Keith Costello Sworn in as Chairman of Florida Bankers Association
Keith Costello, co-founder and CEO of Locality Bank, has officially been sworn in as Chairman of the Florida Bankers Association (FBA). His appointment comes during the organization's 137th Annual Meeting and signals a significant shift as a community-bank entrepreneur takes charge of one of the state’s oldest trade associations.
A Strong Voice for Community Banking
In the weeks leading up to this leadership role, Costello actively voiced his opinions on critical banking issues. He recently testified before a U.S. House Subcommittee, addressing competition in bank mergers and the formation of new banks. His testimony urged lawmakers to consider easing regulatory restrictions that hinder the emergence of new banking institutions.
Locality Bank: A Rising Star
Locality Bank began its journey with a robust capital foundation. Launched in January 2022 with $38 million, it has remarkably increased its assets to approximately $300 million over just three years. The bank has successfully deployed over $200 million in loans to support local businesses, showcasing its commitment to fueling economic growth in the region.
Job Creation and Economic Impact
Locality Bank's presence has also translated into job creation. To date, it has contributed to the creation of over 40 local jobs through its innovative digital-first approach to community banking. This model not only serves businesses but aids in strengthening the local economy.
Expansion in Services
Earlier this year, Locality Bank moved beyond its initial de novo phase which has allowed it greater operational flexibility. This change is pivotal as it enables the bank to broaden its Small Business Administration lending options and enhance its technology-driven services.
Future Goals as Chair of the FBA
As the new Chair of the FBA, Costello has outlined key priorities aimed at fostering a competitive banking landscape in Florida. He is keen on advocating for:
- Phased-in capital requirements and streamlined chartering rules to encourage new bank formation.
- Proportional regulation that enables community banks to thrive without excessive compliance burdens.
- Collaborative technology partnerships, enhancing digital capabilities while preserving local decision-making processes.
- Strengthening ties between banks and local communities amid growing population dynamics.
A Vision for the Future
Costello emphasizes the need for initiatives that promote the establishment of more banks, noting the importance of creating an environment that nurtures new financial institutions. His proactive approach aims to uplift the banking industry in Florida, ensuring every community has access to quality financial services.
About the Florida Bankers Association
The Florida Bankers Association has been a staple in the state's financial sector since its inception in 1888, advocating for banking professionals across the region. The recent annual meeting convened numerous leaders to strategize for the year ahead, highlighting the association's continuous dedication to industry advancement.
About Locality Bank
Locality Bank, based in Fort Lauderdale, engages with local businesses, aiming to propel their growth with tailored banking solutions. By combining personalized service with innovative technology, they deliver a unique banking experience designed specifically for the needs of South Florida entrepreneurs.
Contact Information
Aimee Adler Cooke is the point of contact for more information regarding Locality Bank. She can be reached via phone at (561) 302-6902.
Frequently Asked Questions
What is Keith Costello's new role?
Keith Costello has been sworn in as the Chairman of the Florida Bankers Association.
What does Locality Bank focus on?
Locality Bank aims to empower local businesses with customized banking solutions and modern technological support.
How much has Locality Bank grown in assets?
Locality Bank has grown to approximately $300 million in assets since its launch.
What are Costello's priorities as FBA Chair?
His priorities include new-bank formation, right-sizing regulations, technology partnerships, and supporting local communities.
How does Locality Bank support the economy?
Locality Bank supports the economy by providing loans to local businesses and creating jobs through its operations.
