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Banks in region grow asset bases rapidly

Raymond James remains the clear leader among banks based in the region.

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  • | 6:00 a.m. September 18, 2020
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  • Banking-Finance
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Multiple banks in the region posted significant gains in assets year-over-year through June. For starters, 17 of the 23 community banks with a headquarters from Polk through Collier counties grew assets by at least 20%. And two banks, Clearwater-based Flagship and St. Petersburg-based First Home, posted increases of at least 100% in assets, 112.3% and 219.29%, respectively.

One of the biggest banks in Florida, meanwhile, St. Pete-based Raymond James, continues to get bigger, ending the 2020 second quarter with a little more than $29 billion in assets under management. And despite being the biggest in the region, Raymond James saw further growth over the past year, with assets up more than 13%.

It’s a big step down to get to the second-largest bank in the region, Fort Myers-based FineMark National Bank & Trust. FineMark managed just over $2.5 billion in assets at the end of the quarter, up almost 27% from a year earlier.

As was true a year ago, three other Gulf Coast banks managed at least $1 billion in assets at the end of the quarter — but some names have changed. Both then and now, The Bank of Tampa and Naples-based First Florida Integrity Bank are in that category. But CenterState Bank is gone, having since merged with South Carolina-based South State Bank. The new entrant? St. Petersburg-based First Home Bank, which grew its assets by more than 219% over the last year to reach nearly $1.5 billion at the end of the quarter. A large portion of the increase at First Home Bank, much like it is for several other banks, stems from handling federal Payment Protection Program loans.

Among Gulf Coast banks under $1 billion in assets, two have shown robust growth over the past year: Tampa-based Central Bank, where assets are up 53% versus last year, and Sarasota’s Gulfside Bank, one of the newest banks in the region, which grew assets by 89%. Gulfside was founded in late 2018.

(Winter Haven-based South State bank, which closed on a deal to buy CenterState Bank earlier this year, was mistakenly excluded from the chart. The bank had $37,721,678 in assets through June 30, according to FDIC data, up $20,698,203 from $17,023,475 through June 30, 2019. That's a gain of 121%.) 

— Alexander Walsh 



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