Independent Banker - December 2017 - 18

With Interest
INDIE BANKER
One step ahead
Cheryl Tanenbaum helped organize Intracoastal
Bank in the midst of the Great Recession. A
successful decade later, she's investing in the
community bank's future through social media
and technology.
By Jolene Johnson
I
n January 2008, Cheryl
Tanenbaum left her job at
CypressCoquina Bank in
Palm Beach, Fla., to organize
the opening of Intracoastal
Bank in nearby Palm Coast with
former Cypress CEO Bruce Page. The
timing of it couldn't have been more
challenging: It was right as the Great
Recession was gathering steam.
She and Page wondered if they
should scratch their plans. " We didn't
know what the right decision was
going to be, but we were too far into
it, " Tanenbaum says.
If nothing else, the veteran bankers
knew there was a real need for a
community bank in Palm Coast. They
had started Cypress, a C Corp bank,
together in 1999, and it was eventually
sold and " turned into a big bank, "
Tanenbaum says. This " ended up
taking the only community bank out
of the community. "
There was no question that local
residents wanted a true hometown
bank again. To make Intracoastal
Bank a reality, board members and
their friends and families raised a
collective $14 million in capital over
a two-week period.
When it opened on June 16, 2008,
the outlook was good. There weren't
any overpriced loans on the bank's
books, and Intracoastal, an S Corp
bank, had a wide-open playing fi eld.
The recession also offered an unexpected
benefi t.
" Back in the day, there were
community banks being opened left
and right, " Tanenbaum says. But with
the Great Recession, " nobody was
going to come and steal our thunder
for a while. It allowed us to build
Intracoastal Bank
Palm Coast, Fla.
Assets: $314 million
Retail locations: Two
Employees: 40
Founded: 2008
Website: intracoastalbank.net
18 ICBA Independent Banker December 2017

http://www.intracoastalbank.net

Independent Banker - December 2017

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Table of Contents
Independent Banker - December 2017 - Intro
Independent Banker - December 2017 - Cover1
Independent Banker - December 2017 - Cover2
Independent Banker - December 2017 - Table of Contents
Independent Banker - December 2017 - 2
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