Florida Banking July 2023

Making Waves in Key West Gulf Atlantic Bank:

T he founders of Key West-based Gulf Atlantic Bank have faith that all things work out as they should. Despite the challenges of opening its doors at the start of the Covid-19 pandemic, the bank experienced a successful launch and it was clear that the venture was meant to be. Chairman Peter Batty and Jeff Searcy are the co-founders of Gulf Atlantic Bank. Longtime business partners and brothers-in-law (Searcy is married to Batty’s sister), Batty and Searcy have previously opened both an insurance agency and real estate brokerage together. In 2018, they were approached by a client — and future investor in the bank — who wanted to know if they’d ever considered starting a bank. “We had always found ourselves involved in core businesses, offering necessary services. Insurance is

services gave the de novo an edge in the beginning months of the pandemic. “Being one of the first banks that’s actually 100 percent cloud-based, we were able to accommodate more of our customers. People were still able to open bank accounts without physically walking in, which they weren’t used to. That’s not typical here in Key West, though I know it is elsewhere,” Batty said. Today, the bank has $133 million in assets. “The community was really the reason we were able to open. If it wasn’t for our investors and customer relationships, we wouldn’t be here. The community was really responsive and really open to it,” Batty said. So too was the city excited to see the formerly derelict property cleaned up; the building was badly damaged by Hurricanes Wilma and Irma. Batty

one of the oldest industries in the world, as is banking,” Batty said. “Banking is a historically great business; it’s community-based. We always liked the idea of legacy money and legacy involvement in the community, and starting something that will be around for a long time.” Batty and Searcy met with a well-respected attorney, the late George Igler, to begin the process. About six months later, they’d put together a board, started the application, and found a location for the bank (a former motorcycle repair shop). They received approval on March 13, 2020, just days before the city was shut down due to the pandemic.

and Searcy served as the contractors for the project, personally signing a 40-year lease for the property as a testament to their belief in the bank and its future. Batty was raised both in Key West and in New York; his family split their time between the two, Batty and his siblings transferring schools midyear. After college, Batty returned to Key West to live and begin his career. His wife is also from Key West.

“IF IT WASN’T FOR OUR INVESTORS AND CUSTOMER RELATIONSHIPS, WE WOULDN’T BE HERE. THE COMMUNITY WAS REALLY RESPONSIVE AND REALLY OPEN TO THE BANK.”

Searcy was born in Gainesville, Ga. He graduated from the Air Force Academy in Colorado Springs and spent five years in the Air Force. After living in Alaska and then Charleston, S.C., Searcy and a friend moved to the Florida Keys to be charter captains. Mere months later, he met his wife — Batty’s sister -— on a blind date, and the rest was history. “I’ve been here in the Keys for nearly 23 years. The conch locals are a welcoming, warm community. But it can be difficult to break in, and our CEO Bryan [Robinson] has done that very well,” Searcy said. “Bryan has been our key employee as CEO. As our chief, we’re very grateful for him.” Robinson was working for a bank in Gainesville when he was first approached by Batty and Searcy; he Gulf Atlantic Bank, Continued on page 10

- PETER BATTY

Nevertheless, the bank opened its doors as planned on April 13, 2020 as only the second community bank in Key West. “We were an underdog. A lot of people didn’t expect us to open,” Batty said. “They underestimated Jeff and me, and underestimated our team’s drive and the need within the community.” Though it was a slow start for the de novo bank, the team at Gulf Atlantic Bank was committed to serving its new customers — both those who visited the branch and those who could not. The bank’s digital banking

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