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Banks across the region shore up capital levels

As the uncertainty of 2021 lingers, a positive sign shines through in strong capital ratios.

By Mark Gordon
| 11:17 a.m. December 10, 2020
| 0 Free Articles Remaining!

Courtesy. Dennis Murphy founded Sarasota-based Gulfside Bank in November 2018.

Finance

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Banks across the region have gotten stronger on average over the past year — based on how much capital institutions are holding to cover liabilities.

Solid year

Officials with Sarasota-based Gulfside Bank, which celebrated its two-year anniversary in the fourth quarter, are expecting to close 2020 on a high note: a full year of profit.

Gulfside, which opened in November 2018, hit its first profitable month at the 18-month mark, in May, says President and CEO Dennis Murphy. That’s six months ahead of initial budget projections for the bank — the first to form in the region in a decade, and one of the few new startups, or de novo, banks statewide.

“That’s a monumental accomplishment for us,” says Murphy, adding, of course, that it took place in a tumultuous time for many clients and the community, making it somewhat bittersweet. “We’re doing much better than projected, but certainly have not gotten there in the way we projected. We definitely didn’t put a return to 0% interest rates at the Fed or a global pandemic into our original business plan.”

—Mark Gordon

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