Florida Banking June 2024

THE MAGAZINE OF THE FLORIDA BANKERS ASSOCIATION WWW.FLORIDABANKERS.COM SEPTEMBER 2020 2024-25 FBA Chair Derek Jones THTEHMEAMGAGZIANZEINOEFOTHFETHFLEOFRLIODARIBDANBKAENRSKEARSS OACSSIAOTCIOIANTIONWWW.FLORIDABANKERS.COM SEPTEMBER 2020 WWW.FLORIDABANKERS.COM JUNE 2024

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 11 times annually with a combined issue in December/January. 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 5 JUNE 2024

ON THE COVER 8 - - - - - - - - - - - 2024-25 FBA Chair Derek Jones CONTENTS 4 - - - - - - - - - Chair’s Message: Celebrating Achievements and Embracing Change: My Year as FBA Chair 6 - - - - - President's Perspective: The 2024-27 Strategic Plan: A Road Map for the FBA 12 - - - - - - - - - FBA Chair-Elect Keith Costello 14 - - BancServ Endorsed Partner: What is Knowledge as a Service (KaaS)? 16 - - - - - Government Relations: 18 ----- Florida BankPac Update 20 - - - - - -10th Annual Women in Leadership Conference 22 - - - - - - - - Trust and Wealth Management Mini Feature: ‘Off The Shelf’ Is Never ‘On The Table’ – Wells Fargo Private Bank’s Customized Solutions For Your Unique Wealth Management Needs 24 - - - - - - - - - Florida Bankers Educational Foundation: We Want To Be The Foundation of Florida Banking’s Future 25 - - - - - - - -FBA Staff Spotlight 26 - - - - - - Personal Transactions 28 - - - - - - - - - - - - - - Kudos 30 - - - - - - - - Upcoming Events 31 - - - - - - Advertising Directory 31 - - - - - - - - - -Did You Know? Be Ready for Attestations and Customer Complaints

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Florida Bankers Association pricco@floridabankers.com

Brooke Harrison Publications Director Florida Bankers Association bharrison@floridabankers.com

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Jose Cueto Chair

Derek Jones Chair-Elect

Bill Penney Immediate Past Chair

Fab Brumley Second Immediate Past Chair

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On the Cover: 2024-25 FBA Chair Derek Jones

Photos by Steven Martine Photography

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

CHAIR’S MESSAGE

CELEBRATING ACHIEVEMENTS AND EMBRACING CHANGE: MY YEAR AS FBA CHAIR

BY JOSE CUETO, FBA CHAIR

A s we wrap up the fiscal year, I look back on a unique experience as your FBA Chair. Most notably, we celebrated fearless leader Alex Sanchez’s 30 years of service and welcomed new FBA President and CEO Kathy Kraninger. As Chair, I led our Executive Committee in navigating the search and overseeing the selection process. It has been an honor

as Chair. I also want to thank leaders Alex Sanchez and Kathy Kraninger, as well as the FBA team, for their hard work in planning and executing these opportunities for advocacy, education and engagement. Our membership will be in good hands as I pass the torch to Incoming Chair Derek Jones, a friend and colleague who is passionate about educating the public

to serve our membership, setting us on a strong path for the future. Though this has been a season of transition, I am proud of the association’s commitment to steadfast service and providing value through its advocacy, education and engagement opportunities. With respect to advocacy, the FBA hosted excellent events to bring us face-to-face with key legislators and policymakers in Tallahassee and Washington. I had the honor of introducing FDIC Chair Marty Gruenberg, FDIC Vice Chair Travis Hill, and Fed Governor Michelle Bowman, as well as interacting with many other state and national leaders like Acting

and policymakers about the good work our banks do for the economic wellbeing of our communities. Our association is entering into an exciting new era as we implement the strategic plan which will position us for the future. This plan outlines the association’s mission and values, sets priorities for the coming years, and outlines a strategy for meeting members’ needs in these changing times. When it comes to education and engagement, I wanted to ensure FBA provides opportunities for the next generation of banking industry leaders. You will see this priority in several areas of the FBA’s new strategic plan.

“THOUGH THIS HAS BEEN A SEASON

OF TRANSITION, I AM PROUD OF THE ASSOCIATION’S COMMITMENT TO STEADFAST SERVICE AND PROVIDING VALUE THROUGH ITS ADVOCACY, EDUCATION

AND ENGAGEMENT OPPORTUNITIES.”

Comptroller of the Currency Michael Hsu, Chairman Patrick McHenry, and Senator Rick Scott. Every one of these meetings is an opportunity to build a relationship and to educate representatives about the important work we do and how proposed legislation impacts our local communities. I want to thank my team at Grove Bank & Trust for their support and encouragement during my time

Our involvement is key to the association’s success. I urge you to stay informed and to continue to support the FBA’s efforts. Above all, I ask that you invest in your rising leaders. We need to encourage the next generation of bankers to participate in the FBA’s advocacy and initiatives. Thank you again for this opportunity to lead and serve. Here’s to a busy and productive year!

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PRESIDENT'S PERSPECTIVE

THE 2024-27 STRATEGIC PLAN: A ROAD MAP FOR THE FBA

BY KATHY KRANINGER, FBA PRESIDENT AND CEO

“A good plan is like a road map; it shows the final destination and usually the best way to get there.” — H Stanley Judd, American author

I have always loved maps. As a child, I spent hours poring over the Rand McNally world atlas, planning out all the amazing places that I (or my Barbies) would visit. My earliest memories involve taking family road trips to Washington, D.C., and Yellowstone, ticking off my progress toward seeing all 50 states and every country in the world (still working on the latter goal, made more elusive with new countries added!). There is nothing more satisfying than making a plan and carrying it out — always leaving a little room for the unforeseen adventure or detour. The best plans must be adjusted as circumstances change and life happens, but never losing sight of the goal. I am excited to share that the FBA has a plan for the next three years — driven by FBA staff discussions, reflecting the significant interactions we have had with our members in the months since I started at FBA, and approved by the FBA Board of Directors. Our North Star is our new mission statement — Through advocacy, education, and engagement, the FBA supports Florida bankers in better serving their customers and communities. We provide value to you as you focus on your customers’ needs and invest in your communities. Everything at FBA starts and ends with you. With FBA membership at the institution level, we have the opportunity to serve employees across the organization — from those just beginning in banking to the most seasoned executives, from those in functional, back office roles like compliance and technology to those on the front lines of lending, credit and deposit taking. Our expertise and value come in the form of advocacy, education and engagement — ensuring policymakers and regulators understand the issues that will bolster the economic wellbeing of Florida’s communities; bringing the training you need to take your teams to the next level; and providing our members with opportunities for networking and mentoring. All of this requires your participation and feedback — as we launch new

capabilities and programs, we will be regularly seeking your input so that we can move forward together. In addition to your needs being front and center, how we do what we do matters. Our decisions and actions are guided by FBA’s newly-codified core values: • Service — We act for the good of FBA to deliver value for our members. • Integrity — We hold ourselves and each other to the highest ethical standards. • Teamwork — We foster true collaboration and support each other to meet FBA’s mission. • Impact — We strive to make a difference for our members, our industry, and our State. • Excellence — We challenge each other and ourselves to continuously improve in everything we do. One more note about my childhood — according to my Cuban sister-in-law, my family is obsessed with taking the best route from point A to point B. We compare drive times after every road trip and compete for the fastest time. Getting from point A to point B on a roadmap is far more straightforward than driving an organization toward a future vision, particularly given external risks and obstacles. For that reason, I believe there are endless routes to get to the goal. Sometimes you have to take a step backward or sideways when you encounter an obstacle. That is also why buy-in to the goal and strategy is so imperative — it takes a team to make things happen. Together, we have to know where we are going to get there, and we have to recognize where to adapt along the way. As Thomas Edison, who adopted Florida as his home, stated: “Good fortune is what happens when opportunity meets with planning.” At the Annual Meeting and in our July magazine, you’ll hear more about how FBA will support you through advocacy, education and engagement! I look forward to seeing you at The Breakers and around the Sunshine State!

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2024-25 FBA Chair Derek Jones

D erek Jones, Wells Fargo’s Central Florida region executive, is Incoming Chair of the Florida Bankers Association; he will serve a one-year term that runs from June 2024 through June 2025. Jones envisioned a career outside of the banking industry but a chance meeting with a Wells Fargo recruiter while he attended

Jones was given the opportunity to move to Florida during the Wells Fargo / Wachovia National Bank merger. Today, as the Central Florida region executive, Jones leads nine district managers that oversee teams in 108 branches across 12 counties throughout Orlando and the Tampa Metropolitan areas. He engages with his teams during branch visits multiple times a week. Jones is honored

California State University changed the trajectory of his career. At the time, his plan was to pursue a postgraduate degree in Education because he wanted to be a teacher and football coach. Jones started working for Wells Fargo in 1995, and the rest is history. “I’ve been fortunate to be in places where there has been an opportunity for growth, and that’s what’s kept me really engaged and energized about what I do,” Jones said. “I wanted to teach and coach,

“HELPING CUSTOMERS WITH THEIR FINANCIAL GOALS THROUGH DIFFERENT STAGES OF LIFE IS SO IMPORTANT, AND IT’S THE REASON

and excited to serve as FBA Chair representing his fellow Florida bankers. He has served on the FBA Board of Directors for the last nine years; he has also served in various roles on the Executive Committee, the Audit Committee, and the Government Relations Council. These experiences, in addition to his time as Chair-Elect, have helped prepare Jones to take on this leadership role. “I’m grateful to have had the

I’VE DONE THIS FOR ALL THESE YEARS.”

and I still get to do that every day with a great team, just in a different industry and environment.” Building relationships with his team and with his customers is what unlocked Jones’ love for banking. He appreciates the impact that bankers make on their customers’ lives and in their local communities. “Helping customers with their financial goals through different stages of life is so important, and it’s the reason I’ve done this for all these years,” Jones said.

opportunity to create a network with former FBA Chairs and to shadow them; they’re all phenomenal,” Jones said. Though Jones comes from a large bank, the opportunity to serve alongside community bankers has helped him better understand the issues and given him “tremendous insight and appreciation” for their work. “The FBA is committed to advocacy for banks of all sizes,” Jones said. Jones also acknowledges the unique FBA Chair Derek Jones, Continued on page 10

WWW.FLORIDABANKERS.COM JUNE 2024 — 9

Jones was given the opportunity to move to Florida during the Wells Fargo / Wachovia National Bank merger. Today, as the Central Florida region executive, Jones leads nine district managers that oversee teams in 108 branches across 12 counties throughout Orlando and the Tampa Metropolitan areas.

FBA Chair Derek Jones, Continued from page 9

and providing value to Florida bankers and the communities they serve.” Jones is also passionate about continuing Chair Jose Cueto’s efforts to encourage participation among the next generation of bankers. “Chair Jose’s focus was getting the next generation of bankers involved. That’s a continual priority, and there are opportunities for us to enhance our approach. When you look at who’s around

timing of his Chairmanship, particularly the opportunity to be involved in the selection process of the FBA’s new CEO Kathy Kraninger and subsequent implementation of the 2024-27 strategic plan. “I’m excited to be involved in supporting the efforts to execute the FBA’s strategic plan as we move forward,” Jones said. “This an important step in staying relevant in this changing environment

10 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

our approach. When you look at who’s around the table in the boardrooms, it’s the leaders of our banks. How can we contribute to shaping the future?” Jones asked. “The future depends on the

moments all via digital. They expect their banking app to mirror the rest of their daily, digital lifestyle,” Jones said. “There’s still a need for customers to visit the bank. There’s a synergy between what our

next generation of banking leaders, it’s important to engage those emerging leaders in advocacy.” “Developing talent is an ongoing focus of ours at Wells Fargo. Because you’re only as good as your team,” Jones said. “What I love about our company is our ability to provide tools and resources for our employees to learn and grow.” Wells Fargo experienced digital adoption growing at an unprecedented rate.

customers do in the branches and what they see on their mobile apps, which connects us to customers as they move forward. It is about staying on pace with the changing lives of our customers,” Jones said. In 2023, Wells Fargo employees in Florida logged over 24,000 hours of volunteerism statewide in their local communities. Jones himself has been closely connected to the Boys and Girls Club. At the corporate level, the bank’s philanthropy

“IT IS ABOUT STAYING ON PACE WITH THE CHANGING LIVES OF OUR CUSTOMERS.”

“Our customers live on their mobile devices, accomplishing every task and planning their next life

is largely focused on financial health and education, small business growth, and housing affordability.

DEREK L. JONES , CENTRAL FLORIDA, REGION EXECUTIVE

Derek Jones serves as the Central Florida Region Executive for Wells Fargo. In his current role, Derek is responsible for setting direction and leading all aspects of retail, small business, and affluent business for 108 branches with over 1000 employees throughout Central Florida. A 28-year veteran of Wells Fargo, Derek has served in a variety of roles throughout his financial services career. His leadership experience spans over 20 years across California, Nevada, and Florida. Most recently, he served as North Central Florida Region Bank President. Prior to that, he was the Region President for the Gulf Coast region and Area President in both the East Central Florida and Southern Nevada markets. Throughout his career, Derek has been an active member of his community. He served on the board of the Florida Gulf Coast University Foundation, the United Way of Lee County,

and the Harry Chapin Food Bank. He currently serves on the board of the Florida Bankers Association, Boys and Girls Club of Central Florida, and the Orlando Economic Partnership. A northern California native, Derek earned a Bachelor of Arts degree from California State University, East Bay. He resides in Winter Garden, Florida.

WWW.FLORIDABANKERS.COM JUNE 2024 — 11

INCOMING FBA CHAIR-ELECT

FBA CHAIR-ELECT KEITH COSTELLO

K eith Costello, chairman, president, CEO, and co-founder of Locality Bank is chair-elect for the coming year. He will serve as a member of the FBA Executive Committee and as chair of the FBA’s Government Relations Council. An active member of the FBA, Costello has also served on the FBA Board of Directors. His involvement with the association has taught him the power of advocacy; he has attended many trips to Tallahassee and Washington, D.C., to meet with key policymakers

Bank, and Nations Bank throughout his 30-year banking career. Costello’s expertise spans across commercial banking, community banking, de novo banking, investment management and fintech. He has successfully launched, grown and sold several banks, as well as served on the advisory board of a leading investment firm. He is a member of the Broward Workforce Development Board and serves as vice chairman of the Housing Authority of the City of Fort

and engage in open discussion about banking issues and the good work bankers do for their customers and local communities. “I have been a community banker for most of my career. I am dedicated to preserving a tiered banking system as the best way to support entrepreneurship and small businesses,” Costello said. “I believe local businesses are the soul of the community, and community banks are the fuel for that soul.” Costello co-founded Locality Bank in January

Lauderdale. Costello also served as a past chairman of the board of the Greater Fort Lauderdale Chamber of Commerce. He also hosts a podcast called “Making Bank” highlighting the stories of entrepreneurs. Costello uses his social media platforms to build relationships and educate others about the impacts of legislation on small business owners and local Florida communities. He was an early adopter of the networking platform LinkedIn; today, he has over

“I AM DEDICATED TO PRESERVING A TIERED BANKING SYSTEM AS THE BEST WAY TO SUPPORT ENTREPRENEURSHIP AND SMALL BUSINESSES.”

2022. The digital-first community bank was the region’s first community bank to open in more than 10 years. Costello previously served as the president and CEO of First GREEN Bank, a community bank headquartered in Orlando, from 2016 until its sale in 2018. He was also president, CEO, and an organizing director of Broward Bank of Commerce. Costello has held senior roles at Bank of Florida, City National

30,000 followers. According to Independent Banker magazine, Costello is one of the top social media bankers in the country. Regarding advocacy, Costello said: “Sometimes it feels like it’s impossible to change things. I have found that if you keep meeting, talking and explaining how our issues relate to the economic wellbeing of our communities, the message finally gets through.”

12 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

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WHAT IS KNOWLEDGE AS A SERVICE (KAAS)?

BY MICHAEL BERMAN, FOUNDER AND CEO OF NCONTRACTS

A s the financial services industry evolves, so do the solutions available to banks. One of the most valuable solutions, especially as bank budgets are stressed to do more with less, is Knowledge as a Service (KaaS). KaaS is combining technology and talent to deliver knowledge, information and expertise through a cloud based platform or software solution. It can include anything from databases, research, and model content to professional expertise and analysis. The goal of KaaS is to provide banks efficient, cost effective access to top-tier expertise so that the board, management and employees can leverage knowledge they need to work efficiently and make informed decisions without investing in more people and infrastructure. Software as a Service (SaaS) is a model where a solution provider hosts its applications on the cloud, enabling customers to use the platform anywhere they have an internet connection without downloading software. SaaS solutions can be anything from email and calendar applications to customer relationship management, project management, and fintech tools to streaming services. The difference between KaaS and SaaS comes down to what’s inside the solution and around the solution. While a SaaS solution often makes your bank more efficient, whether through streamlining processes or aiding an activity your institution can’t do on its own, a KaaS solution improves on that efficiency by adding knowledge to the mix so that your institution is smarter — savings hours and hours of research and analysis for faster, more insightful decision making. It’s constantly adding new information and is supported by experts. Examples of Knowledge as a Service Solutions KaaS solutions cover many industries, but one area where they really lighten the workload while Software as a Service vs. Knowledge as a Service

improving business intelligence is banking. Fintechs, including risk management technology (risktech) and compliance management (regtech) companies, have begun offering solutions that do more than automate risk and compliance functions. Staffed by risk and compliance management experts, they break down complex concepts and translate regulatory jargon into easily digestible information so that financial institutions and the companies that partner with them can better understand their risk exposure and more informed decisions, more quickly. Areas of risk management and compliance that get the most benefit from KaaS include: Regulatory change. Basic regtech can help a financial institution log what it’s doing to implement new regulations, but it doesn’t tell you what changes were made, if the changes impact your bank, and offer a suggested implementation plan. That still takes hours upon hours of careful research and reading. At Ncontracts, KaaS means that our in-house regulatory attorneys and certified compliance officers update Ncomply, our compliance management solution, daily — doing all that reading and research so your bank can focus on what needs to be done. They also take page after page of dense regulatory language and condense it into plain English summaries so it’s easy to understand what’s expected. Implementation guides give your institution a head start in deciding what to do next and a path forward. Risk assessments. Risk management technology solutions do a great job promoting consistency by ensuring the entire institution is using the same scale to measure risk. They make it possible to assign risk assessments to staff and view risk in real time. But before you can conduct a risk assessment, you must identify the potential risks. You need to know what questions to ask and which areas to evaluate. A KaaS solution like Nrisk lightens that load with model risk assessments drafted by experts to point you in the

14 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

right direction. For example, Nrisk is home to more than 40 model risk assessments including loan writing and servicing, BSA/AML/OFAC and IT governance. The solution’s implementation team includes former bank and credit union chief risk officers who know how to set up a risk management program at an institution like yours. New product, service and market launches. Launching a new product, service or market requires a lot of research. That includes digging into every state and federal law and regulation that apply to those products and services or that market. Ncomply is one KaaS solution that helps get to market faster. For example, its RequirementsBuilder feature leverages the research of Ncontracts’ compliance pros, making it possible to select a product and find out all applicable banking regulations in seconds instead of days. Vendor due diligence. Effective vendor management requires tremendous amounts of due diligence. A technology solution can give you a place to store all those documents and remind you when to gather updated documents — but it can’t help you with the real heavy lift: collecting, reading, and analyzing what really matters in page after page of test results, financial reports, SOC 2s, and other documents. A KaaS solution like Nvendor complements helpful software with expert vendor services. For instance, Ncontracts has a team of experts to gather due diligence documents, carefully read through the technical jargon, and then summarize the key points so that you have the information you need to risk assess your vendors. It also mines publicly available data for its Vendor Cyber-monitoring feature, which sends out alerts when selected vendors are having a cybersecurity issue Contract management. Contracts are long and complex and can hold a host of provisions that can help or hurt your bank. A technology solution can give you a centralized location to store documents and record key provisions after you locate them — but it’s not going to find them for you. Ntelligent Contracts Assistant, a module of Nvendor, leverages artificial intelligence trained by legal and contract experts for a solution that quickly extracts key information from third-party vendor contracts and agreements, making it possible for financial institutions to easily score contracts for risk and adherence to regulatory requirements, generate summaries of key contract terms, automatically create alerts for key dates, and search contracts for key terms and provisions (including renewal dates and price increases). Fair lending. A fair lending solution can do a perfectly fine job analyzing data, but a KaaS solution takes those analytics to the next level by explaining what they mean — and what actions your institution should take based on those findings.

At Ncontracts, KaaS means sophisticated data analysis paired with regular meetings with our Fair Lending analysts to help you understand what’s really going on with your fair lending program and what, if anything, you should be doing to adjust it. Data doesn’t mean anything without context. Nfairlending clients get access to an Ncontracts Fair Lending or CRA Analyst who walk them through the software, discuss focal points, and provide coaching/ guidance. Our expert team has access to a wide variety of data sites, giving clients insights that go beyond their own data for a uniquely comprehensive perspective. It also means our solution for Section 1071 compliance, N1071, is loaded with expert model content, videos, and other resources that streamline training and build your institutional knowledge. It doesn’t just transmit data. It helps you understand the big picture and get everyone ready. The Bottom Line on KaaS Solutions These are just a few examples of Knowledge as a Service solutions in risk management and compliance. In each case, the solutions help financial institutions better understand risk, eliminate time-consuming tasks, and benefit from a huge bench of industry-specific talent without having to invest heavily in staffing or infrastructure. Financial institutions that embrace KaaS solutions for risk and compliance management elevate their risk and compliance posture — and they do it quicker and more efficiently. From identifying regulatory change to knowing which controls to measure and monitor to getting an alert when a critical vendor is experiencing a cybersecurity issue, KaaS solutions help mitigate risks to reduce the likelihood of failing to meet business objectives, violating consumer protection laws, getting burned by a subpar vendor, or failing to recognize and remediate inadequate controls. These problems can end up costing a fortune. On the flip side, not having to rely heavily on expensive in-house talent and moving to market faster adds to the bottom line. It’s much more cost effective to invest in KaaS solutions backed by experts than to go it alone. Michael Berman is the founder and CEO of Ncontracts, one of the fastest-growing risk management companies in the financial services industry. A risk management evangelist, he combines decades of legal and regulatory experience with an extensive background in business strategy to solve operational risk management challenges. Berman is an in-demand speaker, a frequent contributor to industry publications, and the author of The Upside of Risk: Turning Complex Burdens into Strategic Advantages for Financial Institutions. Prior to founding Ncontracts, he served as General Counsel for Goldleaf Financial Solutions, Tecniflex, Inc. and Imagic Corporation. Berman received his undergraduate degree from Cornell University and holds a J.D. degree from the University of Tennessee.

WWW.FLORIDABANKERS.COM JUNE 2024 — 15

GOVERNMENT RELATIONS

BE READY FOR ATTESTATIONS AND CUSTOMER COMPLAINTS BY ANTHONY DIMARCO, FBA EXECUTIVE VICE PRESIDENT AND DIRECTOR OF GOVERNMENT AFFAIRS

B y the time you read this, HB 989 will have become law with the Governor’s signature. We also expect the implementing rules to have been adopted as well. The law will impact our members in two ways: Credit unions will be able to accept public deposits in limited instances, and all members doing business in Florida, regardless of charter, will have to sign an attestation and be subject

an attestation to OFR, under penalty of perjury, that the financial institution is in compliance with s. 655.0323, F.S.; • ALL financial institutions will have to respond to any investigation by OFR triggered by a customer complaint; and, • HB 989 applies to all financial institutions in Florida, regardless of charter or whether it is a qualified public depository (QPD)

to an investigation by the Florida Office of Financial

“THE LAW WILL IMPACT OUR MEMBERS IN TWO WAYS: CREDIT UNIONS WILL BE ABLE TO ACCEPT PUBLIC DEPOSITS IN LIMITED INSTANCES, AND ALL MEMBERS DOING BUSINESS IN FLORIDA, REGARDLESS OF CHARTER, WILL HAVE TO SIGN AN ATTESTATION AND BE SUBJECT TO AN INVESTIGATION BY THE FLORIDA OFFICE OF FINANCIAL REGULATION (OFR).”

This year’s bill is a follow up to last year’s HB 3 which created a new “unsafe and unsound” banking standard in s. 655.0323, F.S. This new standard provides that a financial institution is operating in an unsafe and unsound manner if it denies or cancels its services to a person, or to otherwise discriminate against a person in making available such services or in the terms or conditions of such services, on the basis of: 1. The person’s political opinions, speech, or affiliations; 2. A person’s religious beliefs; 3. Any factor that is not

Regulation (OFR). Public Deposits

House Bill 989 permits credit unions to take public deposits; however, they are somewhat limited by the bill. Credit unions are limited to taking up to 7 percent of the deposits in the State Treasury and at Florida’s universities and colleges. No credit union can hold more than 10 percent of their assets in public deposits. Finally, credit unions must abide by all requirements that banks have to be a QPD, including HB 989’s provisions dealing with attestations and customer complaints. While HB 989 limits credit unions’ ability to take public

quantitative, impartial and risk-based, including any factor related to the person’s business sector; or, 4. The use of any social credit score. Pursuant to HB 3, if the OFR found any Florida state chartered financial institution operating in an unsafe and unsound manner, it can impose the penalties of the state banking code against the financial institution.

deposits, it is definitely the camel’s nose under the tent. We fully expect them to return in a future session seeking full access. Attestation and Customer Complaints This portion of the bill sets forth that: • ALL financial institutions will have to submit

16 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

Additionally, all Florida chartered financial institutions are required to attest, under penalty of perjury, that they are complying with the new law. HB 3 also required all QPDs, regardless of charter, to attest that they are in compliance with the same law when they submit their annual report to the CFO’s office in November. Should the QPD fail to do so, it will be removed as a QPD. 2024 – HB 989 Last year’s HB 3 did not subject all financial institutions doing business in Florida to the new law. Any financial institution chartered by the federal government or another state, and not a QPD, did not have to comply with the law. This year’s HB 989 increases the universe of financial institutions that must comply with last year’s bill, so that all financial institutions, regardless of charter or status as a QPD, must file an attestation of compliance with OFR by July 1 . This means all FBA members must file an attestation with OFR by July 1. Moreover, HB 989 provides that a customer may file a complaint against any financial institution it believed violated the unsafe and unsound banking practices outlined above within 30 days after the violation has occurred. After receiving the complaint, OFR must notify the financial institution that a complaint has been filed and the financial institution has 90 days to

respond to the complaint. The law does not appear to differentiate between charters and will apply to all financial institutions. OFR then has 30 days after completion of the investigation to create a report. The report must then be sent to the customer and the financial institution. Should OFR find a violation has occurred, it must notify the customer, the Florida Department of Financial Services (DFS) and the office of the state attorney in the judicial circuit in which the action took place, or the Florida Attorney General. A violation of the code will subject the financial institution to the fines and penalties under the Florida financial institution codes and the financial institution could be subject to the Florida Deceptive and Unfair Trade Practices Act and the penalties therein, plus one-way attorney fees and costs to the prosecuting authority, if successful. We expect the bill to be signed into law once presented to the Governor. OFR must formally engage in rulemaking for any documents or procedures needed for the customer-complaint process, and perhaps, for a new attestation form. We will update you as this unfolds. Please take the necessary steps to comply with the law. Feel free to contact me with any questions.

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Florida BankPac Update PAC contributions for 2024: $114,390.00 Contributions received between 1/1/2024 and 5/22/2024

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

Arvind Patel Dinubhai Patel Jayesh D. Patel Jayesh K. Patel Jiten Patel Mahendra Patel

Jason Crowe Fred Leopold

First Colony Bank

Banks with 100 percent board member contributions:

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

Community Bank of the South Harold Bistline

Edison National Bank

Domingo Sanchez Thomas J. Sheehan Mark W. Ziebarth

Nilesh Patel Rajesh Patel Shilen Patel Vijay Patel

BankPac contributions:

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

Amerant Bank, N.A. Alberto Capriles Anthony J. Eelman Juan Esterripa Armando Fleitas Carlos Iafigliola Howard A. Levine S. Marshall Martin

Flagship 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

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

Crews Bank & Trust

James W. Crews, Jr.

Desjardins Bank Louis Rheaume

James Nelson Joseph Oliveri Nick Patel Brent Sembler Robert Shaw Kelly Spica Christopher Sprowls Paul Wikle Gulf Coast Business Bank Jennifer Compton P. Compton Cramer, Jr. N. Rogan Donelly Teri A Hansen Frank J. LaCivita Thomas A. Martin, Jr. Dennis B. Murphy Sam D. Norton Michael R. Pender, Jr. Charles W. Rush Drayton A. Saunders Jeff Saunders Heartland National Bank Gulfside Bank Tim Clarke

Gerald Plush Daniel Rivera

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 Geoffrey W. Roepstorff Robbie B. Roepstorff Richard H. Shera, Jr. First Bank, Clewiston, FL Mary Elizabeth Carroll Miller Couse Earle E. Edwards Andy Higginbotham

Mariola Sanchez Sharymar Yepez

Vaughn H. McAshan William G. Middleton Bonnie Parker

Bank of America

Fabiola N. Brumley Bank of Belle Glade Stephen Prielozny BankFlorida Allen Altman James S. “Bud” Stalnaker, Jr. Capital City Bank Group Thomas A. Barron Robert Beauchamp William F. Butler Stanley W. Connally, Jr. Bonnie J. Davenport

Mark E. Schreiber R. Howard Wiggs Jinx Wilson 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.

Laura Johnson Kenneth Pratt William G. Smith, Jr. John J. Wahlen

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

Central Bank

Karl E. Larsen Tommy Perry Carey Soud Jaime Weisinger

James C. Clinard Jerry T. Whidden

Scott Amatuccio David Edgar Scott Kohler

Community Bank

JPMorgan Chase

18 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

Locality Bank

Melissa Carner Greg Celestian Ken Cherven Aric Chevtaikin Cathy Collins Chuck Colwill Debbie Cooper Todd Cordell Stephanie Dahl Jennifer Denney Brett Divers Tim Donaldson Renee Ervin Michael Eubanks Pat Fain Preston Farrior Jim Ferman John Fillingim Angela Gardner Scott Gault Lauren Gibson Ann Giles Kevin Gilligan Merlisia Gittens Donovan Glaister

Aenoi Kounlavong Mike Kreig Jeni La Paglia Owen LaFave Rob Lane Alison LaPointe Tom Lee Toby Lincoln Jonathan Locklear Tim Mann Joe Marshburn Cristina Martinez Si McAninch Susan Miller Judy Mitchell Blaine Morrison Sebastian Mrowczynski Trey Mueller Charlie Murphy Jada Murray Corey Neil David Newberry Tom Oliver Dotti Overton Terry McFatter J. Chris McGee

Roger Rivard Carly Ross Jim Scott Reade Sevigny Anne Shaughnessy Donald Stine John Stump Simon Sumner Debbie Swezey Daryl Tatum Frank Territo James Tollerton Darrell Turner Debbie Viveiros Edyta Votour Pamela Warnock Ashley Watters Bill West Paul Whiting Polly Wiggins Blake Williams Dave Zillig Ryan Zsiga United Southern Bank Gregory L. Nelson U.S. Century Bank Luis de la Aguilera

Keith Costello Michelle Gioia Cecilia Medrano Mainstreet Community Bank of Florida

W. Ben Flowers Wendy B. Libby Randall J. Marshall

Hal M. Rogers Paul Rountree MidSouth Bank

Davis Malone, III

Ocean Bank

Alfonso Macedo One Florida Bank

Frederick G. Pullum Raymond James Bank Steven M. Raney ServisFirst Bank Thomas “Bo” Carter Sunrise Bank Barry R. Griffiths Sunstate Bank Yvonne Debesa Lloyd DeVaux David A. Lieberman Synovus Financial Corporation Kevin Gillen The Bank of Tampa Tammy Amburgey

Cathy Harris Gary Harrod Erin Hesbeens Oscar Horton Wesley Joyner Kyle Keith Bill Kent Malorie Kent

Sarah Peet Zane Petty Kris Phillips Lee Pierson Stacey Pittman Mark Poppell Susanne Powers

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Ed Armstrong Antonio Azorin Cecile Bare Suzy Bateman Doug Bishop Bob Blanchard Bryan Bourdeaux Matthew Boyd Kenneth Braga Rachael Brown Jonathan Browy Jon Bui Mitch Burley Melissa Burman Maureen Busch Matthew Buzza Lisa Carlton

FNBB has provided expertise, innovative solutions and strategic partnerships to help community banks grow and maintain relevancy for 40 years. Let us help you navigate the rapidly evolving payments landscape.

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MEMBER FDIC

WWW.FLORIDABANKERS.COM JUNE 2024 — 19

10TH ANNUAL WOMEN IN LEADERSHIP CONFERENCE THE WYNDHAM GRAND ORLANDO RESORT BONNET CREEK, ORLANDO

PHOTOS COURTESY OF PAULY KRAMER PHOTOGRAPHY

T he FBA held its 10th Annual Women in Leadership Conference April 18-19 at The Wyndham Grand Orlando Resort Bonnet Creek in Orlando. More than 250 bankers joined us for an empowering two days of learning and networking. This event is designed to encourage, support and inspire women to reach for leadership positions in their chosen industries. Lourdes Mendes, SVP and relationship manager at Cadence

Bank, served as chairwoman, presiding over the conference. Successful female managers and leaders from Florida’s financial institutions and affiliated professional groups shared their expertise on topics like conflict resolution, careers in banking, self defense and more. Big thanks to our event sponsors Bank of America, CashTrans, Mauldin & Jenkins, The Servion Group, Valley Bank, Wells Fargo and Wolf & Company, P.C.

20 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

WWW.FLORIDABANKERS.COM JUNE 2024 — 21

TRUST AND WEALTH MANAGEMENT MINI FEATURE

‘OFF THE SHELF’ IS NEVER ‘ON THE TABLE’ – WELLS FARGO PRIVATE BANK’S CUSTOMIZED SOLUTIONS FOR YOUR UNIQUE WEALTH MANAGEMENT NEEDS

S ignificant wealth comes with significant complexity. At Wells Fargo Private Bank (The Private Bank), “off the shelf” is never “on the table.” The Private Bank experience provides an elevated level of service and custom solutions to help support the unique wealth management needs of high-net worth individuals, multi-generational families, family offices, and institutional investors. With objectivity, trustworthiness, flexibility,

who are laser focused on helping clients preserve and enhance their wealth. This includes: Wealth and Legacy Planning: Bringing together all aspects of family wealth to ensure your financial and governance structures are designed to help preserve wealth across generations. Trust Services: Developing plans for you to simplify administration, enhance communication, help reduce transfer taxes, ease wealth transfer, and maintain family vision.

Philanthropic Services: Helping you achieve your strategic charitable goals with the cause or organization you are passionate about, to include handling the day to-day operations of large scale foundations. Investment and Asset Management: Specializing in managing significant wealth for individuals requires a custom approach, including analyzing opportunities not widely available to other individual investors. Private Banking

and discretion as the cornerstones of every relationship, qualifying clients of The Private Bank experience are provided access to exceptional resources and people in the financial industry.

“OUR CLIENTS ARE LOOKING TO BUILD ENDURING

LEGACIES, AND WE'VE DESIGNED THE CLIENT EXPERIENCE WITH THAT IN MIND.” - CANDACE MARSHALL

“From estate planning, charitable giving, and liability management to banking, business liquidity planning, and managing complex real estate needs — the full arsenal of Wells Fargo is at a client’s fingertips,” said Candace Marshall, senior trust advisor in Wells Fargo’s Wealth & Investment Management division. A Team Based Approach For many high-net-worth families, managing wealth is about so much more than just the numbers. “Our clients are looking to build enduring legacies,” said Marshall, “and we’ve designed the client experience with that in mind.” Each qualifying client of The Private Bank experience has a highly skilled, hand-selected team of professionals

including Cash Management and Custom Lending Strategies: Offering custom deposit management capabilities to manage everyday cash flows and support sophisticated treasury management needs and custom lending solutions. Business Owner Advisory: Helping business owners make informed decisions by providing education, industry insights, and planning services on business transition, succession, and governance. Marshall also highlighted that in addition to a

22 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING

customized team addressing a wide variety of specialty areas, Wells Fargo also offers its qualifying clients of The Private Bank experience access to a service team available 24/7. Making An Impact In Florida In addition to helping fulfill the financial needs of clients’, supporting local communities across Florida continues to be a top priority for Wells Fargo. “As the ‘Bank of Doing’, we go far beyond making investments in the community,” said Senior Vice President of Florida Community Relations Kate Wilson. “‘Doing’ is the sum of the impact we have when we work together with community organizations to tackle societal challenges across four focus areas: housing affordability, small business growth, financial health and sustainability.” Wells Fargo also continues to work with organizations across the state to support programs that help reduce the impacts of climate change, like the Everglades Foundation’s “Power of Water” initiative, the Nature Conservancy’s first-of-its-kind “Economic Benefits of Decarbonization in Florida” report and Audubon Florida’s Florida Greenhouse Gas Cohort, which brings together students to create solutions that help build a more resilient and sustainable future. “To help address the many housing affordability challenges, we supported innovative efforts like the Space Coast Habitat for Humanity and Macedonia CDC’s construction of affordable housing with 3D printed innovations and technology. And to help low-income renters who are at risk of eviction and heirs’ property owners facing tangled titles and loss of generational land and property, we awarded $600,000 to several Florida nonprofits across several years,” said Wilson.

provided by Wells Fargo Bank, N.A. and/or Wells Fargo Advisors. Wells Fargo Bank, N.A. provides investment management services as part of its trust and fiduciary services, deposit products, lending products and other bank products. Wells Fargo Advisors provides investment advisory and brokerage services. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and nonbank affiliate of Wells Fargo & Company. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, may be paid an ongoing or one-time referral fee in relation to clients referred to the Bank. For Bank products and services, the Bank is responsible for the day-to day management of the account and for providing investment advice, investment management services, and wealth management services to clients. The role of the Financial Advisor with respect to Bank products and services is limited to referral and relationship management services. Eligibility for The Wells Fargo Private Bank experience is subject to change without prior notice. Products and services may have qualification or pre-acceptance requirements that are different than the eligibility requirements for The Wells Fargo Private Bank experience. Wells Fargo Wealth and Investment Management (WIM) is a division within Wells Fargo & Company. WIM provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company. Trust Services are available through Wells Fargo Bank, N.A. Member FDIC and Wells Fargo Delaware Trust Company, N.A. Investment and Insurance Products: NOT FDIC Insured / NO Bank Guarantee / MAY Lose Value © 2024 Wells Fargo & Co. Bank, N.A. Member FDIC. PM-10242025-6577662.1.1

The Wells Fargo Private Bank (The Private Bank) experience connects clients with products and services

Candace Marshall , senior trust advisor at Wells Fargo Bank’s Wealth & Investment Management division located in Orlando, Florida, works with clients to integrate fiduciary and investment knowledge into each client’s custom wealth plan to help enhance and preserve assets, while working toward the client’s overall wealth management goals.

Nathaniel Jones , senior wealth strategist at Wells Fargo Bank’s Wealth & Investment Management division located in St. Petersburg, FL, works as part a team dedicated to advising and helping individuals and families accomplish their wealth planning goals and objectives.

WWW.FLORIDABANKERS.COM JUNE 2024 — 23