Louisiana-based IberiaBank has made big inroads into Southwest Florida since it entered the market in 2009.
For starters, IberiaBank made a double-bank acquisition from the Federal Deposit Insurance Corp. in 2009 when it took over Naples-based Orion Bank and Sarasota-based Century Bank. The bank significantly increased its presence in Lee County when it acquired Fort Myers-based Florida Gulf Bank in 2012. In total, the bank operates 28 offices in Collier, Lee, Manatee and Sarasota counties with $1.86 billion in deposits.
Now IberiaBank executive David Gordley has been appointed to lead an expanded area that includes Sarasota. He replaces IberiaBank's Sarasota market president, Jeff Radcliffe, who recently left the company.
Gordley has assumed greater responsibilities since he joined IberiaBank in 2011. In 2013 he was named president of the Collier County area and his role expanded to Lee County in 2014 after the retirement of longtime Florida Gulf Bank CEO Bill Valenti. Gordley once considered becoming a chef and is known for his passion for cooking and entertaining.
But Gordley is no stranger to the Sarasota area. Before joining IberiaBank in 2011, Gordley oversaw lending to medium-sized businesses for Fifth Third Bank in South Florida, a territory that included Sarasota.
“It's a little less seasonal the more north you go,” Gordley says. “There's more opportunity for [commercial and industrial] lending in the Sarasota market.”
Commercial and industrial lending is prized because it's not secured by real estate. Regulators are always concerned when banks have a preponderance of real estate collateral, especially in light of the most recent economic downturn.
Gordley says he's confident real estate values are sound because buyers are using more of their own equity. “Leverage as part of the transaction isn't nearly as large as it was during the last run-up,” Gordley says. Commercial real estate has improved and the bank has funded some construction and development, backing selective residential developers and student-housing projects. “I think retail and mixed use will continue to outperform office,” he notes.