- Why it matters: WesBanco's plans add to a trend of banks entering the rapidly growing South Florida marketplace.
- Supporting data: The Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area has seen deposits surge more than 20% since 2020.
- Expert quote: "The goal is to fund expected loan growth from in-market deposit production." — Hovde analyst David Bishop
Banking's snowbird phenomenon is continuing, as another out-of-state franchise has launched a Florida expansion initiative.
The Wheeling, W. Va.-based WesBanco has hired a trio of veteran Sunshine State commercial bankers to spearhead a move into South Florida. The Florida push follows WesBanco's move into Tennessee, where the bank has opened loan production offices in Nashville, Chattanooga and, most recently, Knoxville.
"These South Florida markets are significant growth centers, and ones I have come to know well during my banking career," WesBanco CEO Jeff Jackson said last week in a press release. "We are excited to enter these markets with this seasoned team of bankers, whose customer focus and values are well-aligned with our relationship-led approach and strong credit standards."
The $27.7 billion-asset WesBanco is bringing on Eddy Rodriguez as regional president. Rodriguez has spent more than 25 years in Florida, including the last three at the $20.8 billion-asset Seacoast Banking Corp. of Florida, where he served as Broward County market president.
Prior to joining Seacoast in 2023, Rodriguez led a commercial banking team in Palm Beach for Memphis-based First Horizon Corp. He worked under Jackson, who served as First Horizon's Florida regional president, then its chief operating officer for regional banking.
Rodriguez will oversee a pair of market presidents:, Steven Goldstein in Palm Beach County and Tony Mandravellos in Broward. Goldstein joined WesBanco from Seacoast, Mandravellos from Synovus Financial, which is now part of Pinnacle Financial Partners.
Jay Zatta, WesBanco's chief banking officer, said many of the West Virginia lender's existing clients have established "meaningful ties" to Florida, including second homes and business interests.
"Establishing a regional presence with this proven team allows us to support those relationships more directly while advancing our growth strategy through new relationships," Zatta said in the press release.
According to Hovde analyst David Bishop, the move into Florida tracks with WesBanco's broader goal of targeting Southeastern and Mid-Atlantic markets for expansion. The company is eyeing Richmond, Va., while its presence in Chattanooga opens the door for growth in Atlanta.
WesBanco has expanded rapidly under the leadership of Jackson, who
As WesBanco expands its book of business in South Florida, it plans to layer on new services, including treasury and wealth management along with mortgages. Eventually, it expects to open branch offices.
"We believe there will eventually be a physical branch presence to support this market expansion, as the goal is to fund expected loan growth from in-market deposit production," Hovde's Bishop wrote.
WesBanco's plans put it on the now well-worn path that has taken numerous franchises from around the country into South Florida. Columbus, Ohio-based Huntington Bancshares
In another nod to South Florida's rising prominence, Wells Fargo is shifting the headquarters of its wealth management business to West Palm Beach.
The Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area, which includes both Broward and Palm Beach counties, has seen the size of its deposit market surge in recent years, according to the Federal Deposit Insurance Corp. Between June 30, 2020, and the same date in 2025, deposits grew more than 20%, reaching $336.3 billion.
