Locality Bank, the first community bank to open in South Florida in more than 10 years, has opened its 2,500 square-foot Fort Lauderdale headquarters (1400 South Andrews Avenue). A ribbon cutting ceremony is planned for February 9, 2023.
Located in the South Andrews Avenue corridor of Fort Lauderdale, Florida, the newly renovated free-standing building was designed with the intrigue of Fort Lauderdale’s growing small business environment in mind. The space has a co-working feel with multiple break out rooms for clients to utilize.
“With increased year over year growth from local businesses and entrepreneurs, there was no better place to open a community bank,” said Corey LeBlanc, Locality Bank Co-Founder and COO/CTO. “We have built our headquarters like our bank- it’s agile, more efficient, and can keep up with the ever-changing, forward-thinking needs of our clients.”
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For the past two years, the digital-first community bank has been operating out of Fort Lauderdale’s General Provision co-working space. There, co-founders Keith Costello, Corey LeBlanc and Drew Saito developed a successful business model, registered the bank with FDIC, raised $38 million in capital, met with investors, and officially launched Locality Bank. With more than 28 banking professionals on staff, General Provision, located at 300 SW 1st Ave., Suite 155, in Fort Lauderdale, will continue to serve as a satellite branch for Locality Bank.
“Our goal is to fulfill the financial needs of local businesses and entrepreneurs, empower them to grow and hire more local talent,” said Drew Saito, Co-Founder and Chief Lending Officer of Locality Bank. “With really good tech and delivering services in a consultative manner, our commercial banking experts will meet with business owners at their shop or office if needed.”
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Since launching in January of 2022, Locality Bank has successfully accumulated more than $130 million in bank assets and has provided $65 million in loans to local businesses. Locality Bank’s digital-first platform and high-yield accounts, supported by local business finance experts, allow the bank to provide much needed capital to help local businesses grow and maximize their potential.
“In the last five years, more changes have occurred in the banking industry than in my entire banking career,” said Keith Costello, CEO of Locality Bank. “A non-traditional bank like this was needed for our South Florida businesses and we are utilizing best in class technology that makes it easy for business owners to bank, apply for loans, and access other services all on the go.”
The bank’s online platform was 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 local businesses deserve to have access to.
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