St. Pete bank announces new CEO, $80M recapitalization

After months of financial losses, a St. Petersburg bank announced Thursday that it has not only named a new CEO, but also raised $80 million of capital from investors. 

BayFirst Financial Corp., parent company of one of the region’s largest community banks, has tapped veteran banker Alfred Rogers to be CEO and president of BayFirst National Bank, effective immediately. He replaces Tom Zernick, who is retiring May 1, the company says in a quarterly earnings release. Zernick has spent roughly a decade at BayFirst, serving as president since early 2022 and CEO since January 2024. 

Rogers has served as CEO of Manufacturers Bank of Florida and was an executive chief lending officer with USAmeribank, which was acquired by Valley National Bank.

“The board believes that Al’s experience and leadership, combined with this capital raise, will lead BayFirst back to profitability and growth as the premier financial institution of Tampa Bay,” says Anthony Saravanos, chairman of the bank’s Board of Directors, in the release. 

Likewise, the bank’s $80 million capital raise comes at a crucial time for the $1.3 billion asset bank, which reported a net loss of $5.7 million for the first quarter of 2026 compared to a net loss of $2.5 million in the fourth quarter of 2025.

The bank also posted losses in every quarter last year and ended 2025 with a $22.9 million total loss, financial reports show. 

The reason for the quarterly losses, BayFirst officials told the Business Observer last year, is that the bank is at the end-stages of a previously-reported plan to totally exit the SBA loan business. 

In September, the bank laid off 65 employees in a now-shuttered part of its SBA division after reaching a deal to sell its SBA portfolio, with about $103 million in loans, to Miami-based Banesco USA. 

Now, Savarnos says in the release, “this successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction.”

The $80 million capital raise comes in the form of a private investment in public equity, or PIPE offering, according to the release. BayFirst National Bank has issued shares of convertible preferred stock in the PIPE which, subject to shareholder and regulatory approvals, will be exchanged for approximately 22.9 million shares of common stock at an effective purchase price of $3.50 per share. 

Once the PIPE closes, the bank says it plans to identify “certain criticized assets” and develop an Asset Resolution Plan, the report says. 

The bank plans to hold a special meeting for shareholders July 14 to approve amendments to its articles of incorporation that increase the number of authorized shares, which would allow for the conversion and exchange of the preferred stock issued in the PIPE, the release says.

While progress has been made with BayFirst's focus on community banking, more work remains, Rogers says in the release. 

“Our terrific network of branches and dedicated people are the ideal foundation for BayFirst to become the community bank of choice in our market,” Rogers says in the release. “I’ve been proud to have led several community banks in our area, with each serving and growing local businesses and retail customers. BayFirst has that same dedication to this community, and I’m looking forward to rolling up my sleeves with the team to accomplish great things right here in our backyard.”