Independent Banker - February 2020 - 50

O
rlando, Fla., is well-known for its
warm climate, short drive to the
beach and one very famous mouse.
But it's home to more than just
vacationers and theme parks. Peel
back the layers of the Orlando
metropolitan statistical area
(MSA), and you'll discover a dynamic business
environment home to titans like Lockheed
Martin, Siemens and AT&T.
No. 1 in the nation for job growth for the
past four years, the Orlando MSA welcomes
1,500 new residents every week. Beyond " The
City Beautiful, " the MSA, an area of more
than 4,000 square miles, includes the cities
of Kissimmee and Sanford. By 2030, it will
be home to 5.2 million people, up from a
current 4.3 million, by the Orlando Economic
Partnership's count. Over the same time span,
the region's employment will grow by 19%,
a full 10 percentage points faster than the
national average.
" The addition of more than 1,000 people per
week since before 1950 has made the area one
of the fastest-growing regions in the country
for decades, " the group reports. " Looking to the
future, that trend is not expected to diminish. "
It all bodes well for the metro area's
community banks.
Not a " cow town " anymore
Orlando's expansion isn't relegated to any one
sector. Its business community is both active
and diverse. The strongest growth over the
past year was in the professional and business
services category, which accounted for a
combined 40% of growth. Construction followed
close behind with 22% of the total growth, while
leisure and hospitality contributed 20%. A few
of the recent business announcements include
a new call center for Aldi, Inc., a new fulfillment
center for Amazon and the expansion of Deloitte
Consulting's U.S. Technology Center.
" There's tremendous growth taking place
here, starting with the sheer number of housing
starts that we're seeing right now, " says David
Dotherow, president and CEO at $340 millionasset
Winter Park National Bank in Winter
Park, Fla. He points to Florida's year-round
warm climate as one of the biggest draws for
new residents and employers. Add Orlando's
centralized location to the mix-plus its many
theme parks and impressive tourist numbers-
and you wind up with a landscape that looks a
lot different than the " cow town that it was back
in the 1970s, " Dotherow adds.
A relative newcomer that obtained its charter
in 2017, Winter Park National Bank opened
its doors following the Great Recession, when
local financial institutions were bought out,
merging or going out of business. This created
an opportunity in the market for a community
bank that could make local decisions for loan
approvals and leverage referrals as a primary
business-generation tool, versus having a large
advertising budget.
" We felt there was a tremendous need for
local community banks to service the market, "
Dotherow explains. " So, we assembled an
experienced management team and board of
directors, raised $40 million
and started our bank. "
It didn't take long for Winter
" I believe 2020 will be a good
growth year for the central
Florida market and for Florida's
banking environment as a whole. "
-David Dotherow, Winter Park National Bank
50 Q ICBA Independent Banker Q February 2020
Park National Bank's founders
to see just how competitive the
Orlando banking scene was.
" There are a lot of banks here
and a lot of competition, " says
Jeffrey Jenkins, the community
bank's chief financial officer,
who keeps a close eye on the
local housing and construction
industries. " You have to be
Independent Banker - February 2020

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