Florida Banking July 2022

BUILDING LOYALTY AND LONGEVITY

H eadquartered in Flagler and Volusia counties, Intracoastal Bank is named for the Atlantic Intracoastal Waterway that runs through downtown Daytona — a testament to the bank’s commitment to its community and the local customers it serves. The bank is “14 years young,” having been established in 2008 as an S-Corporation. Today, Intracoastal Bank is owned by 73 “family units” representing 138 shareholders, including all bank associates through its employee stock ownership plan (ESOP). “Our board and founding shareholders were steadfast in their belief that opening a locally-owned and

“Banking is a well-balanced career; you learn about a lot of different industries and you get to use both your analytical and social skills to help people,” Ryan Page said. After college, Ryan moved to Colorado and joined an international bank to gain experience in international business. It was former Chairman Tom Gibbs and family friend Rick Wells, chief lending officer at Intracoastal Bank, who recommended Ryan join the team. Wells took the lead when it came to recruiting him to the bank. Gibbs, Wells and Bruce understood the importance of succession planning; you’ve got to get ahead of it 5-10 years in advance.

managed community bank was the right thing to do,” said Intracoastal Bank CEO Bruce Page. Page started his banking career with Barnett Bank; he credits his management training with Barnett as one of the most educational experiences of his career. When Barnett Bank sold, Page said it left a “vacuum” in the state banking industry. This was when Page’s wife advised him to start his own community bank. “Intracoastal was launched as a new, innovative, forward thinking bank for the long term benefit of the business community,” Page said.

Intracoastal Bank focuses on succession planning in advance at all levels of the organization including the Board. “I wanted to be entrepreneurial and accomplish a lot with a small group of people who knew each other well,” Ryan Page said, speaking about his decision to return home and join Intracoastal Bank. The bank is passionate about recruiting. At the core of its values and culture is trust. “Trust is critical in our business. Knowing one’s character plays a role in how we recruit,” Bruce Page said. “Some in our industry believe the talent isn’t there; that’s not the case. We just have to be proactive about finding, training, and developing talent. At Intracoastal Bank, we are

“SOME IN OUR INDUSTRY BELIEVE THE TALENT ISN’T THERE; THAT’S NOT THE CASE. WE HAVE TO BE PROACTIVE ABOUT FINDING, TRAINING, AND DEVELOPING TALENT. AT INTRACOASTAL BANK, WE ARE POURING OURSELVES INTO THE NEXT GENERATION.”

He believes that the bank’s unique status is to its advantage; S-corp banks, while generally smaller, are known for their longevity. “When you’re smaller, you can narrow the scope of your strategy and tailor it to your community. We can stay closer to our customers,” Page said. Intracoastal Bank President Ryan Page added, “[Our size] helps us focus on our strengths. Focus leads to better execution, and in turn, customer and shareholder satisfaction.” Ryan Page is Bruce’s son; he joined the bank in 2016 and has served as president, chief risk officer, and a member of the Board of Directors since December 2020. Ryan is poised to succeed his father as CEO. Bruce was clear that his son’s career in banking was not a predetermined path, but rather an unexpected and welcome surprise.

- BRUCE PAGE

pouring ourselves into the next generation.” Ryan Page believes that it’s best practice to always be recruiting; stay in touch with the people you meet, because you never know when you may have a chance to recruit them to your team. “Every person we’ve added has helped us attract the next person,” Ryan Page said. The bank’s leadership has noted that one of the top complaints about the industry concerns the rapid consolidation and turnover with bank relationship managers. Intracoastal Bank is intentional about creating a culture of loyalty and longevity. Employees Intracoastal Bank, Continued on page 10

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