Cullen Frost Bankers Supports Community Banking Growth Under Locality Bank CEO's Leadership
- Keith Costello, CEO of Locality Bank, advocates for community banking growth as Chairman of the Florida Bankers Association.
- Locality Bank has quickly gained assets and loans, enhancing its role in the South Florida banking landscape.
- Costello emphasizes technology partnerships to keep community banks relevant and supportive of local economies.
Locality Bank CEO Takes Charge at Florida Bankers Association, Advocating for Community Banking Growth
Keith Costello, co-founder and CEO of Locality Bank, steps into the role of Chairman of the Florida Bankers Association (FBA) during its 137th Annual Meeting held at The Ritz-Carlton in Naples. His appointment follows a year as Chair-Elect and positions him as a significant figure in the community banking sector, representing a trade association that has served over 150 member banks and approximately 134,000 banking professionals since its inception in 1888. In a recent LinkedIn post, Costello expresses his commitment to the banking community in Florida, highlighting the importance of collaboration and innovation as the industry continues to evolve.
As he assumes leadership, Costello prioritizes the reduction of regulatory hurdles that affect community banks and new bank formations. His advocacy was evident earlier this month when he testified before the U.S. House Subcommittee on Financial Institutions, calling for changes that would enhance competition in the banking sector. His focus on easing compliance burdens aims to foster an environment where new banks can thrive, thus stimulating economic growth and job creation within local communities. This initiative is particularly vital in Florida, where rapid population growth and increasing demand for banking services create both opportunities and challenges for financial institutions.
Locality Bank, which launched in January 2022 with $38 million in initial capital, has quickly established itself in the South Florida banking landscape. With approximately $300 million in assets, the bank has successfully deployed over $200 million in loans to local businesses and attracted $250 million in deposits while creating more than 40 jobs. As the bank transitions out of its de novo period, it aims to expand its capabilities in SBA lending and enhance its technology-driven services, aligning with Costello's vision for a more competitive and accessible banking environment in the region.
In addition to his responsibilities at the FBA, Costello emphasizes the necessity of establishing technology partnerships to keep community banks relevant amid the changing economic landscape. By leveraging technology, he believes banks can provide better services to their customers while remaining focused on community needs. His leadership at Locality Bank and the FBA signifies a commitment to not only fostering financial innovation but also maintaining the personal touch that characterizes community banking.
The Florida Bankers Association's mission under Costello's chairmanship reflects a concerted effort to navigate the complexities of the modern banking environment while ensuring that community banks continue to play a crucial role in supporting local economies. As he embarks on this new chapter, Costello remains dedicated to strengthening the ties between financial institutions and the communities they serve, underscoring the importance of a robust and competitive banking sector in Florida's future.
