Question 1

What is Locality Bank?

Accepted Answer

Locality Bank is a digital-first community bank based in Fort Lauderdale, Florida, combining cutting-edge financial technology with traditional relationship banking. With approximately $365 million in total assets, Locality Bank represents the first community bank to open in South Florida in more than a decade.

Founded in 2021, the bank serves local businesses and entrepreneurs through a modern banking platform built on cloud-native infrastructure, while maintaining the personal touch of community banking. Locality Bank specializes in commercial banking, commercial real estate lending, and business treasury services.

Question 2

When was Locality Bank founded?

Accepted Answer

Locality Bank was founded in 2021 by three co-founders: Keith Costello (CEO), Drew Saito (Chief Lending Officer), and Corey LeBlanc (COO/CTO). The founding team came together during the COVID-19 pandemic, recognizing the struggles businesses faced during the Paycheck Protection Program (PPP) rollout and the gap created by community bank consolidation in South Florida.

The bank officially launched operations on January 12, 2022, marking the anniversary of when Costello had opened Broward Bank of Commerce in 2009. Locality Bank raised $35 million in initial capital, exceeding its original target of $23 million, demonstrating strong investor confidence in the digital-first community banking model.

In January 2025, Locality Bank completed its de novo period, marking the end of the initial three-year supervisory phase for newly chartered banks.

Question 3

Where is Locality Bank headquartered?

Accepted Answer

Locality Bank is headquartered at 1400 South Andrews Avenue in Fort Lauderdale, Florida. The bank opened its 2,500-square-foot headquarters in February 2023 following a grand opening celebration and ribbon cutting ceremony attended by Fort Lauderdale Mayor Dean Trantalis and local business leaders.

The newly renovated free-standing building features a modern co-working atmosphere with multiple breakout rooms for clients to utilize, reflecting the bank's forward-thinking approach to community banking.

Question 4

Where does Locality Bank operate?

Accepted Answer

Locality Bank operates primarily in South Florida, serving businesses and residents across Palm Beach, Broward, and Miami-Dade counties. The bank's main headquarters is located in the South Andrews Avenue corridor of Fort Lauderdale.

The bank also maintains a satellite branch presence at General Provision co-working space (300 SW 1st Avenue, Suite 155) in Fort Lauderdale, where the founding team initially developed the bank's business model before opening the permanent headquarters. Locality Bank's digital-first platform enables it to serve customers throughout the region without requiring an extensive physical branch network.

Question 5

What services does Locality Bank offer?

Accepted Answer

Locality Bank provides comprehensive commercial banking services tailored for local businesses and entrepreneurs. The bank offers business checking accounts, high-yield money market accounts (competitive rates exceeding 2% APY), and business treasury services designed for efficient cash management.

Lending services include commercial real estate loans, construction loans, Small Business Administration (SBA) lending, business lines of credit, and term loans for working capital and expansion. The bank has successfully provided over $65 million in loans to local businesses since its founding.

Digital banking capabilities are at the core of Locality Bank's service offering, with a custom-built platform on a secure cloud-native core banking system featuring open API architecture. This enables instant transfers, simplified account management, and seamless integration with other business tools. Customers can open accounts online in minutes and manage their finances from anywhere through enhanced mobile and online banking platforms.

Business customers receive personalized consultation from experienced local banking professionals who will meet at the client's office or business location when needed, combining technological convenience with personal service.

Question 6

What makes Locality Bank unique?

Accepted Answer

Locality Bank distinguishes itself through its "digital-first, community banking" model that combines best-in-class technology with personalized relationship banking. Unlike many fintech challenger banks, Locality Bank obtained its own state charter and FDIC approval, giving it complete independence and control over its technology stack and pricing.

The bank's founding team brings decades of South Florida banking experience, with a specific focus on understanding local business needs and market dynamics. Under the leadership of co-founders who met at a CrossFit gym and bonded over their vision for modernizing community banking, Locality Bank emphasizes agility and responsiveness—measured in days and weeks rather than months and years.

The bank's infrastructure is designed to support continuous innovation, with plans for predictive analytics and data-driven customer insights. Locality Bank's headquarters design reflects this innovative spirit, featuring a collaborative workspace that welcomes clients rather than intimidating them with traditional bank formality.

Question 7

What type of financial institution is Locality Bank?

Accepted Answer

Locality Bank is a State Commercial Bank with a strong emphasis on business and commercial banking. The bank holds a Florida state charter and is FDIC-insured (Certificate #59278).

As a true de novo bank (newly chartered from the ground up), Locality Bank represents a modern evolution of the community bank model, built specifically for the digital age. The bank's commercial lending specialization makes it particularly well-suited to serve small and medium-sized businesses, entrepreneurs, and commercial real estate developers throughout South Florida.

Locality Bank

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About Locality Bank in the United States