Community banking

Alex Sanchez acknowledges that the U.S. has a lot of banks and many failed in the crisis, but he says a healthy economy needs a fresh supply of community lenders to nurture entrepreneurs.

State law bars credit unions from accepting deposits from cities, counties and other government entities. Florida banks say it should stay that way unless tax advantages for credit unions are removed, but credit unions counter that banks are trying to stifle competition.

Trying to keep pace with big banks that digitize as many processes as possible will undercut community banks’ strengths, according to speakers at this year’s ICBA convention.

First Bank is removing a competitor by agreeing to acquire Grand Bank for $19 million.

Christopher Becker will succeed Michael Vittorio in January.