Florida Banking March 2024

Closely Connected to its Communities ServisFirst Bank:

O ur name is our mission.” Alabama headquartered ServisFirst Bank has a reputation for seamless service and an entrepreneurial culture; the full-service commercial bank was founded in Birmingham in 2005 and will celebrate its 20th anniversary next year. The bank is focused on commercial banking, correspondent banking, cash management, and private banking. Today, ServisFirst Bank has assets exceeding $16 billion and 38 offices across the southeast. Its footprint includes Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina and Virginia. “I thought we could start a bank that was better than what we’d done before,” said Tom Broughton, ServisFirst

same time, some of the larger regional banks began to deemphasize correspondent services. It was good timing and we were able to attract key employees who had expertise in this space like David Jordan, head of Correspondent Operations, and Guillermo Chiang, who had grown and nurtured the Florida banking relationships for many years,” Rushing said. “Since beginning this division about 14 years ago, we have attracted many other talented people such as Tim Finney, who manages the division today.” The bank’s correspondent banking division has $2.2 billion in fundings and serves 350 community banks across 26 states and the District of Columbia. ServisFirst’s Agent Bank Credit Card Program is endorsed

Bank chairman, president, and CEO. Broughton founded the de novo First Commercial Bank in 1985, which was later bought by Synovus in 1992. He always knew he wanted to be a bank president; Broughton’s grandfather, father, and uncle were also bankers. “There’s nothing in the bank I haven’t done. I’ve done it all,” Broughton said.

by the American Bankers Association and issues customized consumer, business and purchase cards for more than 130 financial institutions. It was shortly after the establishment of the correspondent banking division that the bank expanded into Florida, opening a branch in Pensacola in 2011. Today, about half of the bank’s loan growth comes from West Central Florida and the panhandle. Broughton attributes the bank’s success and growth to its regional CEOs, who have market expertise and the authority to make local decisions.

“ALL REGIONAL CEOS ARE EXPERIENCED BANKERS WHO KNOW THEIR MARKET, ARE CONNECTED TO THE COMMUNITY, AND HAVE A HIGH LEVEL OF DECISION-MAKING ABILITY.”

Broughton raised $35 million in capital to start ServisFirst Bank, which at the time was the largest bank startup amount raised in the state of Alabama. He also founded and organized the formation of the bank holding company ServisFirst Bancshares, Inc., and led the Initial Public Offering in May 2014. ServisFirst opened its correspondent banking division in 2010, at a time when the bank was growing quickly and needed funding. This is when EVP & COO Rodney Rushing joined the team, having been introduced to Broughton by the bank’s first chairman Skip Brock. Rushing had previously worked for Brock’s father, Harry Brock, at Compass Bank (formerly Central Bank). Though Rushing was familiar with Broughton’s banking career and previous success with AmSouth and First Commercial Bank, their paths had never crossed. “After the 2008 real estate crash, many correspondent focused banks were going out of business, while at the

- GREG BRYANT

“The biggest differentiator for ServisFirst is our autonomous structure. All regional CEOs are experienced bankers who know their market, are connected to the community, and have a high level of decision-making ability,” said Greg Bryant, West Central Florida Regional CEO. Bryant oversees Tampa, Sarasota, Venice and Orlando. Bryant’s personal relationships with members of the local community led to a recent tour of the J.C. Newman Cigar Company, the oldest family-owned premium cigar maker in America; J.C. Newman is headquartered in an iconic 113-year-old cigar factory known as “El Reloj” in the Ybor City National Historic Landmark District in Tampa, Florida. Bryant, Broughton, Rushing, and ServisFirst Bank, Continued on page 10

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