Surety Bank Company Profile

Background

Established in 1926, Surety Bank is a community-focused financial institution headquartered in DeLand, Florida. With nearly a century of service, the bank has demonstrated resilience through significant economic events, including the Great Depression and the savings and loan crisis of the late 1980s. Under the leadership of CEO Ryan James, Surety Bank has embraced technological advancements and expanded its services to cater to underserved industries, such as cryptocurrency and cannabis sectors.

Key Strategic Focus

Surety Bank's strategic focus centers on integrating technology with personalized banking services to meet the unique needs of its clientele. The bank specializes in commercial lending and has developed expertise in serving industries often overlooked by larger financial institutions. By adopting innovative technologies and offering flexible services, Surety Bank aims to provide value-driven solutions to its customers.

Financials and Funding

As of December 31, 2024, Surety Bank reported total assets of approximately $192.5 million and total deposits of $172.3 million. The bank's net income for the year stood at $5.3 million, reflecting a return on assets of 2.49% and a return on equity of 25.02%. These figures underscore the bank's strong financial performance and stability.

Technological Platform and Innovation

In its pursuit of modernization, Surety Bank transitioned from legacy banking software to a private cloud-based system developed by Jacksonville-based startup Nymbus. This strategic move has enhanced the bank's flexibility in service offerings and pricing, enabling it to better serve its customers.

Leadership Team

Ryan James | CEO of Surety Bank

Ryan James serves as the President and CEO of Surety Bank. With over 17 years of experience spanning banking, commercial lending, construction, retail, manufacturing, and investments, James has been instrumental in guiding the bank through economic challenges and into the digital age. He is recognized for his innovative approach to banking and his commitment to serving marginalized industries.

Competitor Profile

Market Insights and Dynamics

The banking industry in Florida is highly competitive, with numerous institutions vying for market share. Community banks like Surety Bank face competition from both regional and national banks, as well as from non-traditional financial service providers. The market is characterized by a focus on technological innovation, personalized customer service, and the ability to cater to niche markets.

Competitor Analysis

Key competitors in the Florida banking sector include Truist, Synovus, and Cadence Bank. These institutions offer a range of financial services and have established significant market presence. However, Surety Bank differentiates itself by focusing on underserved industries and leveraging technology to provide tailored solutions.

Strategic Collaborations and Partnerships

Surety Bank's partnership with Nymbus for its core banking software transition exemplifies its commitment to technological innovation. This collaboration has enabled the bank to offer more flexible and efficient services to its customers.

Operational Insights

By focusing on niche markets and embracing technological advancements, Surety Bank has carved out a unique position in the competitive banking landscape. Its commitment to personalized service and innovation provides a distinct competitive advantage.

Strategic Opportunities and Future Directions

Looking ahead, Surety Bank aims to continue its expansion into underserved markets and further integrate technology into its service offerings. By building on its current strengths and exploring new opportunities, the bank is well-positioned to achieve its future objectives.