Bank of Central Florida: Comprehensive Company Profile

Background

Overview

Established in 2007, Bank of Central Florida is a community-focused financial institution headquartered in Lakeland, Florida. The bank was founded by local business leaders with a mission to serve the unique financial needs of Central Florida's business community. Over the years, it has grown to become a significant player in the region's banking sector, offering a range of services tailored to small and medium-sized businesses.

Mission and Vision

Bank of Central Florida is committed to providing personalized banking solutions that foster lasting relationships within the community. The bank's vision, encapsulated in its "Vision 2025" initiative, focuses on growth, enhancing the client journey, and investing in its people. This strategy aims to expand the bank's presence along the I-4 corridor from Orlando to Tampa, deliver exceptional client service, and develop its workforce through continuous training and leadership programs.

Industry Significance

As a community bank, Bank of Central Florida emphasizes personalized service through dedicated relationship managers, contributing to strong customer satisfaction metrics. This approach has helped the bank establish a solid reputation in the local market.

Key Strategic Focus

Core Objectives

Bank of Central Florida's strategic focus revolves around:

• Growth: Expanding into new markets along the I-4 corridor, including recent expansions into Winter Haven, Orlando, Plant City, and Tampa Bay.

• Client Journey: Enhancing client service by assigning dedicated relationship managers and investing in digital banking technologies to meet evolving customer needs.

• People Development: Investing in employee development through training and leadership programs to ensure a knowledgeable and responsive workforce.

Areas of Specialization

The bank specializes in serving:

• Small to Medium-Sized Businesses: Providing tailored financial solutions to support growth and operations.

• Professional Services Firms: Offering specialized banking services for medical practices, law firms, and accounting offices.

• Real Estate Investors and Developers: Facilitating financing solutions for real estate projects in Central Florida.

Key Technologies Utilized

Bank of Central Florida integrates advanced digital banking technologies to enhance customer experience, including online banking platforms and mobile applications that offer secure and convenient access to banking services.

Primary Markets Targeted

The bank primarily serves the Central Florida region, with a focus on:

• Polk County: Headquarters and multiple branch locations.

• Hillsborough County: Presence in Tampa Bay.

• Orange County: Branch in Orlando.

• Osceola County: Serving businesses in the surrounding areas.

Financials and Funding

Funding History

As a privately held institution, specific details about Bank of Central Florida's funding history are not publicly disclosed. However, the bank has demonstrated significant growth since its inception, surpassing $1 billion in assets in October 2021.

Financial Performance

As of December 31, 2024, the bank reported:

• Total Assets: $1.15 billion

• Total Deposits: $1.06 billion

• Net Loans and Leases: $746 million

• Net Income: $12.5 million

These figures reflect the bank's robust financial health and its ability to effectively serve its client base.

Technological Platform and Innovation

Proprietary Technologies

While specific proprietary technologies are not publicly detailed, Bank of Central Florida emphasizes the integration of advanced digital banking solutions to enhance customer experience. This includes secure online banking platforms and mobile applications that provide clients with convenient access to their accounts and financial services.

Significant Scientific Methods

The bank employs data analytics to understand customer behaviors and preferences, enabling the development of personalized banking solutions. Additionally, it utilizes risk assessment models to ensure prudent lending practices and maintain financial stability.

Leadership Team

Executive Profiles

• Paul Noris: Chairman of the Board and Chief Executive Officer. Prior to founding Bank of Central Florida, Mr. Noris spent sixteen years at SunTrust Bank (now Truist), where he served as Lakeland City President.

• David Moore: President. Mr. Moore has been instrumental in the bank's rapid growth, overseeing expansion into new markets and the hiring of additional staff to support this growth.

Board of Directors

The board comprises local business leaders with deep roots in Central Florida, including:

• Clayton Hollis: Vice Chairman of the Board, with over 40 years in grocery retailing at Publix Super Markets, Inc., serving as Vice President of Public Affairs before retiring in 2012.

• Steve Moore: Immediate past Chairman of the Board, formerly CEO of Universal Building Specialties, a wholesale lumber company.

• Howard Bayless: Principal of Blue Steel Development, specializing in commercial real estate development.

• Wesley Beck: President of BecKryger Capital Partners LLLP, a private equity firm focused on various industries and industrial development.

• Ginny Harris: Certified Public Accountant and President of Harris & Hahn, P.A., providing tax and accounting services.

• Greg Ruthven: CEO and Chairman of The Ruthvens, a real estate development firm specializing in industrial warehouse space.

• Tracy Wilson: Senior Vice President, IT Strategy, Governance, and Business Planning for Marriott Vacations Worldwide Corporation.

• Bud Strang, III: CEO of Six/Ten LLC, involved in real estate, agriculture, and business services.

• Danielle Kucera: Chief Product & Risk Officer and Founding Member for 360 Advanced, Inc., a cybersecurity and compliance company.

Competitor Profile

Market Insights and Dynamics

The Central Florida banking market is characterized by a mix of large national banks, regional banks, and community banks. Community banks like Bank of Central Florida play a crucial role in serving the unique needs of local businesses and individuals, offering personalized services that larger institutions may not provide.

Competitor Analysis

Key competitors in the region include:

• MidFlorida Credit Union: Headquartered in Lakeland, Florida, with 58 locations and assets of $6.05 billion as of December 31, 2021.

• VyStar Credit Union: Based in Jacksonville, Florida, with over 80 branches and assets of $13 billion as of October 2021.

• Ocean Bank: The largest independent state-chartered commercial bank headquartered in Florida, with assets of $6.4 billion.

• Amerant Bank: Based in Coral Gables, Florida, with assets of $10.4 billion as of 2024.

These institutions offer a range of financial services and have a significant presence in the Central Florida market, providing competition to Bank of Central Florida.

Strategic Collaborations and Partnerships

While specific strategic collaborations and partnerships are not publicly detailed, Bank of Central Florida's growth strategy includes expanding into new markets and developing new services in its current markets. The bank plans to continue hiring local relationship managers who understand their cities' and clients' needs, indicating a focus on building strong local partnerships.

Operational Insights

Strategic Considerations

Bank of Central Florida's emphasis on personalized service through dedicated relationship managers sets it apart from larger competitors. This approach allows for faster decision-making and more tailored financial solutions, enhancing client satisfaction and loyalty.

Market Position

The bank's focus on the Central Florida region enables it to develop deep relationships within the community and tailor its services to the specific needs of local businesses.