Miami

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“Our long-term goal is to cover the state,” said Steve Green, City National’s regional manager for Central Florida. “There really isn’tt a Florida-dominant bank today that does City National likely will add locations through both acquisitions andnew construction, Green said. If City National succeeds, it will occupu a niche largely left empty since became part of in the Florida banking today is a mix of communityg banks withlimited operations, regionalo lenders such as and giant banks, which includre and soon and .
A well-financed lenderr that focuses on the state could offer customersz the personal attention of community banks combined with the financial clout to makebig loans, Greej said. The bank’s new local branch – its staffd of eight occupying the space formerly occupiedby Sergio’s Restaurant – facesw the towering Bank of Americz building on North Orange Avenue, a physical reminder of the giant competitors City Nationaol will face as it pursues its growtjh strategy. City National is one of Southu Florida’s oldest financial institutions.
Until it opened a smalp loan office on the second floor of an Altamont e Springs office building twoyears ago, the 63-year-old bank operated exclusively in Miami-Dade, Broward and Palm Beach counties where it has 15 branches. The opportunity to reach beyone its historic turf came last fall when Caja a Spanish lender with morethan $300 billioj in assets, bought an 83 percent stake in City National for $927 million. Green said Caja Madrid’s ownership and City National’zs strong balance sheet gives it the resources to undertake expansion when othe lenders arecutting “We aren’t focused on the issues troubling the rest of the bankingt industry,” Green said.
“Wre have a partner in Caja that’s capable of helping grow in theFloridaa marketplace.” City National’s most recent quarterly report depicts a bank with stron g capital reserves and a $903,000 profit. Similarly, BankUnitedx of Coral Gables also growtj plans in thestate – and has a strong balance sheet after going into FDIC receivership. It was recapitalized by , and amon g others. J. Clay Singleton, a finance professor at , said a strong Floridza bank with the capital to expand could do well even asthe so-callex megabanks expand their reach. “Thse megabanks have huge footprints, but they’rde also suffering huge financial problems.
If you’rew a lender with money, this is a time to Marshall Vermillion, senior vice president of communityt lenderOrange Bank, said City National has strong leadershi p and solid footing. “Positioning yourself to take advantage of the unrest in the bankingt businessis wise. Things are going to come and this is a good timeto prepare. As a professor of mine in business schooonce said, the best time to get on a traimn is when it’s stopped.” THE Web site: Assets: $4.
7 billion Source: , Orlando Business Journal Research