About Field Notes Field Notes from a Community Banker is a running journal from Keith Costello, CEO of Locality Bank. Each edition captures Keith’s reflections from the past weeks—moments of leading a community bank, conversations with business owners, and lessons learned about business, community, and life. It’s a window into what it means to build and serve alongside local entrepreneurs.
September 14, 2025 | Washington, D.C.
I joined a group of nine bank CEOs and senior leaders from around Florida for a fly-in to Washington DC, led by our Florida Bankers Association CEO, Kathy Kraninger. Those of you who know Kathy understand why she’s such an impressive leader. She’s spent a career in Washington and has been appointed by four U.S. presidents to various posts, most recently as Director of the Consumer Financial Protection Bureau (CFPB) during the first Trump administration.
Our meetings included time with Florida senators, members of Congress, and later White House staffers Mark Calabria and Jonathan McKernan to discuss economic policy. The highlight of the day was visiting the Milken Center for Advancing the American Dream, housed in the historic Riggs National Bank building. Walking through its halls was like stepping into a tribute to the achievements of everyday Americans. My favorite part was seeing a quote from the classic movie It’s a Wonderful Life displayed prominently:
“You’re thinking of this (bank) all wrong, as if I had the money back in a safe. The money’s not here. Well, your money’s in Joe’s house. That’s right next to yours. And then the Kennedy house and Mrs. Macklin’s house and a hundred others. You’re lending them the money to build and then they’re going to pay it back to you as best they can.”
— George Bailey, It’s a Wonderful Life
That quote still gives me goosebumps. It’s a perfect reminder of what gives meaning to our work as community bankers: helping people achieve their own American dream.
September 5, 2025 | Nashville, Tennessee
I attended the Jam Fintop conference, where community bankers and fintech leaders come together. Technology can sometimes feel like an uneven playing field, with big banks spending billions to stay ahead. But being there reminded me that partnerships and forward-thinking ideas can keep us competitive, and more importantly, help us deliver a better customer experience.
August 31, 2025 | Fort Lauderdale
Happy Labor Day weekend! We closed out August with strong numbers, over $21 million in new loans and $1.6 million in deposit growth. The best part, though, wasn’t the balance sheet. It was the one-on-one conversations I had with nearly every team member this month. Listening to their ideas, their concerns, and their hopes for the bank is the real driver of growth. Numbers come and go, but culture sustains us.
The highlight of my week came Friday afternoon at a business roundtable in Coral Gables hosted by the Miami Branch of the Federal Reserve Bank. I had the chance to meet FED Governor Chris Waller, who is often mentioned as a potential successor to Chairman Jerome Powell. The room was full of business leaders from across South Florida, but I was the only banker. I broke the ice by saying, “I know you talk to a lot of bankers, but I bet you haven’t talked to one who has started a bank in the last 10 years.” That sparked a lively conversation about Locality’s story and the challenges we’ve faced. Hearing perspectives from other industries was just as valuable. While South Florida’s economy is still strong, rising tariffs are beginning to push up costs and slow hiring. It was an enlightening discussion.
August 24, 2025 | A Big Win
We were named the #1 fastest growing company under $25 million in revenue by the South Florida Business Journal. It’s a proud moment for our team.
As one of our board members wisely quoted:
“The bamboo does not rush to grow; for years it roots in silence, then rises in days, tall, strong, and sudden. Patience is the wisdom of the forest.”
This recognition belongs to every teammate who put in the quiet, steady work. Our job now is to keep those roots strong. I keep returning to that thought as I think about our bank, our clients, and even myself. Patience isn’t passive. It’s choosing to stay the course, even when the results aren’t immediate.
August 17, 2025 | Lessons from Sports & Business
A conversation with a teammate left me reflecting on how frustrating it can be to miss goals, even when we’re working hard. It reminded me of an article I read in the Wall Street Journal about Ohio State football coach Ryan Day. He had his team reading Chop Wood, Carry Water: How to Fall in Love with the Process of Becoming Great. The central theme is that excellence is a slog, requiring consistent, sometimes tiring work. Setbacks are part of the process. Coach Day put it simply: we need to focus more on the process and not necessarily the result. Legendary UCLA coach John Wooden taught something similar: always focus on the next play, never the score. That mindset applies just as much to building a bank as it does to building a winning team.
August 10, 2025 | Gainesville, Florida
I had the honor of judging the Bank Simulation (Bank SIM) competition at the Florida School of Banking, held at the University of Florida. Bank SIM is an exercise where seniors in the class spend a week running a simulated bank, facing the same challenges we deal with in community banking.
The Florida School of Banking is a three-year program run by the Florida Bankers Association (FBA), and our own Danny McDonald joined the freshman class this year.
On Friday evening I addressed the graduating seniors in my role as FBA Chairman and joined CEO Kathy Kraninger in handing out diplomas. It was a pleasure to celebrate this outstanding group of bankers and to see Locality represented through Danny beginning his journey.
August 3, 2025 | Marco Island
Summer slowdown? Not quite. Even while my wife Denice and I took a few days in Marco Island, my thoughts returned to the work ahead. I had a call with the Independent Community Bankers of America (ICBA) on deposit insurance. Why does this matter for you as a business owner? Because stronger insurance for transaction accounts means greater protection for the money you rely on to run your business each day. In a world where mega banks enjoy advantages, this kind of reform helps level the playing field for community banks like ours, and ultimately for the local businesses we serve. I also reflected on the lending competition Drew Saito and his team face, which pushes us to sharpen our approach and work harder to deliver financing that truly fits. I’m reminded that banking, like life, is a mix of setbacks and new opportunities. Sometimes you need a little distance to see the bigger picture.
Closing Reflection
These past weeks have been filled with travel, wins, and challenges, but also plenty of reminders about why we do what we do. Community banking is about staying close: to our clients, our teammates, and the mission that unites us. As we head into fall, I’ll keep focusing on the relationships and the process, trusting that the results will follow. After all, our mission has never changed: empowering local businesses to maximize their potential.
Disclaimer: The information provided in this content is for general educational purposes only and does not constitute professional advice. Locality Bank makes no warranty, express or implied, nor assumes any legal liability or any responsibility for the accuracy, correctness, completeness, or any actions taken based on the information provided. Loan programs, terms, and requirements are subject to change. Deposit accounts are subject to account opening requirements. Always consult a qualified professional for specific guidance related to your situation.
