Bank unveils new name, plans for expansion

ARCADIA — Starting this month, First State Bank of Arcadia will change its name and be known as Crews Bank & Trust.

The new name echoes the name of the bank's owner, Crews Banking Corp., a holding company that operates three other central and Southwest Florida banks.

According to a press release, there will be updates to the First State/Crews Bank brand, which President Kevin Hagan says in a statement are designed to help modernize the bank and help it continue to thrive in an era of growth and expansion.

The bank operates a satellite loan-production office in Manatee County and plans to open a full-service office in Sarasota County soon, the release adds. 

“Everything about who First State Bank of Arcadia is at its core will remain the same,” says CEO Jake Crews in a statement. “There’s no change in ownership, no change in the way we do business. By directly incorporating the Crews family name at First State, we’re identifying ourselves as a true independent community bank, while simultaneously setting us up for growth and expansion." 

Increased service capabilities at the bank include trust and investment management services, headed by Chief Investment Officer Michael Aloian. The services are offered at current First State Bank of Arcadia branches.

“This addition will help give new purpose to our organization and signal a renewed vitality to the markets we serve,” says Aloian in the statement.

Crews Banking Corp. operates 20 branch locations and three loan production offices in eight counties. It has more than $1.5 billion in assets. Jake Crews is a fourth-generation Crews family member whose great-grandfather, J.W. Crews Sr., started Wauchula State Bank in 1929. Wauchula State Bank was followed by First State Bank of Arcadia in 1973. Charlotte State Bank & Trust and Englewood Bank & Trust, established in 1987 and 1988 respectively, are the two other banks under the Crews umbrella.