Question 1

What is Waterfall Bank?

Accepted Answer

Waterfall Bank is a state-chartered community bank headquartered in Clearwater, Florida, within the Tampa-St. Petersburg-Clearwater metropolitan area. As a relatively new institution, the bank specializes in serving small and medium-sized businesses and individuals throughout Pinellas County and surrounding areas.

With approximately $387 million in total assets and 2 domestic offices, Waterfall Bank focuses primarily on commercial lending while also offering comprehensive personal banking services. The bank operates as a commercial bank with a state charter, supervised by the Federal Deposit Insurance Corporation (FDIC) as a non-member institution.

Question 2

When was Waterfall Bank founded?

Accepted Answer

Waterfall Bank was founded on September 20, 2021, making it one of the few de novo banks (newly chartered banks) to open during that period. The FDIC approved the bank's application for federal deposit insurance on September 8, 2021, following a comprehensive review process.

The bank was established with initial capital of $45 million through a private offering of 4,500,000 shares of common stock at $10 per share. The organizers did not establish a bank holding company, maintaining the bank as an independent community institution committed to serving the local Tampa Bay area.

Question 3

Where is Waterfall Bank headquartered?

Accepted Answer

Waterfall Bank is headquartered at 500 McLennan Street in Clearwater, Florida. The headquarters is located in Pinellas County, within a moderate-income census tract. The bank's main office location serves as both its primary operational hub and a full-service banking facility for customers in the greater Clearwater area.

Question 4

Where does Waterfall Bank operate?

Accepted Answer

Waterfall Bank operates in the Tampa Bay region of Florida, with its assessment area consisting of Pinellas County in its entirety. The bank's business plan specifically targets customers in Pinellas, Hillsborough, Pasco, and Hernando Counties.

The bank currently maintains 2 domestic offices in the Tampa-St. Petersburg-Clearwater metropolitan statistical area. Since opening in 2021, the bank has not opened or closed any branches, focusing on establishing a strong presence in its core market.

Question 5

What services does Waterfall Bank offer?

Accepted Answer

Waterfall Bank offers a comprehensive range of banking services designed for both businesses and individuals. Deposit products include checking accounts, savings accounts, health savings accounts, certificates of deposit, and individual retirement accounts.

Lending products encompass commercial real estate loans, business lines of credit, home equity lines of credit, construction and development loans, certificate of deposit secured loans, and personal secured and unsecured loans and lines of credit. The bank also purchases and services residential real estate loans.

Digital banking services include state-of-the-art online and mobile banking platforms that enable customers to bank anytime and anywhere. The bank emphasizes 24/7 business banking capabilities utilizing the latest technology.

Alternative banking services provide customers with convenient access to their accounts through internet and mobile banking channels, supported by concierge services for personalized assistance.

Question 6

What makes Waterfall Bank unique?

Accepted Answer

Waterfall Bank distinguishes itself through its commitment to personalized customer service combined with modern technology. The bank's mission emphasizes "making banking simple by bringing customers the latest in technology," while maintaining the personal touch of a community bank.

As a newly established de novo bank, Waterfall Bank brings fresh perspectives and modern banking practices to the Tampa Bay market. The bank's tagline "Cascading with Service" reflects its dedication to superior, personalized customer care.

The bank's strong capitalization sets it apart, with a requirement to maintain a Tier 1 capital-to-assets leverage ratio of at least 8% throughout its first three years—significantly higher than typical regulatory minimums. This conservative approach provides customers with enhanced financial stability.

With a primary focus on commercial lending (64.3% of the loan portfolio as of June 2023), the bank particularly excels at serving small and medium-sized businesses in the region, while also providing comprehensive personal banking services to local residents.

Question 7

What type of financial institution is Waterfall Bank?

Accepted Answer

Waterfall Bank is a Commercial Bank with a state charter, operating as a non-member of the Federal Reserve System and supervised by the Federal Deposit Insurance Corporation (FDIC).

More specifically, Waterfall Bank is classified as a Community Bank, characterized by its strong local market focus, personalized service approach, and commitment to meeting the financial needs of businesses and individuals within its defined assessment area. The bank's community banking model emphasizes relationship-based banking with experienced management and a Board of Directors dedicated to serving the local community.

As a state-chartered institution, Waterfall Bank is regulated by both the Florida Office of Financial Regulation (which granted its state charter) and the FDIC (which provides federal deposit insurance and regulatory oversight).

Question 8

What is Waterfall Bank's lending focus?

Accepted Answer

Waterfall Bank has established a clear lending focus centered on commercial lending activities. As of June 2023, business loans—including loans secured by non-farm, non-residential properties and commercial and industrial loans—represent 64.3% of the bank's total loan portfolio.

Home mortgage loans (1-4 family residential properties) comprise the second-largest loan category at 14.2% of the portfolio. This lending mix reflects the bank's strategic emphasis on serving the commercial needs of small and medium-sized businesses throughout the Tampa Bay region.

The bank has demonstrated strong portfolio quality since inception, with zero non-performing assets reported and a reasonable loan-to-deposit ratio averaging 67.7% during its evaluation period. This conservative approach to lending has contributed to the bank's solid financial performance and community reinvestment efforts.

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About Waterfall Bank in the United States