Interview: Rita Lowman

Rita Lowman President Pilot Bank

income taxes to deduct these on their federal tax returns without any limitation. Now, there is a cap of $10,000 on SALT Deductions, which is far too low to be of any real benefit to the ultra-wealthy; however, the new cap is irrelevant for residents of Florida, where there is no state income tax at all. Consequently, wealthy individuals – and the savvy investment firms that serve them – are fleeing high-tax states like New York and California and resettling in Florida locations such as Tampa Bay. “While generally tax reform is thought to have been a good thing, if you live in these high tax states then you are making less money because you are paying more in taxes. If you have the option of mobility and can work remotely or move your business, then looking at relocating to Florida is one of the best options. I believe this is the reason we are seeing an acceleration of the population growth in Tampa Bay, and as people with wealth continue moving here, it will become an even more attractive place to offer financial services,” said David Maddux, CEO & CIO of Brightwater Advisory. Jeff Goolsby, a shareholder with MSL CPAs & Advisors, said the reform also brought other benefits but the complicated code requires an outside eye. “People have increasingly realized that the reform has added opportunities for strategies they can utilize ( )

Where are you seeing the most demand for your services?

Pilot Bank owns a subsidiary company called National Aircraft Finance Company. Nearly 50% of our lending is done through aviation which we ošer throughout the 48 contiguous states for Pilot Owned, Pilot Flown aircraft. These are smaller planes, not corporate jets, owned by people who really have a passion for flying. This gives us an opportunity to develop both lending and depository relationships with those clients as well. NAFCO has been able to successfully partner with several local and national aircraft associations and has built an incredible reputation as a trusted lender in the aviation industry. Another service for which we see high demand is commercial SBA lending. The majority of our SBA lending is geared toward local small businesses like attorneys, doctors and of course, startups. SBA Lending combined with our extensive Treasury Services allow our local businesses and entrepreneurs to thrive.

What is the best way to keep growth sustainable in the Tampa Bay banking industry?

Sustainability is a continual ešort for any industry, not just for the banking industry. We actively review products and services to make sure they are meeting the needs of our clients as well as anticipate needs for the future. This involves listening to our clients and meeting them face to face. It’s a symbiotic relationship. Bankers are often looked to as problem solvers, and we love the opportunity to be that partner. When our community businesses grow, we grow. Our clients are consistently looking for more eŸcient ways to do their banking, and technology certainly is a key component. It is important, however, to remember that technology will never replace the human factor. We have to also look at who is actually delivering that product line. This is why I’m so passionate about focusing on the development of emerging leaders because there are so many opportunities out there for the young people in our communities.