Failed bank CEO lands new job

SARASOTA — Steve Jonsson, former CEO of two separate community banks in Bradenton, has joined the business and real estate banking team at Sarasota-based Insignia Bank.

Jonsson co-founded Flagship National Bank in 1999, part of a class of nearly a dozen local community banks that launched over a two-year period. The Rivolta family, which operates several businesses, including a Sarasota-based yacht company, co-founded Flagship. Jonsson was named president and CEO of Flagship, and grew the bank to $190 million in assets in a decade.

But a series of sour real estate loans sunk the bank. Federal and state regulators shuttered Flagship Oct. 23, 2009, when it had four branches in Sarasota and Manatee counties. Lake City-based First Federal Bank of Florida took over the failed remains of Flagship through a loss-share agreement with regulators on $130 million in assets.

Jonsson, who ran Bradenton-based Liberty National Bank prior to Flagship, has worked in real estate the past few years. Insignia chairman and CEO Charlie Brown says the bank was fortunate to land Jonsson. “Steve will be growing our market in Manatee County focusing on loans and deposits for commercial businesses and commercial real estate investors,” Brown says in a release.