Florida Banking December 2024-January 2025

THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM SEPTEMBER 2020 Bradesco Bank Bridging International Banking and Finance THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM SEPTEMBER 2020 THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM DECEMBER 2024 | JANUARY 2025

Join the 55th Annual Florida School of Banking!

August 3-9, 2025

Gainesville, FL

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Admission Requirements

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Editorial & Executive Offices 1001 Thomasville Road, Suite 201 Tallahassee, FL 32303 850-224-2265 www.floridabankers.com Advertising & Production Offices 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 For reprints or single issues, contact 800-336-1120 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 2024 Kathy Kraninger President and Chief Executive Officer Florida Bankers Association kkraninger@floridabankers.com Pamela Ricco Executive Vice President and Chief Operating Officer A

THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION

VOLUME 39

NUMBER 9 DECEMBER 2024/JANUARY 2025

ON THE COVER 8 - - - - - - - - - - Bradesco Bank

Bridging International Banking and Finance

CONTENTS 4 ---------- Chair’s Message Year-End Reflections and 2025 Priorities for Florida’s Banking Community 6 - - - - - - President's Perspective Election Outcomes and the Ripple Effects 12 - - BancServ Endorsed Partner Four Ways to Protect Your Financial Institution from Online Threats 14 - - Trust & Wealth Management Ignore the Weather – Stay the Course With the U.S. 16 - - - - - Government Relations Looking Ahead: The 2025-26 Florida Legislature 18 - - - - - - - FBA Trust & Wealth 20 - - - - - - - - - BankPac Update 22 - - - - - - - - - - - FBEF Donors 24 - - - - - - Personal Transactions 26 - - - - - - - - - - - - - - Kudos 30 - - - - - - - - Upcoming Events 31 - - - - - - Advertising Directory Management Conference Here are highlights from the 2024 Conference

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Cover Story (left to right): Bradesco Bank Head of Real Estate Finance Jeff Gross, President & CEO Henrique Lima, and Head of Private Wealth Management Mauricio Farias Photos by Steven Martine Photography

Florida Bankers Association pricco@floridabankers.com Suellen Wilkins Director of Communications Florida Bankers Association swilkins@floridabankers.com

Derek Jones Chair

Keith Costello Chair-Elect

Jose Cueto Immediate Past Chair

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Florida Bankers Association: The voice of Florida banking since 1888.

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©istock.com: piranka; Iuliia Anisimova

CHAIR’S MESSAGE

YEAR-END REFLECTIONS AND 2025 PRIORITIES FOR FLORIDA’S BANKING COMMUNITY

BY DEREK JONES, FBA CHAIR

A s we approach the end of 2024, it's a perfect moment to pause and reflect on the remarkable achievements and challenges that have shaped Florida's banking community over the past year. In my role as FBA Chairman, I've had the privilege of witnessing the extraordinary resilience and innovation within our industry, as we've navigated a constantly changing landscape. Now, as we look ahead to 2025, I'm excited to share our vision and priorities for the future, building on the strengths we've cultivated this year. This year, Florida continued to grapple with economic shifts driven by rising interest rates and the lingering impacts of inflation. But, as always,

practices that are working, and advocating for the U.S. Congress and our Florida Legislature to provide strong incentives for affordable housing development. Additionally, we will press for continued property insurance reform to ensure the cost burden does not stifle the growth and resilience of our communities. Like many other states, Florida has seen a surge in fraud targeting the most vulnerable among us. Protecting customer data and preventing fraud will be a cornerstone of our focus in 2025. The FBA will work closely with the Florida Office of Financial Regulation and other stakeholders to establish industry-wide best practices and more robust information sharing, as well as provide training for all bankers. A Call for Continued Collaboration

our state’s banks rose to the challenge. The aftermath of three major hurricanes tested the resilience of our communities across the state, but particularly along Florida’s west coast. I’m proud of how our bankers have provided critical disaster recovery support — expediting loans, providing temporary relief for borrowers and partnering with local organizations to rebuild — even in the face of their own losses.

“AS WE PREPARE FOR AND BEGIN A NEW YEAR, I WANT TO EMPHASIZE THE IMPORTANCE OF UNITY WITHIN OUR BANKING COMMUNITY.”

As we prepare for and begin a new year, I want to emphasize the importance of unity within our banking community. Florida’s unique economic environment, from its rapid population growth to its vulnerability to natural disasters, requires us to work together to meet these challenges. Whether

advocating for regulatory reforms, supporting affordable housing or protecting our customers from fraud, our collective strength as an industry will ensure Florida’s banking sector remains strong, innovative and resilient. I extend my deepest gratitude to each of you for your hard work and dedication this year. Our shared successes in 2024 are a testament to your commitment to serving Florida’s diverse communities. As we look to 2025, I am confident that, together, we will continue to make Florida a place where our banking institutions can thrive and help foster sustainable growth for all. Wishing you a prosperous year ahead.

Florida continues to be one of the fastest-growing states in the U.S., attracting new residents and businesses at a rapid pace. Given our state’s exposure to hurricanes and other natural disasters, bankers must continue to play a proactive role in helping communities prepare and recover. This includes leveraging their deep relationships in the community to support disaster preparedness and response plans as well as mitigation efforts. The sharp increase in housing prices across Florida, particularly during the pandemic, has highlighted the urgent need for more affordable housing solutions. We will continue sharing community-based best

4 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

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Created by the Florida Bankers Association, BancServ Inc., provides quality products and services at a discounted rate, saving Florida banks time & money. Brian Hickey, Managing Director of Partner Relations | bhickey@floridabankers.com

PRESIDENT'S PERSPECTIVE

ELECTION OUTCOMES AND THE RIPPLE EFFECTS

BY KATHY KRANINGER, FBA PRESIDENT AND CEO

T he American people have spoken decisively this year — President Trump is returning to the White House. He swept all seven crucial swing states, won the popular vote and secured 312 electoral votes. In addition to Florida having its first U.S. President, the state will see some musical chairs as congressional and state leaders move into the administration or fill resulting vacancies. U.S. Senate

become ranking member of the Banking Committee — setting her up to be chair should the Democrats take over in two years, when the race map is more favorable for them than the past few cycles. U.S. House As of print time we await results in three House races. The House will stay in Republican hands, though Speaker Mike Johnson (R-LA) will lead a slim

majority, and governing will remain a challenge. That is compounded by special elections that will be called to fill vacancies left by those who join the administration. Turning to House Financial Services, the chair race has been on among Rep. Andy Barr (R-KY), Rep. French Hill (R-AR), Rep. Bill Huizenga (R-MI) and Rep. Frank Lucas (R-OK). Each contender is a senior member of the committee with a proven track record of promoting regulatory relief for the

The President’s coattails carried Republican candidates over incumbent Democrat Senators in Montana, Ohio and Pennsylvania. Adding the expected win in West Virginia, the new Republican majority will have 53 seats and a new majority leader. Between retirements and election outcomes, the Senate will see 12 new senators before accounting for any replacing those who join the administration. The Senate Banking Committee will be led

“THE AMERICAN PEOPLE HAVE SPOKEN DECISIVELY THIS YEAR — PRESIDENT TRUMP IS RETURNING TO THE WHITE HOUSE.”

banking industry. FBA has worked closely with these Congressional leaders and the business community will have an ally in that seat regardless of the outcome. On the other side of the aisle, current Ranking Member Rep. Maxine Waters (D-CA) will retain her position as the top Democrat member.

by Sen. Tim Scott (R-SC), who will also join Senate leadership as the chair of the National Republican Senatorial Committee (meaning he will lead the effort to maintain the Senate majority in the 2026 elections). With Sen. Brown (D-OH) and Sen. Tester (D-MT) losing their reelection bids, Sen. Warren (D-MA) will

6 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

Florida Implications On Election Day, the Florida delegation remained the same with all incumbents winning reelection, except newly-elected Rep. Mike Haridopolos taking over for retiring Rep. Bill Posey. The Florida delegation has at least three openings as we congratulate Sen. Marco Rubio on his nomination and Rep. Mike Waltz on his appointment to the president-elect’s cabinet, and replace Cong. Matt

Gaetz. Gov. DeSantis will have the opportunity to make an interim appointment for the Senate seat, whereas any vacant House seat would be filled by special election. As the congressional delegation resets, that has implications for the 2026 Governor’s race and other state-wide posts. And none of that gets us to the policy agenda which is chock full ahead! More on that in our weekly e-newsletter, BankNotes!

WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 7

Bradesco Bank Bridging International Banking and Finance

BY SUELLEN WILKINS, DIRECTOR OF COMMUNICATIONS

F ounded over 80 years ago in Marilia, a small town in the interior of the São Paulo State in Brazil, Banco Bradesco was originally established to serve growing needs in the rural region. As Brazil’s economy developed, especially around São Paulo, Bradesco expanded — meeting the growing demands of the emerging middle class with innovative customer-centric approaches. Through organic growth and acquisitions, Bradesco became one of the largest universal financial institutions in Brazil. Comprehensive offerings include banking, investing and insurance solutions for all segments of the market. Bradesco targets Brazilian and Latin American clients, managing $350 billion in assets abroad and approximately 77 million clients worldwide. Despite global financial uncertainties, Bradesco aims to expand its market share to 10-15 percent over As a major Brazilian bank, Bradesco entered the U.S. offshore private banking market in 2019, acquiring BAC Florida Bank (n/k/a Bradesco Bank) for $500 million. Henrique Lima, with a background in investment banking and mergers and acquisitions (including with Bank of America), joined Bradesco to lead this expansion and support Bradesco's strategic goals in the U.S. Under his leadership the bank grew significantly, with assets doubling from $2.1 billion to $4.5 billion, primarily by attracting new clients and expanding product offerings. The bank streamlined processes, reduced manual tasks and focused on automation to sustainably support growth. Lima described his transition from an investment banker to managing Bradesco’s BAC Florida Bank after the acquisition in 2019. “Initially inexperienced in local regulatory affairs, I found valuable support from several sources, including my board of directors, existing management team, the Florida Bankers Association, and especially from U.S. regulators such as the FDIC and OFR,” he said. “Such support is very important the next decade, leveraging its strong foundation and community focus. Bank Establishes U.S. Base in Miami

to the continued development of the banking industry in Florida.” Lima said challenges unique to the Florida market, such as the direct and indirect impacts of climate related events like hurricanes, have substantially driven up the cost of insurance for local properties. Another challenge is the CRA regulation which was clearly not developed for a bank with Bradesco’s profile, collecting most of its deposits abroad, Lima said. The ongoing modernization effort should help the industry, he said. Reflecting on his transition from investment banking to bank management, Lima emphasized the value of learning from experienced board members and using the board for strategic guidance. He highlighted the importance of attracting and retaining talent, especially in technical roles like cybersecurity. “Fortunately, Florida’s talent pool, combined with Miami’s appeal, has made recruitment easier,

with people willing to relocate to join the bank,” he said. “This combination of industry support, experienced guidance and a strong talent base places the bank in a favorable position for future success.” Bank’s Strength Lies in Personal Approach With 300 employees, Bradesco Bank emphasizes human interaction and a digital transformation to enhance client services. Jeff Gross, Bradesco’s Head of

“STRATEGIC EXECUTION, MAINTAINING STRONG RELATIONSHIPS AND PARTICIPATING IN INDUSTRY DISCUSSIONS ARE EXTREMELY IMPORTANT.” – HENRIQUE LIMA

Real Estate Lending, said the bank’s staff consists of highly experienced mortgage professionals who prioritize communicating with clients and partners, contributing to the bank’s success. “Over the years we’ve developed a unique underwriting capacity to work with non-residents, which requires a tailored approach,” Gross said. To enhance efficiency and adaptability, the bank shifted to a more collaborative, cross-functional approach, breaking down departmental silos and encouraging teamwork between compliance, legal, IT and client services. This restructuring was also reflected in the physical office layout, moving to an open floor plan to foster collaboration. “Our human-centered approach allows us to effectively handle the complexities of our clientele,” he said Bradesco Bank, Continued on page 10

8 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 9

The Bradesco Bank Leadership Team (left to right): Head of Real Estate Finance Jeff Gross, President & CEO Henrique Lima, and Head of Private Wealth Management Mauricio Farias.

Bradesco. He agrees the bank is highly people focused, which differs from the more typical environment in financial markets. “I appreciate Bradesco’s commitment to treating both employees and clients well,” Farias said. “Our community-oriented mindset, largely influenced by the Bradesco Foundation, makes our work enjoyable.” Farias, responsible for most of the hiring at the bank, highlighted the organization’s significant growth and top-notch team of experienced, local professionals. To attract talent, they focus on sharing their growth story, emphasizing the opportunities available at the bank. Farias believes working in a growing company offers employees better chances for career advancement and personal development. With respect to managing daily operations and communication with Brazil, Farias emphasized that while major American and European banks dominate offshore private banking for Brazilian clients, their core business is not focused on Brazil. Bradesco Bank prioritizes private wealth management clients in Latin America with solutions tailored to each client profile, making this focus a key differentiator from competitors. “Attracting talent involves communicating this core market strategy and ensuring competitive compensation,” he said.“Retaining talent will be crucial as the bank continues to grow in the coming years, especially since we are still relatively new in the market.” Expansion Presents Challenges and Opportunities When asked about characteristics of the Brazilian market, Farias noted that of approximately 200,000 millionaires in Brazil, only 10 percent have offshore accounts, which is significantly lower than the global average of 40 percent for successful entrepreneurs in emerging markets.

Bradesco Bank, Continued from page 9

Gross highlighted the importance of experienced staff in understanding diverse markets, appraisals, and the backgrounds of international clients. He emphasized the bank’s commitment to hiring and training younger individuals, providing an example of a Mandarin-speaking employee who has been with them for six years. The bank is characterized as unique, Gross said, as the largest single-branch bank in Florida primarily serving a Latin American clientele, despite being headquartered in Coral Gables. This distinction sets them apart from traditional banking norms and regulatory expectations. “We emphasize personal interaction and in-person visits rather than marketing strategies. Our clients see this approach as a strength, allowing us to build relationships and trust without relying heavily on traditional marketing methods.” Henrique Lima emphasized the importance of maintaining a personal connection with clients through in-person meetings, especially at the bank’s Miami location, while using remote communication for routine interactions. This approach strengthens client trust, he said, and reinforces the bank’s presence as a reliable institution. The bank aims to offer a seamless integration of services, allowing clients to view and manage their investment and banking accounts within a single app — addressing modern client expectations. To support this vision, the bank is investing in system architecture and mobile solutions, intending to attract affluent clients, including Latin American expatriates in the U.S. and individuals who seek alternatives outside large U.S. banks. Mauricio Farias, after nearly 33 years in the banking industry, has found a unique culture at

10 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

Farias spent the last five years visiting 4,000 families in Brazil to understand this phenomenon. He found the low percentage of offshore wealth is due in part to high interest rates and a general fear of sending money abroad. Concerns about the safety and management of their funds also contribute to this hesitation. “Given Brazil’s size, its historical internal growth was natural,” Farias said. “Now, with developments in technology and access to better products and services through trusted institutions, we’re helping with the diversification process of Brazilian wealth management.” Farias acknowledged that while the current complex economic environment poses concerns, it also presents opportunities, particularly due to Banco Bradesco's strong on-the-ground presence. He emphasized

their approach to managing these challenges and opportunities on a daily basis. Lima highlighted the advantage of being part of a large institution, benefiting from Bradesco’s resources while establishing a local governance structure. Their board, he said, includes experts in wealth management, commercial real estate and compliance, blending local knowledge with international support to guide the bank’s strategic execution. This governance model balances local expertise with the strengths of a major banking organization. “We’re optimistic about the bank’s potential for continued growth,” Lima said. “Strategic execution, maintaining strong relationships and participating in industry discussions are extremely important.”

HENRIQUE LIMA, PRESIDENT & CEO

Henrique Lima was appointed President & CEO of Bradesco Bank in October 2020. He has over 25 years of experience in corporate and investment banking in Brazil and the U.S., helping clients in several landmark transactions. In 2008, Lima joined Banco Bradesco BBI in the Banco de Investimentos (Investment Banking) division. Here, he played a pivotal role in sector coverage and actively engaged in strategic transactions for internal and external clients. His exemplary leadership skills led him to serve as the Executive Superintendent responsible for the Merger & Acquisition area. Subsequently, Lima assumed the leadership position in the department, becoming the Head of Investment Banking.

Lima was a key player in the acquisition of BAC Florida Bank in 2020, a significant milestone in Bradesco Bank’s expansion strategy. This strategic move further solidified Bradesco’s presence in the international market.

MAURICIO FARIAS HEAD OF PRIVATE WEALTH MANAGEMENT

Mauricio Farias has more than 30 years of experience in the banking and financial services industry. During the 25 years of his career in Brazil, Farias led treasury, corporate and investment banking, and debt capital markets teams with direct client relationship responsibilities.

In November 2022, Farias joined Bradesco Bank. As head of Bradesco’s Private Wealth Management, Farias is committed to the bank's significant growth plan and focused on new business development, process improvement and financial risk management. Farias’ field of expertise is domestic and international client advisory. He leverages his extensive network, market knowledge and analytical skills to provide tailored solutions for high-net-worth individuals and corporations across Latin America, Europe and the U.S.

JEFFREY GROSS HEAD OF REAL ESTATE FINANCE

Jeff Gross has been in the real estate lending business for 43 years and has run the real estate lending business of Bradesco Bank, formerly BAC Florida Bank, since 1996. Gross founded and continues to run the bank's biggest asset-generation business. Gross developed the bank's main business, which specializes in providing real estate loans for foreign nationals who buy in the U.S. He is recognized as the preeminent banking expert in this type of business.

Gross has expertise in real estate loan work-outs and special assets, having successfully navigated BAC Florida Bank through the real estate crises beginning in 2006. He also has expertise in residential and commercial real estate loan secondary marketing. He is a native of South Florida and has a B.A. from the University of Florida.

WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 11

BANCSERV ENDORSED PARTNER: SHAZAM

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FOUR WAYS TO PROTECT YOUR FINANCIAL INSTITUTION FROM ONLINE THREATS

BY JAMES BOYD, VICE PRESIDENT, INFORMATION SECURITY, SHAZAM

C ybersecurity is increasingly important as more people conduct banking online. While the surge in digital payments and mobile banking creates conveniences for accountholders, it also creates potential vulnerabilities when it comes to fraud and cybersecurity. Here are four threats to look out for and the solutions to keep everyone’s sensitive data and finances secure. Cybersecurity Threat #1: Social Engineering

during a phone call — and will never ask for a one time login code. They also won’t use fear tactics to pressure accountholders to click links.

Cybersecurity Threat #2: Easy-to-guess Passwords

Passwords protect our accounts and devices. One of the most common ways hackers try to gain access to your personal information is by guessing your password. Common passwords, such as “admin” or “abc123”, lack complexity. They also come up in

Social engineering is the act of tricking people into sharing confidential information or sending money. An email pretending to be from a coworker asking for access or sensitive information or a phone call from someone impersonating a government official demanding money are just a couple of the many schemes scammers use to make a quick buck or steal data. The Solution: Think Twice and Verify Social engineering involves people; that’s why education about these scams is key to

most common password Google searches. And if your password is on a public site, it lacks security and puts you at risk of your accounts being hacked. The Solution: Complex Passwords and Multi-factor Authentication Strong passwords use letters, numbers and characters to make them harder to guess. Here are some suggestions on how to create a strong password if you need some help on what to come up with. An additional layer of

“IF YOUR PASSWORD IS ON A PUBLIC SITE, IT LACKS SECURITY AND PUTS YOU AT RISK OF YOUR ACCOUNTS BEING HACKED.”

security is multi-factor authentication. Multi-factor authentication is a multi-step account login process requiring users to enter additional information to log in to their accounts. Users might be asked to enter a code sent to their phone or use a mobile app to confirm their login. This additional authentication can help prevent unauthorized access to your

preventing them from happening. If your staff and accountholders know the warning signs, they are less likely to fall for a scam. Be on the lookout for any misspelled words or poor grammar in emails and hover over any links to make sure they are legitimate. Let your accountholders know financial institutions will rarely ask for your account number, PIN, or password

12 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

accounts if a password has been compromised or caught up in a breach. Cybersecurity Threat #3: Overexposed Services or Devices Admin login pages or other services that should be restricted, such as firewalls and routers, are commonly found open to anyone. This leaves them vulnerable to criminals using scanning tools to detect open ports to use as an initial attack vector for vulnerabilities unknown to the public. These are referred to as zero day vulnerabilities. These are especially dangerous because the attackers are the only people who know about them. Once they have infiltrated a network vulnerability, criminals can immediately attack or wait for the most advantageous time to do so. The Solution: System Testing and Hardening Keep all software and operating systems up to date.

cybersecurity. Our SHAZAMSecure® team provides you with a menu of security services so you can pick what’s right for you. We can help your financial institution evaluate your information security and IT policies to identify areas where you’re most at risk for a cyberattack. We also can test for any internal or external vulnerabilities to help you better understand any internal or external weaknesses that may exist to ensure all your systems remain secure. Together, we can ensure your accountholder’s financial information is secure from their first log in. As vice president of information security, James Boyd is responsible for developing and maintaining SHAZAM’s security program. An active technology and cyber security professional with over 20 years’ experience, he’s earned designations as certified chief information security officer, information security manager and information systems security professional.

These updates include security patches to cover any identified vulnerabilities in previous releases. Additionally, disable unnecessary services and features to minimize any potential vulnerabilities. Use secure configurations to prevent anyone from engaging in unauthorized web activities and to help prevent malicious activity. Cybersecurity Threat #4: Unlimited User Access Not all users should have access to every network, IT infrastructure, or computer system at your financial institution. Giving employees unlimited access is like giving them a master key. If the master key gets into the wrong hands, all your systems are at risk. The Solution: Principle of Least Privilege The principle of least privilege is giving employees access to the networks and folders necessary for their job. It strikes a balance between usability and security to safeguard critical data and systems. This limits the damage of compromised user credentials or accidental data exposure. Staying Secure with SHAZAM As cyberattacks become more prevalent and sophisticated, financial institutions are under growing pressure to beef up their

WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 13

TRUST & WEALTH MANAGEMENT

IGNORE THE WEATHER – STAY THE COURSE WITH THE U.S. BY KRISTIAN R. JHAMB, CFA, CIO AND MITCHELL DARIO, CFA, SENIOR PORTFOLIO MANAGER, SANIBEL CAPTIVA TRUST COMPANY

A s we visit with clients about their investment portfolios and long-term goals, we would be remiss as portfolio managers and financial advisors not to acknowledge the many potential squalls on the horizon that could upend the comfortable “soft landing” narrative currently embraced by many market participants. Heightened geopolitical tensions, the possibility of restoked inflation, challenging valuations amid excessive Artificial Intelligence (AI) hopes, and of course the implications of the U.S. presidential election, could all materially impact portfolios and our clients. But it is also of critical importance to deal in

equity valuations in 2024 — the S&P 500 is expected to grow earnings by 10 percent this year, compared to just 1.6 percent in 2023. As for the U.S. presidential election, the data suggest and history shows us this is an area where the outcome is much less relevant than staying invested, regardless of the winner. Since 1960, the S&P 500 has averaged an annualized return of roughly 8.2 percent each year. Returns during a U.S. presidential election year were slightly below average at 7.3 percent per year. Returns generated the year after a U.S. presidential election were significantly above average at 10.2 percent annually. We are not Pollyannaish about the profound implications of this recent election across so many swathes of society, geopolitics, trade, regulation, taxes, spending and markets. Over the short run, the market may in fact resemble a voting machine, as sentiment can shift wildly on matters such as the election. But over the long run, as Warren Buffet’s mentor Ben Graham put it so aptly many decades ago, the market is a weighing machine, where earnings are placed on the scale as the chief driver of returns. Amid this uncertainty about the future, we also believe it is an opportune time to take a step back and recognize the extraordinary relative performance of U.S. markets, and why we believe it will persist. By comparison, the U.S.’s chief rival, China, has endured well-documented economic and financial struggles in Further slicing the data by party, as well as Congressional makeup, results in similarly equivocal figures.

facts, and the facts suggest the U.S. and its markets are well-positioned to continue to lead and outperform its global peers. At the end of another decidedly strong year in U.S. markets, it bears noting that 2024 holds a great similarity to 2023, insofar as the key themes driving performance. Equities are hovering near all-time highs, buoyed by optimism that AI will propel revenue, earnings and productivity gains for enablers and adopters of these technologies. Paired with the rate-cutting cycle that the

“AT THE END OF ANOTHER DECIDEDLY STRONG YEAR IN U.S. MARKETS, IT BEARS NOTING THAT 2024 HOLDS A GREAT SIMILARITY TO 2023, INSOFAR AS THE KEY THEMES DRIVING PERFORMANCE.”

Federal Reserve (Fed) embarked upon in its September meeting, this should provide an accommodating backdrop to equities for the balance of the year. One welcome point of contrast of 2024’s equity performance to last year’s is the much wider participation by sectors beyond those where the major AI players reside — Tech and Communications. Earnings have also been more broadly supportive of

14 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

the post-Covid period. For many years China reigned as the world’s growth engine, often accounting for more than 30 percent of global economic growth. This made it the destination for much of the world’s foreign direct investment (FDI), and an equally exceptional stock market. The script has reversed of late. In 2022 and 2023, the U.S. delivered almost half of the world’s global growth, while China in fact detracted from global growth by 0.3 percent. FDI has collapsed to levels last seen in 1993, and the Chinese stock market has advanced a mere 10 percent over the past 5 years, compared to the S&P’s 90 percent increase. While perhaps less stark, these favorable comparisons can be made for the U.S. relative to virtually every other global peer. For example, the U.S. economy has grown at almost twice the rate of the nearest G7 nation in the post-Covid period, prompting the European Union to convene panels to diagnose its lack of competitiveness compared to the U.S. As you consider your clients’ situations, avail yourself of these arrows in your quiver. Share the clear and durable reasons for U.S. exceptionalism. The U.S. is the unchallenged leader in innovation, technology, R&D, management talent and corporate transparency, complemented by deep and liquid capital markets, as well as highly flexible labor supply, and critically, the rule of law and robust regulatory oversight. This is the underlying reason for our country’s outperformance, and drives our continued optimism, even should there

be choppiness ahead. We recommend that portfolio managers remain attuned to revenue and earnings growth and fundamental relative value — the pillars of investing among all good fiduciaries. The Sanibel Captiva Trust Company is an independent trust company with $4.5 billion in assets under management that provides Family Office and Wealth Management Services, including investment management, trust administration and financial counsel to high-net worth individuals, families, businesses, foundations and endowments. Founded in 2001 as a state-chartered, independent trust company, the firm is focused on wealth management services that are absolute-return oriented and performance driven. The Naples Trust Company and The Tampa Bay Trust Company are divisions of The Sanibel Captiva Trust Company. Offices in Sanibel Captiva, Fort Myers, Naples, Marco Island, Tampa, Belleair Bluffs and Tarpon Springs. LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal or tax advice from their own counsel. Not FDIC Insured | No Guarantee | May Lose Value

Let’s find a way.

First Horizon Correspondent Services is a leading choice for Florida banks. Benefit from the expertise of a dedicated Relationship Manager who has a deep understanding of Correspondent Banking, to provide you with tailored solutions – from expert advice to quick decisioning for the capital you need. We have a reputation in Florida as a preferred partner for Correspondent Banking.

Melisa Ainley Senior Vice President Correspondent Banking Relationship Manager (M) 901-568-3341 (O) 941-487-3074 maainley@firsthorizon.com

©2024 First Horizon Bank. Member FDIC.

WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 15

GOVERNMENT RELATIONS

LOOKING AHEAD: THE 2025 26 FLORIDA LEGISLATURE

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

N early 11 million Floridians cast their votes in the 2024 election. As you know, both President Trump and Sen. Rick Scott easily won Florida. The election also included the Florida Legislature. The Legislature was beginning to take shape as we headed toward the constitutionally mandated Organizational Session on Nov. 19. On this day, Senate President Ben Albritton and Speaker of the House Danny Perez are slated to begin their respective terms. Both were expected to lay out their plans for the

• Sen. Jim Boyd as Majority Leader We look forward to working with Senate President Albritton and his leadership team. The Florida House The House has an increased supermajority of 85 to 35. The Republicans gained one seat as they flipped two Democratic seats and the Democrats flipped one Republican seat. Otherwise, incumbents won or the parties retained their seats. There are 26 new Representatives for the Florida House: Jon Albert (R), Jose Alvarez (D), Wallace Aristide (D), Yvette Benarroch (R), Omar Blanco (R), Erika Booth (R), Nan Cobb (R), Bill Conerly (R), Richard Gentry (R), Anne Gerwig (R), Sam Greco (R), JJ Grow (R), Chad Johnson (R), Kim Kendall (R), Jennifer Kincart Jonsson (R), Debbie Mayfield (R), Monique Miller (R), Danny Nix (R), Vanessa Oliver (R), Michael Owen (R), Bill Partington (R), Mitch Rosenwald (D), Judson Sapp (D), Leonard Spencer (D), Debra Tendrich (D), and Meg Weinberger (R). Speaker Perez has begun to build his leadership team: • Rep. Wyman Duggan as Speaker Pro Tempore and Ways & Means Chair • Rep. Chuck Brannan as Judiciary Chairman • Rep. James Buchanan as Commerce Chairman • Rep. Jennifer Canady as Education & Employment Chair • Rep. Sam Garrison as Rules and Calendar Chair

upcoming terms. Also, the Democratic Leadership of both chambers, Sen. Jason Pizzo and Rep. Fentrice Driskell, are set to be officially elected by their respective caucuses. The Florida Senate The Senate will continue with a Republican supermajority as no Senate seats switched parties. The Senate will welcome nine new members due to term limits: Kristen Arrington (D), Mack Bernard (D), Randy Fine (R), Don Gaetz (R), Tom Leek (R), Stan McClain (R), Barbara

“THE HOUSE HAS AN INCREASED SUPERMAJORITY OF 85 TO 35. THE REPUBLICANS GAINED ONE SEAT AS THEY FLIPPED TWO DEMOCRATIC SEATS AND THE DEMOCRATS FLIPPED ONE REPUBLICAN SEAT.”

Sharief (D), Carlos Guillermo Smith (D), and Keith Truenow (R). The Republican supermajority stays at 28 to 12. Senate President Albritton has also announced his leadership team: • Sen. Jason Brodeur as Senate President Pro Tempore • Senate President Kathleen Passidomo as Rules Chair

• Sen. Ed Hooper as Appropriations Chair • Sen. Joe Gruters as Fiscal Policy Chair

16 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

• Rep. Lawrence McClure as Budget Chair •Rep. Will Robinson as State Affairs Chair •Rep. Tyler Sirois as Majority Leader and Security & Threat Assessment Chair •Rep. Josie Tomkow as Health & Human Services Chair We also look forward to working with Speaker Perez and his leadership team. Watch for more information about the issues that the FBA is expecting to promote or oppose in the 2025 Session. Also, we are waiting to see who is named to committee and subcommittee chairs and members of the same committees. We will let you know as soon as we know. Finally, as we move forward after this election we will be working with some of you to get to know these new members or members of the various Senate and House committees we interact with on a daily basis. Stay tuned for more information about this as well. Thank you for voting. As you know, elections matter.

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WWW.FLORIDABANKERS.COM OCTOBER/NOVEMBER 2024 — 17

FBA HOLDS 2024 TRUST & WEALTH MANAGEMENT CONFERENCE

I n September, the FBA held its 65th annual Trust & Wealth Management Conference in Fort Lauderdale. Serving as our Annual Meeting for the Wealth Management Division, the event tackled challenges crucial to trust-industry professionals. Our esteemed speakers — including legal experts, industry consultants, and senior officers in trust and wealth management — delivered insights aimed at empowering bankers to excel in today's economic landscape. Trust Executive Committee Chair Mark Parthemer provided legislative and education updates and presented awards in recognition of service, involvement and accomplishments. The 2024 winners were: Trust Banker of the Year Award Burns Dobbins Trust Hall of Fame Award Paul Weigel Friend of the Trust Industry Award Sen. Bobby Powell, D-West Palm Beach Tinsley-Wells Honor Graduate Award Christina Barrett After two years of untiring service to the Trust & Wealth Division, Chair Parthemer passed the baton to Carlos Batlle, who will serve as 2024-26 chair. We are grateful to Mark for his dedicated service to the FBA and look forward to Carlos’ leadership.

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1. Kenneth Pratt, Paul Weigel and Pam Ricco 2. Kathy Kraninger, Karen McCrae-Lee Fatt and Ann Tallman 3. Kelly and Melissa Caldwell 4. Pam Ricco, Kelly Caldwell, Burns Dobbins, Kenneth Pratt, Richard DeNapoli, Carlos Batlle, Kathy Kraninger, Bill Moor, Mark Parthemer, Candace Marshall and Marilyn Matherne 5. Eric Vainder, Jillian Williams and Bobbi Kent 6. Bill Moor 7. Sen. Bobby Powell 8. Marcey Hoelting and Kathy Kraninger 9. Todd Feintuch 10. John Cole and Drew Saito 11. Sharon Reich and Myrian “Mini” Garrett 12. John Gorman 13. Burns Dobbins and Mark Parthemer 14. Thomas Belcher, Marcey Hoelting, Mark Parthemer and Gus Mueller Photo credit: Benjamin Rusnak

18 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

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WWW.FLORIDABANKERS.COM DECEMBER 2024/JANUARY 2025 — 19

Florida BankPac Update PAC contributions for 2024: $272,729.00 Contributions received between 1/1/2024 and 11/7/2024

Contact Cheryl Tucker (ctucker@floridabankers.com) when your institution achieves 100 percent board member BankPac contributions.

Central Bank

Fred Leopold Justin Woodard Community Bank of the South Harold Bistline Stephen Crisafulli

Karl E. Larsen Tommy Perry Carey Soud Deborah Van Sickle Jaime Weisinger

Banks with 100 percent board member contributions: Edison National Bank Winter Park National Bank

Scott Amatuccio David Edgar Scott Kohler Arvind Patel Dinubhai Patel Jayesh D. Patel Jayesh K. Patel Jiten Patel Mahendra Patel

First Colony Bank

BankPac contributions:

Kevin P. Markey Kevin B. Steele William T. Taylor Carlos K. Woodward

Ralph Betancourt Edward E. Haddock, Jr. Bruce W. May Donald W. McIntosh, Jr.

Adelphi Trust Company Kathryn Pemble Amerant Bank, N.A. Alberto Capriles Anthony J. Eelman Juan Esterripa

Crews Bank & Trust Dena Crews

Nilesh Patel Rajesh Patel Shilen Patel Vijay Patel

Domingo Sanchez Thomas J. Sheehan Mark W. Ziebarth

J.W. “Jake” Crews, IV James W. Crews, Jr. Mark Crews Matthew A. Crews Patrick M. Crews Eric DeYoung

Armando Fleitas Carlos Iafigliola Howard A. Levine S. Marshall Martin

First Federal Bank

Anand Sabapathy John Thompson Citizens Bank & Trust Brian Bracey Steven E. Crisman Marianne F. George Tiffani R. Gozdur Sharon R. Johnson Greg Littleton Robert A. Loftin

William S. Beardsley Courtney S. Blackburn George D. Brewer Wayne Cochran, Jr. Pamela Hitt

Gerald Plush Daniel Rivera

M.W. McLaren, IV Keelin C. Stauffer Bradley L. Wilson

Mariola Sanchez Sharymar Yepez American National Bank Ginger Martin Anthem Bank & Trust Rodger D. Shay, Jr. Bank of America Fabiola N. Brumley Bank of Belle Glade Stephen M. Prielozny BankFlorida Allen Altman Pamela Mattox James S. “Bud” Stalnaker, Jr. BankMiami (I/O) Karen Sharp Mary Usategui Capital City Bank Group

Georgia C. Jones Keith C. Leibfried

Desjardins Bank

Stephanie McClendon Lawrence A. McGrath John A. Medina, Sr. James G. Moses

Louis Rheaume Dinsmore & Shohl LLP Michael Dailey Edison National Bank John P. Ammons, II Elizabeth C. Aurensan Greg J. Blurton Karen M. Brazelton Lenor Cross Christina DePari Michael A. Greenhoe Lisa A. Hobson June Howard David Lowden Susan Nasworthy Kim Nyberg Matthew A. Overmyer Patrick J. Philbin

Vaughn H. McAshan William G. Middleton Bonnie Parker

Philip J. Moses, Jr. Robert Turbeville First National Bankers Bank

Mark E. Schreiber R. Howard Wiggs Jinx Wilson

Chris Alexander Charlie Brinkley Rob Trott

Citizens First Bank

Jay R. Bartholomew Lindsey Morse Blaise C. Dale Borrowman W. Thomas Brooks Tina M. Campbell Ginger Devine Stephen T. Kurtz Christopher Langley, Sr. Kevin W. McDonald Mark G. Morse James Hardin Parr, Sr.

Flagship Bank

Kenneth Bailey Anthony DiTinno Ron Hockman Mark Klein Ken Marks Robert McGivney

James Nelson Joseph Oliveri Nick Patel Brent Sembler Robert Shaw Kelly Spica Christopher Sprowls Paul Wikle Florida Bankers Association Anthony DiMarco

Thomas A. Barron Robert Beauchamp William F. Butler Stanley W. Connally, Jr. Bonnie J. Davenport J. Kimbrough Davis Laura Johnson Kenneth Pratt William G. Smith, Jr. John J. Wahlen

Geoffrey W. Roepstorff Robbie B. Roepstorff Richard H. Shera, Jr.

Steven M. Roy Danny Schmid Tricia M. Snodgrass Scott J. Sullivan Brad Weber

First Bank, Clewiston

Mary Elizabeth Carroll Andrew Couse Miller Couse Earle E. Edwards Andy Higginbotham

Community Bank Jason Crowe

20 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING