with a group of executives at First Bank who do a great job of that,” he said. “Our CFO, Mark Deitz, has been a great mentor to me. Mark introduced me to

the FBEF Scholarship Program and told me about the opportunities it could provide. If he hadn’t introduced me to the program, I’m not sure I would have pursued it.” Padron encourages other bankers who may be considering education as a way to advance their careers. “For anyone thinking about going back to school, I’d say it’s definitely worth it,” Padron said, “but I also know it’s not always easy. Balancing work, life and school can be challenging, and may feel impossible. But even if you only take a few classes a year, like I did, every step forward makes a difference. “Continuing my education helped me grow personally and professionally, and while the journey wasn’t always smooth, the long-term benefits have been invaluable.”

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 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. 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 Today’s bank Why Graduate School of Banking at LSU?

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Attending the Graduate School of Banking at LSU was a pivotal experience for my career. The well rounded, yet challenging curriculum, led by esteemed faculty and industry leaders, provided me with unparalleled access to knowledge in advanced banking principles and strategic leadership. Beyond the classroom, the opportunity to network with banking professionals from across the country was invaluable, creating connections that will benefit my career long after my graduation. I highly recommend the GSB LSU program to any banker committed to elevating their expertise and driving future success. A

hƺɀɀǣƬƏ xǣǼƏȅ EVP/ Chief Administrative Officer Planters Bank & Trust Greenville, MS Class of 2025

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