Invest: Tampa Bay

Page 98

Bankable: A tax-friendly landscape adds to an already attractive environment for the region’s financial sector The Tampa Bay banking and financial services sector has had an eventful and mostly positive couple of years, with area banks accruing over $6 billion in additional assets, demonstrating impressive returns on those assets, and welcoming some major national players into the local market. The Tampa Bay market also saw a fair bit of internal mergers and acquisitions, as credit unions continue to gobble up community banks to increase their market share, and the consolidation of regional banks into ever fewer massive institutions sharing a growing supply of wealth. Finally, the Tampa Bay area, like much of Florida, has benefited from an influx of financial firms and wealthy residents, including a few of the Forbes 400 wealthiest Americans, as they flee more expensive states like New York and California in favor of Florida’s 0% state income tax. The region struggled, however, with persistent issues related to mortgage application fraud and continued fears of a market downturn precipitated by the China-U.S. trade war. The spread of the COVID-19 virus is also forcing banking leaders to go into crisis mode. An extended period of lower 96 | Invest: Tampa Bay 2020 | BANKING & FINANCE

interest rates could also hamper profits. The longterm outlook, though, remains optimistic. “(As long as) the spirit of Tampa Bay continues to rise, the market will remain prosperous. It has been a great market for quite some time, and outside of a global economic issue, Tampa Bay is going to continue to do well. I believe that even if the global economy slows down, Tampa Bay is somewhat insulated because it is a place that people want to be, for both a younger and older demographic. There is almost nowhere else in Florida that is as cost-effective, beautiful and offers as many cultural and economic opportunities as Tampa Bay,” said Allen Brinkman, regional president of Seacoast Bank, in an interview with Invest:. Performance Tampa Bay’s banking and finance sector delivered positive metrics in a number of key areas in the last year, including increased bank assets (and returns on those assets), the continually growing presence of large institutions in the area, and the presence of several high-net-worth individuals living and working in the area. ( )


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Interview: Brian Kornfeld

6min
pages 153-155

Interview: Roger Germann

7min
pages 150-152

Roundtable: Tampa Bay Sports

7min
pages 156-160

Market voices: Destinations

4min
pages 148-149

Interview: Tim Jarrett, General

5min
pages 146-147

Interview: Santiago Corrada

2min
page 145

Where to? Tourism in Tampa

2min
page 144

Interview: Robert Bishop, Dean

7min
pages 140-143

Interview: Steven Currall

10min
pages 135-138

Rise up: Tampa Bay’s

2min
page 134

Interview: Randy Avent

3min
page 139

Roundtable: Care concerns

12min
pages 128-133

Interview: Phillip Dingle

6min
pages 126-127

Interview: John Couris, CEO

6min
pages 121-123

Interview: Mike Schultz

4min
pages 124-125

Hub attraction: Tampa Bay has

2min
page 120

Interview: David Call, Florida

3min
pages 117-119

Market voices: Good advice

2min
page 116

Roundtable: Key attractions

15min
pages 110-115

Interview: Tim Schar, Tampa

5min
pages 107-108

Interview: Rita Lowman

2min
page 109

Interview: Jorge Gonzalez

7min
pages 102-105

Interview: Jim Daly, Regional

2min
page 106

Interview: Gregory Kadet

7min
pages 99-101

Bankable: A tax-friendly

1min
page 98

Interview: Beth Alden

2min
page 94

Interview: David Green

7min
pages 95-97

Interview: Paul Anderson, CEO

2min
page 93

Interview: Joe Waggoner, CEO

9min
pages 90-92

Hard at work: The region is

2min
page 88

Interview: David Gwynn

2min
page 89

Interview: Catherine Stempien

6min
pages 84-87

Interview: Nancy Tower

2min
page 82

Interview: Gary Godsey

4min
pages 71-73

Interview: Todd Fultz, Managing

11min
pages 76-79

Interview: T.J. Szelistowski

2min
page 83

Demanding times: Tampa Bay

2min
page 81

Strong fundamentals: As cranes

5min
pages 74-75

Interview: Mark Metheny

3min
page 70

Market voices: Growth factors

1min
page 80

Roundtable: Commercial Real Estate

5min
pages 68-69

Interview: Alan Higbee

5min
pages 55-56

Interview: Nicholas Haines

7min
pages 65-67

Building value: The temperature

2min
page 60

Interview: Leroy Moore, COO

5min
pages 61-62

Market voices: Transformation

5min
pages 63-64

Market voices: Advantages

4min
pages 57-59

Interview: Bill Schifino, Tampa

3min
page 54

Interview: Douglas Wright

5min
pages 51-52

Interview: Hala Sandridge

3min
page 53

Evolution: The legal landscape

2min
page 50

Flourishing: The city of

1min
page 36

Market voices: Developing Clearwater

11min
pages 40-44

Interview: Scott Perry, CEO

9min
pages 45-49

Interview: Frank Hibbard

6min
pages 37-39

Roundtable: Female leaders in the Bay

5min
pages 32-35

Interview: Sandra Murman

2min
page 13

Market voices: St. Petersburg

1min
page 26

Interview: Kenneth Welch

13min
pages 27-31

Interview: John Flanagan, CEO

2min
page 25

Powerhouse: Looming concerns

1min
page 12

Interview: Lynda Remund

3min
pages 18-19

Roundtable: What is needed to sustain growth?

12min
pages 20-24

Interview: Craig Richard

9min
pages 14-17
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.