Dive short

  • Digital-First de Novo Local Bank, which aims to serve businesses in the Florida Miami-Dade, Broward and Palm Beach counties, was offered insurance insurance by the Federal Deposit Insurance Corporation (FDIC) on Friday, a milestone as a start-up bank. Prepared for the expected start of December.
  • Co-founded by co-founders Kit Costelo, Drew Saito and Corey Leblank, the bank has met its capital demand of $ 23 million and has more than $ 27 million in subscriptions. According to the press release.
  • “We will be the first community bank to open in South Florida in 10 years and we will welcome the South Florida business community to use the capital as a resource,” said Costello, CEO of Local Bank.

Dive Insight Day

Location, which is in September Accepted The Florida Financial Regulatory Office plans to open a state-owned bank, provide commercial banking, commercial real estate loans, small business management (SBA) loans, and deposit services.

During a firefight at last month’s 20/20 Las Vegas Money Laundering Conference, the bank’s chief technology officer, Leblank, said “the community should be an improved version of what a bank should be.”

In collaboration with Miami-based Fintech Nibus, the bank has developed a cloud-native core banking system with Open Application Programming Interface (API) architecture.

LeBlanc shares how to overcome labor changes in its quest to become a newcomer de novo charter bank.

“Each of our employees has been paid less to be here,” said Lisbon, vice president of marketing at Nimbus Labs. “We have lost some of our people in the last year before we opened up because their organizations have offered more money or they do not feel that the challenge ahead is something they want to take.”

LeBlanc adds: “When we go through these and lose some of these people, we are filled with people who we think will be stronger for a long time.

When asked to hire LeBlank into the bank’s “not-for-profit” philosophy, he shared how his position shaped De Novo’s mission.

If we want to be honest about what we are doing, it will change the way we do it. , “Yes.”

Although the bank calls itself Digital: the first community bank, Liblank says its goal is not just to focus on mobile applications.

“We’ll start talking about updating Community Bank, but what does that mean?” he said. “Sitting down at some of these conferences or sitting at these round tables with your industry peers is almost ridiculous. We think it goes with the industry. “

The goal is to fill the gaps in community banking, he said.

“How can we go in and reconsider and fill those holes well, so that we can solve problems instead of talking about products?” he said.

The local bank’s focus on providing the best services will not be for everyone, and Leblank says that is not the case.

“We cannot be everyone, but we must be good at what we do,” he said. “When we get these opportunities, we can weigh in on other things and move on to other things. But we have to sit still until we get to the stage.” [minimum viable product]. I think most regional community banks ” What is MVP? I think they have no discussion about what the production environment is. ‘

“Our strategy is to find a market where we can really see the problem and solve it,” LeBlanc said. “Then we know what the least productive product is and we will continue to work on it to ensure that we are actually improving the lives of the people we are working on.”