Locality Bank Completes De Novo Period, Marking Historic Milestone for South Florida Business Community
Feb 19, 2025Fort Lauderdale, FL (February 19, 2025) - Locality Bank officially completed its de novo period on January 12, 2025, marking a significant milestone and the end of the initial three-year supervisory phase for newly chartered banks, positioning the bank to expand its support of South Florida businesses.
“This milestone represents a significant achievement for Locality Bank and the South Florida business community,” said Keith Costello, CEO of Locality Bank. “When we opened our doors, South Florida had been without a new, locally headquartered community bank for years. Today, we reaffirm our commitment to giving local businesses the personalized service and support they need to succeed.”
The completion of the de novo period removes certain regulatory requirements and positions Locality Bank to:
- Expand lending capabilities to meet growing business needs
- Offer additional products and services tailored to local market demands
- Increase operational flexibility to support business growth initiatives
As a community bank headquartered in South Florida, Locality Bank has a unique understanding of local market conditions. “Our bankers work directly with business owners in their communities,” said Drew Saito, Chief Lending Officer and Co-Founder. “This direct relationship enables us to make informed decisions based on true market knowledge and specific business needs.”
Since its founding, Locality Bank has demonstrated exceptional growth and impact within the South Florida community. The bank’s assets have increased from $35 million to nearly $300 million, underscoring the strength of its community-focused business model.
Over $200 million in loans have been provided to local businesses, empowering them to expand, hire, and drive sustainable growth. Additionally, the bank has attracted $250 million in deposits and nearly $40 million in capital from residents, supporting its ability to fund loans and sustain operations.
This growth and unwavering commitment to the community reflect the success of Locality Bank’s approach, maintaining strong capital levels and asset quality while promoting local economic development.
About Locality Bank
Locality Bank combines the personal service of a community bank with innovative digital capabilities to serve South Florida businesses. Headquartered at 1400 South Andrews Avenue in Fort Lauderdale, Florida, Locality Bank empowers local businesses to thrive by blending relationship-driven banking with user-friendly technology. Visit www.localitybank.com, call (888) 238–5053, or email info@localitybank.com. Follow us on Facebook, Instagram, LinkedIn, X, and YouTube to stay connected.
Contact: Ryan Swanno, (954) 799-0900 or rswanno@localitybank.com