Independent Banker - April 2020 - 73

Trailblazer
The juicy story behind
First Citrus Bank
Established 21 years ago, First Citrus Bank's
strategic planning is now bearing fruit. At the
core of the Tampa, Fla., community bank is a
set of fundamental values that define how its
associates achieve success for themselves
and for their customers. By Eric Best
irst Citrus Bank in Tampa, Fla., recently
hit a milestone. In 2019, the $428 million-asset
community bank turned 20. And while
Florida banking has been a rollercoaster for those
two decades, one thing
has been consistent: its
founding members.
" We were all in our early
30s when we started
our company, and for the
past 20 years, the same
people are still here, "
says Jack Barrett, First
Citrus Bank's president
Name: First Citrus
Bank
Assets: $428 million
Location: Tampa,
Fla.
F
So, what's the secret sauce to First Citrus
Bank's success?
First, Barrett points back to its beginning.
First Citrus Bank was established with 500-plus
shareholders who invested less than $10,000 on
average. Instead of relying on high-profile names,
the community bank's working-class backbone
brought board members with " high-caliber
knowledge " and shared values to its boardroom.
" What's unique about us is our equity structure, "
Barrett says. " Many institutions have large
concentrations of ownership. We were very intentional
to avoid that. Our philosophy is we want to
be able to champion the underdog. "
Holding on to the good ones
and CEO and a Tampa native with about 32 years
of banking experience in the area. " Now, we're
in our early or mid-50s. It's the longest-tenured
management team in the market, period. "
They're seeing their years of dedication pay off.
This past year has been a breakout one for First
Citrus Bank, Barrett says. It was named 2019
Small Business of the Year by the Tampa Bay
Chamber. It surpassed $1 billion in loans. And
while many banks struggled in Tampa and statewide
during and after the Great Recession, First
Citrus Bank has increased its market share and
seen consistent growth in recent years.
In fact, the community bank recently opened
a new loan office in downtown St. Petersburg,
Fla.-the first new First Citrus Bank location in
a decade-that it plans to turn into a full-service
branch this year.
First Citrus Bank has also worked hard to keep
talented people at the community bank. Because
of the leadership team's lengthy tenure, First
Citrus Bank has been able to dedicate hundreds
of hours of staff time to what Barrett calls " mapping
success. "
This has resulted in one-page road maps that
define what individual success looks like and
how senior management can be a resource for
employees at all levels, from business bankers to
Quick stat
98
cents of every
dollar deposited
at First Citrus
Bank goes
back out to the
community
branch managers.
" When you establish roots, you can be a lot
more dynamic in taking care of people and your
associates-I'm not fond of the word employee, "
Barrett says. " They, in turn, can do a great job
taking care of customers. "
In fact, Barrett says First Citrus Bank has an
upside-down org chart where he's on the bottom.
It's part of the " First Citrus Way " that senior
management is a resource for associates.
" We empower our people, and it's not lip service.
We encourage them to make mistakes, and
we'll celebrate their mistakes, " he says. " We know
independentbanker.org Q 73
http://www.independentbanker.org
Independent Banker - April 2020

Table of Contents for the Digital Edition of Independent Banker - April 2020
