Cypress Trust Co. bank launch to include Jacksonville branch (Courtesy of the Orlando Business Journal) — Palm Beach-based Cypress Trust Co. plans to create a new bank with a Jacksonville presence.
Cypress Trust Co. is awaiting Federal Deposit Insurance Corp. approval to convert into Cypress Bank & Trust. It first applied with the FDIC to become a bank last summer and got a de novo charter from the Florida Office of Financial Regulation in December.
The bank would launch with four branches in Florida and add services such as business and personal loans, as well as depository services.
In addition, the bank has plans for a loan production office in Orlando that would launch roughly around the same time as the branch network. A location has yet to be picked for the office, but the bank is considering its square footage options and would locate three to six employees there, Cypress Trust Co. President and CEO Dana Kilborne told Orlando Business Journal.
The bank launch, which is targeted for this fall pending FDIC approval, would include branches at:
- 6115 Wickham Road, Melbourne
- 251 Royal Palm Way, Suite 500, Palm Beach
- 1910 San Marco Blvd., Jacksonville
- 4625 N. A1A, Suite 2, Vero Beach
The bank will hire roughly two to four people per branch depending on the location size, said Kilborne.
The firm chose the markets it did because of its current presence in those places and the staff members who have experience working with clients in those markets. That includes Kilborne, who was a 2014 OBJ businesses executive of the year while she was president and CEO of the former Florida Bank of Commerce based in Orlando. Florida Bank of Commerce’s parent company FBC Bancorp Inc. was acquired by Sunshine Bancorp Inc., the holding company of Sunshine Bank, during 2016 in a deal that was valued nearly $40 million.
Logo courtesy of Cypress Trust Company