Independent Banker - August 2022 - 76

CONNECTIONS TRAILBLAZER
" The [de novo] process is not easy, but
we were able to work effectively with
both the FDIC and our Florida Office of
Financial Regulation to get through the
process in about eight months. "
-KEITH COSTELLO, LOCALITY BANK
of community banks was the reason.
Most successful companies solve a
problem, and that was what motivated
our focus on local companies. "
Built on a solid foundation
Regulators were so impressed with
the founders' track records and
their vision for the institution that
Locality Bank, south Florida's first
new community bank to open in
more than a decade, received its bank
charter mere months after applying
for it.
Costello previously served
as president and CEO of $798
million-asset First GREEN Bank, a
community bank headquartered in
Orlando, Fla., from 2016 until its
sale in 2018. Prior to that, he was
president, CEO and an organizing
director of $200 million-asset
Broward Bank of Commerce, based
in Fort Lauderdale. Costello has also
held senior roles at Bank of Florida,
City National Bank and Nations Bank
during his 30-year banking career.
LeBlanc, Locality Bank's cofounder,
chief operating officer and
chief technology officer, previously
served 14 years as CTO and chief
digital and innovation officer at
$8 billion-asset Origin Bank in
Choudrant, La. His career has
focused on aligning technology and
banking services.
Saito, another cofounder who
is chief lender for Locality Bank,
has two decades of banking and
financial services experience in south
Florida. He began his career in the
securities business and specializes
in commercial banking, real estate
lending and treasury.
The road to a charter
In March 2021, Costello and LeBlanc
filed an application with regulators for
a new bank charter, with Saito joining
the two as a cofounder in October. The
next month, Locality Bank received
final approval for a state charter and
FDIC-secured deposit insurance. In
December, the founders completed
a capital raise, netting a total of
$38 million after increasing the
maximum amount from $23 million in
subscriptions for stock.
Obtaining regulatory approval was
successful because they had prior
experience with the process and
regulators knew them, Costello says.
76 Q ICBA Independent Banker Q June 2022
August 2022
" The process is not easy, but we
were able to work effectively with both
the FDIC and our Florida Office of
Financial Regulation to get through
the process in about eight months, "
he says.
For others planning to launch a de
novo, Costello emphasizes that one of
the most important tasks is to secure
the backing and support-both in
concept and with capital-of business
leaders in their community.
" If they don't believe you will be
successful, they will not invest, " he
says. " One of the keys to success for
our group was the early support of
these local business leaders. "
Katie Kuehner-Hebert is a writer
in California.
QUICK STAT
8
The number of months
it took Locality Bank to
receive its bank charter
Independent Banker - August 2022

Table of Contents for the Digital Edition of Independent Banker - August 2022
