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Business Observer Tuesday, Aug. 21, 2018 1 year ago

New bank raises $20 million locally

Gulfside Bank says funds have come from about 225 area investors.

SARASOTA — The organizers of Gulfside Bank have raised over $20 million to capitalize the new bank.

According to a press release, organizers raised the money in eight weeks without brokers or investment bankers.

“The fact that virtually all the funds have come from roughly 225 area investors shows that the community welcomes a local bank focused exclusively on the needs of this community,” says CEO Dennis Murphy in a statement.

The bank is expected to open early in the fourth quarter in downtown Sarasota.

“The final tally won’t be known for a couple of weeks as we still have some of the investments being processed," says Murphy in a statement. “Our business plan requires that we raise $20 million and we have comfortably surpassed that.”

In addition to Murphy, the organizers of the bank are Tim Clarke, founding director of Sarasota and Insignia Banks; Jennifer Compton, attorney with Shumaker Loop & Kendrick; Compton Cramer, president of Cramer Automotive Companies; Rogan Donelly, president of Tervis Tumbler Co.; Teri Hansen, CEO of the Barancik Foundation; John LaCivita, principal with Willis A. Smith Construction; Sam Norton, founding director of the former Sarasota and Insignia Banks and attorney with Norton Hammersley, Lopez and Skokos PA; Mike Pender, founding director of the former Sarasota and Insignia Banks and partner with Cavanaugh & Co.; Dr. Charles Rush, Kennedy White Orthopedics; and Drayton Saunders, president of Michael Saunders & Co.

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