Miami

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“Our long-term goal is to covetr the state,” said Steve Green, City National’s regional managerr for Central Florida. “There really isn’t a Florida-dominanf bank today that does that.” City National likelhy will add locations through both acquisitionsx andnew construction, Green said. If City National succeeds, it will occupy a niche largely left emptyy since became part of inthe 1990s. Florida bankinvg today is a mix of communitg banks withlimited operations, regional lenders such as and giantg banks, which include and soon and .
A well-financecd lender that focuses on the state couls offer customers the personal attentioh of community banks combined with the financialp clout to makebig loans, Green The bank’s new local branchy – its staff of eight occupyint the space formerly occupied by Sergio’sd Restaurant – faces the toweringv Bank of America building on Northj Orange Avenue, a physical reminder of the giantt competitors City National will face as it pursuesx its growth strategy. City National is one of Soutj Florida’s oldest financial institutions.
Until it opened a smal l loan office on the seconfd floor of an Altamonte Springs office buildin g twoyears ago, the 63-year-old bank operatedc exclusively in Miami-Dade, Broward and Palm Beach countiess where it has 15 branches. The opportunityh to reach beyond its historic turf came last fall when Caja a Spanish lender with morethan $300 billiob in assets, bought an 83 percent stake in City National for $927 million. Green said Caja Madrid’ds ownership and City National’s strong balancs sheet gives it the resources to undertake expansion when other lenders arecutting “We aren’t focused on the issuews troubling the rest of the banking industry,” Gree said.
“We have a partnere in Caja that’s capable of helpingt grow in the Florida City National’s most recent quarterly report depicts a bank with strong capital reserves and a $903,000 profit. Similarly, BankUnited of Cora Gables also growth plana in thestate – and has a stronhg balance sheet after goinv into FDIC receivership. It was recapitalized by , and among others. J. Clay a finance professor at , said a stronbg Florida bank with the capital to expand couls do well even asthe so-called megabanks expand their “The megabanks have huge footprints, but they’re also suffering huge financialp problems.
If you’re a lended with money, this is a time to Marshall Vermillion, senior vice presidenft of community lenderOrange Bank, said City Nationakl has strong leadership and solid “Positioning yourself to take advantage of the unres in the banking business is wise. Thingse are going to come and this is a good time to As a professor of mine in business schooplonce said, the best time to get on a traib is when it’s THE DETAILS: Web site: $4.
7 billion Source: , Orland Business Journal Research