Florida Banking November 2023

‘Giving Back is Key’ First State Bank of the Florida Keys:

F irst State Bank of the Florida Keys is a pillar of the community. The bank was founded in Key West in 1955 as the island’s first community bank and has served the unique needs of the Keys ever since. One cannot go far without encountering the bank’s name and signage as evidence of its service and patronage to the local “Conchs” (as the born-and-raised locals are called). Today, the bank has $1.25 billion in assets and eight locations across the Keys, as well as an operations center in Miramar. “When you look out into the community, the bank is one of the most prominent contributors in Monroe County,” said President Gary Carney. Carney took the helm as president on January 1, 2023, succeeding Karen Sharp, who has assumed the

for more than 20 years. Of the bank’s 170-plus employees, more than 20 are in the 20+ Club, and nearly 70 have served for more than 10 years. The club is just one of many of Carney’s initiatives to bring back morale-boosting traditions that were put on hold during the pandemic. “We’ve been working with HR to bring back incentives and find assistance for our employees. One of my primary goals is to be the best employer in the Keys,” Carney said. The bank is excited to have reinstituted breakfast for employees at all locations on Friday mornings, the annual company picnic (expanded to include two locations) and the annual employee appreciation party. Other recognition programs include the Delivering Exceptional Experiences Recognition

title of director emeritus. Carney joined First State Bank in 2006 as senior vice president, senior loan administration officer. He was promoted to executive vice president in 2007, chief credit officer in 2011, and chief operating officer in 2021. Carney is from Ohio. After graduating from Kent State University, he went to work for Charter One Bank starting as a credit analyst and completing his tenure as head of commercial credit. During his 18-year career, he was involved in mergers and acquisitions

(DEER award), wellness awards, and referral awards. Housing is a unique challenge for the bank and its employees, considering the high cost of living in the Keys. Bank management continues to look for solutions like purchasing property that it can offer employees as affordable rentals. Carney and his team are proud of the positive culture and the dedication and loyalty of bank staff. This is felt by the bank’s customers, too, as many enjoy visiting the branch just to do business with their favorite teller.

“WHEN YOU LOOK OUT INTO THE COMMUNITY, THE BANK IS ONE OF THE MOST PROMINENT CONTRIBUTORS IN MONROE COUNTY.”

- GARY CARNEY

and set up credit departments in five other states. First State Bank was grateful for Carney’s lending background. He wrote the first portfolio analysis for the bank and implemented portfolio management. Carney did not originally see himself becoming a permanent resident of the Keys; when he joined the bank in 2006, it was with the expectation that he would stay for a few years before settling in a larger city like Miami or Fort Lauderdale. Shortly after Carney started, however, the bank weathered the Great Recession, and the longer he stayed the more invested he became. Nearly 18 years later, he understands why the company jokes about its employees never leaving. The bank has brought back its “20+ Club” to recognize and celebrate those who have served

“I’m grateful to have been able to get the right people in the right positions. Not everyone would fit into our culture,” Carney said. First State Bank is known for its longevity and service within the community. The bank’s involvement goes beyond monetary sponsorship; employees donate their time, as well. Bank management encourages consistent volunteerism by offering comp time for community service. At local events like the Seafood Festival, for example, bank employees can be found greeting festival goers and selling tickets. The bank’s mantra, worn proudly on staff volunteer shirts, cleverly reads “Giving Back is Keys.” “We encourage people to go out and get involved. We’re everywhere. Our employees are at events almost First State Bank, Continued on page 10

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