Florida Banking February 2022

A 25-Year Old Trust Company, Branching Out

C ypress Bank & Trust (formerly Cypress Trust Company) is an established 25-year-old trust company that successfully converted its trust charter to a bank and trust charter. Originally founded as a Florida chartered boutique corporate fiduciary in 1996, the recently converted and re-named Cypress Bank & Trust celebrated its 25th anniversary as a full-service trust and investment management company in October 2021. CEO Dana Kilborne joined the board of Cypress Trust in April 2018. A little more than a year later, the board turned to Kilborne for her financial services background, and those conversations led to the decision to convert Cypress to a bank and trust with Kilborne as CEO. The company raised initial capital for the trust company in April 2020, filed its bank application in August of the same year, raised bank capital in December 2020, and opened as Cypress Bank & Trust in August 2021. “Most times an existing bank elects to start a trust division. But for us it was the reverse, which is very unusual,” said Kilborne. “The addition of banking services really complements the trust company business model. Teaming up with veteran bankers like CFO John Marino (who Kilborne worked with early in their careers), and directors John Tranter and Robert Goldstein has been great for our 55-employee de novo.” Cypress currently has four full-service offices throughout Florida with additional trust offices in Winter Haven and Naples and a Trust Administration and Loan Production Office in Winter Park. “We already have an enviable footprint,” said Kilborne. “Reception to the expansion of banking services has been very positive and there is a lot of opportunity to continue to expand with banking professionals in all of our markets. We have also welcomed two seasoned trust and portfolio management teams, inspired by the opportunity to help build a Florida-based bank and trust in a nimble, boutique environment.” Kilborne believes that adding banking services was a natural extension to serving the financial needs of the whole client. While loyal trust clients can now bank with Cypress, so too can banking clients turn to the company’s experienced fiduciaries and portfolio managers. Business owners and professionals often

turn to their bankers for advice about managing their money and properly setting up a trust. “Mortgage, lending, banking services, trust services, and portfolio management, we’re now equipped to provide all of those services,” said Kilborne. “Our trust professionals and portfolio managers love that they can offer their clients banking services now.” The company puts its clients first. Kilborne and the Cypress team carefully consider every part of the customer’s experience, from online banking and electronic delivery of products and services to how it feels when one walks through the doors of a Cypress Bank & Trust branch. “We make our clients a part of the process,” said Kilborne, speaking about recent technological improvements in the area of mobile banking. The bank invited loyal clients to participate in an online banking focus group. These clients were chosen for their heavy usage of online banking technology from Cypress bankers’ former banks and were asked to sit in during technology demos with vendors.

“MOST TIMES AN EXISTING BANK ELECTS TO START A TRUST DIVISION. BUT FOR US IT WAS THE REVERSE, WHICH IS VERY UNUSUAL.” - DANA KILBORNE

“We know how online banking feels from our perspective [as bankers], but we don’t really know how it feels from the client’s perspective, as they’ve never been offered a seat at the table. Typically, we know only when it doesn’t work, but not their wish list,” said Kilborne. The clients were vocal about their evaluation of the systems in meeting their needs and expectations and gave the bank input on the top three vendors.

Kilborne believes that every banker has a role to play in showing clients that banks can and will adapt to meet their individual needs and exceed expectations, not just fill an order. Walking into the recently renovated bank branch in Melbourne, Fla., it’s hard to believe that the space was once a gourmet deli. In fact, it’s hard to believe that the stylish, comfortable space is a bank. “We want [our space] to feel comfortable, safe, approachable, streamlined, and forward,” said Kilborne. “We bank our clients wherever and whenever they want to be banked; that means they are welcome to come into the branch, but they don’t have to. Even so, we want each branch to be a place that they would enjoy visiting.”

Cypress Bank & Trust, Continued on page 10

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