Independent Banker - February 2024 - 64

Words of wisdom
Thinking of entering the de novo
process? Here's advice from
some executives who have
crossed the finish line:
" You must believe in the
community bank model, that
that's the best way to help
small businesses and help your
community. If you don't feel
that way, it's going to be too
difficult and you're probably
going to not like it. "
-Keith Costello, Locality Bank
" Surround yourself with good
consultants and legal counsel to
start this process and be patient. "
-Maria Dubiel,
Community Unity Bank
" Have a very experienced team
to get out of the gates with. "
-Todd Hovland, EntreBank
grows as megabanks close branches
and the industry consolidates.
Texas Traditions Bank, which
opened in September 2022, was one
of only 15 FDIC-insured institutions
established that year. Only five were
established in 2023.
Below, executives behind four of
these de novos share snapshots of
their startup journeys and how they
are serving their communities.
" The more transparent and the
stronger the communication level
you have [with your regulators],
the better things will go. "
-Tim Viere, EntreBank
Seeking shareholders
" Don't do this because
you want to do it. Do it
because your customers tell
you they need it. "
-David Roth,
Texas Traditions Bank
In 2021, Keith Costello and the other
cofounders of $193 million-asset
Locality Bank in Fort Lauderdale, Fla.,
had reason to believe local businesses
would welcome a new community
bank. By then, consolidation had
left only three community banks
headquartered in Broward County,
down from 11 in 2016, says Costello,
who is Locality Bank's president, CEO
and cofounder.
Not long before, Costello had
received numerous calls from former
Above: Fort Lauderdale mayor Dean Trantalis
(far left) and Broward County mayor Lamar
Fisher (third from left) with Locality Bank's
(from left) Keith Cobb, Keith Costello, Corey
LeBlanc and Drew Saito at its grand opening
customers and others who were
frustrated about their inability to get
money through the PPP. " They were
really not getting the kind of service
that they needed during that critical
time, " he says.
Costello, fresh off the expiration of a
noncompete agreement, and the other
organizers approached local business
groups with their hypothesis about
the need for another community
bank. " We asked them to vote with
their money, " Costello says.
The response was resounding.
The group initially sought to raise
$23 million but ultimately netted
$38 million. " It was an indication to
us that we were on to something, "
Costello says. " It's one thing if people
64 // ICBA Independent Banker // February 2024
Photo courtesy of EntreBank; Leaf texture (all pages) by Shikhar Bhattarai/Stocksy

Independent Banker - February 2024

Table of Contents for the Digital Edition of Independent Banker - February 2024

Contents
Independent Banker - February 2024 - Cover1
Independent Banker - February 2024 - Cover2
Independent Banker - February 2024 - Contents
Independent Banker - February 2024 - 2
Independent Banker - February 2024 - 3
Independent Banker - February 2024 - 4
Independent Banker - February 2024 - 5
Independent Banker - February 2024 - 6
Independent Banker - February 2024 - 7
Independent Banker - February 2024 - 8
Independent Banker - February 2024 - 9
Independent Banker - February 2024 - 10
Independent Banker - February 2024 - 11
Independent Banker - February 2024 - 12
Independent Banker - February 2024 - 13
Independent Banker - February 2024 - 14
Independent Banker - February 2024 - 15
Independent Banker - February 2024 - 16
Independent Banker - February 2024 - 17
Independent Banker - February 2024 - 18
Independent Banker - February 2024 - 19
Independent Banker - February 2024 - 20
Independent Banker - February 2024 - 21
Independent Banker - February 2024 - 22
Independent Banker - February 2024 - 23
Independent Banker - February 2024 - 24
Independent Banker - February 2024 - 25
Independent Banker - February 2024 - 26
Independent Banker - February 2024 - 27
Independent Banker - February 2024 - 28
Independent Banker - February 2024 - 29
Independent Banker - February 2024 - 30
Independent Banker - February 2024 - 31
Independent Banker - February 2024 - 32
Independent Banker - February 2024 - 33
Independent Banker - February 2024 - 34
Independent Banker - February 2024 - 35
Independent Banker - February 2024 - 36
Independent Banker - February 2024 - 37
Independent Banker - February 2024 - 38
Independent Banker - February 2024 - 39
Independent Banker - February 2024 - 40
Independent Banker - February 2024 - 41
Independent Banker - February 2024 - 42
Independent Banker - February 2024 - 43
Independent Banker - February 2024 - 44
Independent Banker - February 2024 - 45
Independent Banker - February 2024 - 46
Independent Banker - February 2024 - 47
Independent Banker - February 2024 - 48
Independent Banker - February 2024 - 49
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Independent Banker - February 2024 - 64
Independent Banker - February 2024 - 65
Independent Banker - February 2024 - 66
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Independent Banker - February 2024 - 80
Independent Banker - February 2024 - Cover3
Independent Banker - February 2024 - Cover4
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