Question 1

What is Paradise Bank?

Accepted Answer

Paradise Bank is a community-focused commercial bank headquartered in Boca Raton, Florida, specializing in small business lending and commercial banking services. Founded in 2005, the bank operates with approximately $439 million in total assets and three branch locations across Palm Beach and Broward counties. Paradise Bank is the last remaining community bank headquartered in Boca Raton.

The bank distinguishes itself through fast, flexible, and personalized service, with a particular emphasis on Small Business Administration (SBA) lending. As an SBA Preferred Lender, Paradise Bank has become one of Florida's largest SBA lenders by both number of loans and dollar value.

Question 2

When was Paradise Bank founded?

Accepted Answer

Paradise Bank was founded in 2005 by business partners Ward Kellogg (CEO), Bill Burke (founding president and vice chairman), David Englert (founding chief business development officer), and Dennis Gavin (founding chief credit officer). The founders had previously worked together at 1st United Bank and Admiralty Bank in the 1990s, both local banks that were eventually sold to larger financial institutions.

The founding team established Paradise Bank because they wanted a bank they could keep and maintain as locally owned for the long term. Kellogg explained that Florida banking traditionally followed a "build it up and sell it" model, which they deliberately rejected in favor of creating a long-term, independent community bank.

The bank started operations with about 30 employees working out of a double-wide trailer while the original head office was being constructed. The founders raised approximately $25 million in initial capital by selling stock at $10 per share. The bank successfully weathered the Great Recession of 2008, which drove many small banks out of business, though it required an additional fundraising round of approximately $19 million over the following years to navigate the challenging economic environment.

Paradise Bank celebrated its 20th anniversary in summer 2025 and recently moved its headquarters to a new 24,000-square-foot building at 3800 N. Federal Highway in Boca Raton.

Question 3

Where is Paradise Bank headquartered?

Accepted Answer

Paradise Bank is headquartered in Boca Raton, Florida, at 3800 N. Federal Highway, Boca Raton, FL 33431. The bank moved to this new, spacious facility in August 2024, providing 24,000 square feet of modern banking space for operations and client services.

Question 4

Where does Paradise Bank operate?

Accepted Answer

Paradise Bank operates three full-service branch offices with drive-thru services across South Florida. Two branches are located in Palm Beach County, including the headquarters in Boca Raton and a location in Delray Beach. The third branch is located in Fort Lauderdale, Broward County.

The bank's service area encompasses Palm Beach and Broward counties, with a focus on serving small businesses, entrepreneurs, nonprofits, real estate developers, and investors throughout the region. While concentrated in South Florida, the bank has developed particular expertise in the Boca Raton, Delray Beach, and Fort Lauderdale markets.

Question 5

What services does Paradise Bank offer?

Accepted Answer

Paradise Bank offers a comprehensive range of commercial and business banking services tailored to small and medium-sized enterprises. Commercial lending products include Small Business Administration (SBA) loans (7(a), 504, and express loan programs), commercial real estate financing, construction loans, equipment financing, business lines of credit, and term loans for business operations and expansion.

The bank approves more than $30 million in SBA loans annually and has approved over half a billion dollars in SBA loans since 2010. Paradise Bank participates in the SBA's Preferred Lender Program, which allows faster loan approvals and streamlined application processes. During the COVID-19 pandemic, the bank originated 548 Paycheck Protection Program (PPP) loans totaling $55.2 million.

Deposit products include business checking accounts, business savings accounts, money market accounts, and certificates of deposit. The bank also offers personal banking products for individual customers, including checking and savings accounts.

Digital banking services include online banking platforms, mobile banking applications, electronic funds transfer, remote deposit capture, and digital payment solutions. The bank emphasizes using technology to enhance personal service rather than replace it.

Question 6

What makes Paradise Bank unique?

Accepted Answer

Paradise Bank's most distinctive feature is its position as South Florida's premier SBA lender. The bank is one of the largest SBA lenders in Florida by both loan volume and number of transactions, demonstrating deep expertise in government-backed small business financing. This specialization allows the bank to provide faster approvals and more flexible terms than many competitors.

Local ownership and decision-making set Paradise Bank apart from larger institutions. The bank has fewer than 100 shareholders, almost all of whom own homes in Florida, with most residing in Palm Beach County. No single shareholder owns more than 6%, ensuring distributed ownership and community focus. This structure allows the bank to make lending decisions locally without routing requests through distant corporate headquarters.

The bank's leadership intentionally maintains a moderate size strategy. CEO Ward Kellogg has stated, "We're not looking to buy another bank. We're not looking to expand to another market. We're not looking to grow to a billion dollars, ever." This approach prioritizes profitability, efficiency, and service quality over rapid expansion.

Financial performance is exceptional, with a return on assets of 2.80% and return on equity of 41.25%, significantly exceeding industry averages. Original investors have received their initial investment back twice in dividends while still owning their shares.

Paradise Bank is deeply committed to community development, particularly in supporting minority-owned businesses and low- to moderate-income entrepreneurs who may face challenges accessing credit from larger institutions. The bank received a "Satisfactory" CRA rating in its most recent Community Reinvestment Act examination.

Question 7

What type of financial institution is Paradise Bank?

Accepted Answer

Paradise Bank is a State Chartered Commercial Bank operating under Florida state banking laws with Federal Reserve oversight. As a state member bank of the Federal Reserve System, it is regulated by both the Federal Reserve and the Florida Office of Financial Regulation.

The bank is classified as having a commercial lending specialization, focusing primarily on business banking rather than retail consumer services. Paradise Bank operates as an S-Corporation for tax purposes, allowing pass-through taxation to its shareholders.

As a community bank, Paradise Bank emphasizes personal relationships, local market knowledge, and flexible service delivery. This classification distinguishes it from larger regional or national banks and positions it to serve businesses that require customized attention, faster decision-making, and expertise in specialized lending programs like SBA loans.

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