The region’s first community bank to open in over 10 years
Locality Bank announced that it has officially opened for business. Serving Miami-Dade, Broward, and Palm Beach Counties, the bank’s digital services are now available through online and mobile applications to empower local businesses. Featured offerings include commercial banking, commercial real estate lending (for owner occupied and investment), SBA lending, and deposit and business treasury services.
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A modernized version of what a community bank should be, Locality Banks’s mission is to empower local businesses to maximize their potential. While customers won’t have to rely on a physical location to achieve their financial goals, Locality Bank’s physical branch will serve entrepreneurs and business owners who seek hybrid resources in their banking.
“Our journey began in March of last year when we first filed the application for a new bank charter. What a tremendous milestone to so quickly be open for business,” said Keith Costello, Locality Bank’s CEO.
In partnership with Nymbus, the bank’s online platform has been custom built on a secure cloud-native core banking system with an open API architecture that supports its objective for delivering the technological resources and enhanced financial tools that community businesses need to succeed.
“The overwhelming community response Locality has already received, validates our initial hypothesis that South Florida needs a local technologically advanced financial institution,” added Co-Founder and Chief Lender for Locality Bank Drew Saito. “I am incredibly proud of our entire Locality Team, as we’re just getting started at helping our community’s businesses get the services and capital they need to grow and prosper.”
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Furthered Corey LeBlanc, Locality Bank Co-Founder and COO/CTO: “We’ve taken a fresh approach to community banking that has been left too long underserved. The technology we have in place enables Locality to be hyper-focused and adjust on the fly to best serve our local businesses.”
In November 2021, Locality Bank received final approval for a state charter and FDIC secure deposit insurance. The bank most recently completed its successful capital raise netting a total of $35 million after increasing the maximum amount from $23 million in subscriptions for stock. It is operating out of General Provision’s Downtown Fort Lauderdale location (300 SW 1st Ave, Suite 155, Fort Lauderdale) until renovations of its main office (1400 South Andrews Avenue, Fort Lauderdale) are complete in mid-2022.
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