Page 79 - Akerman | 2016 Guide to Doing Business in Florida

CHAPTER 8. COMMERCIAL BANKING OPPORTUNITIES

Commercial Banking Opportunities
Virginia B. Townes, Esq. | (407) 419-8513 | virginia.townes@akerman.com

Commercial Banking Opportunities

Florida is served by more than 300 banks, including the largest nationally chartered banks and credit
unions, regional institutions and local community banks. Florida’s economy has historically been based
on real estate development and the tourist economy. However, the number and quality of institutions of
higher learning in the state are also creating financing opportunities for innovation technology and
development.

Florida does not require out-of-state financial institutions to become authorized to do business in Florida
in order to extend credit into Florida from outside of the state. Out-of-state banks can establish de novo
(new) branches without Florida authorization. However, branching through acquisition of a Florida-
chartered bank requires regulatory approval of that acquisition.
Florida chartered banks are regulated through the Office of Financial Regulation, a division of the
Financial Services Commission which is comprised of the members of the Florida cabinet. Bank
holding companies doing business in the state through affiliates are required to be registered to do
business in the state through the Secretary of State, Division of Corporations.

Florida’s climate and its position as a gateway to Latin America attract enterprise from across the
country. A large number of regional banks have followed their customers to Florida, establishing
branches across the state. The influx of a retirement population with ties to out-of-state banks has also
spurred banking migration to Florida. At the same time, a number of Florida-originated banks have, by
merger and acquisition, become part of major national banks while retaining their Florida connections to
business development.

Florida’s geographic position has made it a destination for South and Central American business as well
as a growing expatriate community. Miami is reported to host more international financial institutions
than any U.S. city other than New York. Miami’s connection to Latin America has attracted foreign
financial institutions from England, Germany, Israel, and South Africa, to name only a few countries.
Florida also has an active and growing expatriate community which has also attracted a number of
international financial institutions and international money services businesses.

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