Gulfside Bank Raises $20M in Capital

Todays News

BY JACOB OGLES SRQ DAILY FRESHLY SQUEEZED CONTENT EVERY MORNING TUESDAY AUG 21, 2018

The individuals planning to open Gulfside Bank in Sarasota have raised more than $20 million for the new financial institution. The funding came together in a period of eight weeks, says CEO Dennis Murphy, and was done without the aid of brokers or investment bankers.

“Raising the necessary capital is one of the major hurdles of what we’ve got to do,” says Murphy. "We did it in two months and that’s very encouraging. It’s further proof we’ve got the support of the community.”

Should Gulfside Bank open on schedule in mid-October, it will be the first state chartered bank to form in Florida in 10 years, and would be one of just two community banks headquartered in Sarasota County, along with Sabal Palm Bank.

The funding for the bank came from roughly 225 area investors, Murphy says. The organizers of the bank include prominent business leaders in the region including Shumaker, Loop & Kendrick attorney Jennifer Compton, Cramer Automotive president Compton Cramer, Tervis president Rogan Donelly, Banancik Foundation CEO Teri Hansen, Willis A. Smith Construction principal John LaCivita, Kennedy White Orthopedics physician Charles Rush, Michael Saunders & Company president Drayton Saunders and Insignia Bank founding directors Sam Norton, Mike Pender and Tim Clarke; Clarke is the proposed chairman.

“We’re strong believers as a group that community banks do a good job of supporting small and mid-sized businesses in local economies,” Murphy says.

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