- Forward look: The prospective CEO of a Winter Park, Florida-based bank-in-formation says it's well ahead of its initial capital goal of $25 million and expects to open its doors early in 2026.
- Key insight: Erik Weiner said repeated comments about the need for more community bank options prompted him to leave his last job at the Miami-based City National Bank and seek to open a de novo institution.
- Supporting data: Regulators appear to be prioritizing new bank applications and have been generally supportive of Portrait's charter bid, Weiner said.
Citing support from the community, investors and regulators, a bank in organization in Winter Park Florida says it expects to open for business in the first quarter of 2026.
The proposed Portrait Bank is one of two Florida groups currently seeking a bank charter. Two other institutions, BankMiami in Miami and Gala Bank in Ocala, have opened since December.
Erik Weiner, who is slated to serve as Portrait's president and CEO, said conditions are ripe for new community banks, throughout Florida but especially in the Orlando metropolitan area, which includes Winter Park. The top seven banks, which control nearly 80% of Orlando's $74 billion deposit market, are each headquartered out-of-state, according to Federal Deposit Insurance Corp. statistics.
"I think it's a fantastic time for starting a de novo," Weiner, who served as Central Florida market president for the $27.1 billion-asset City National Bank of Florida in Miami from September 2019 until January 2025, told American Banker.
"I was significantly out in front of clients," Weiner said, adding he typically made 25 to 30 customer calls monthly in his market-president role. "I'd hear over and over again, like a drumbeat, their general longing for more community banking options."
"When you look at the landscape, the growth of the market...with the limited number of options, it just seemed like the need was so glaring we needed to do something about it." Weiner added.
Another veteran Central Florida banker, Ed Timberlake, has agreed to serve as Portrait's chairman.
"Erik and the Portrait Bank team represent exactly the kind of community-minded leadership our
region needs," Timberlake said in a press release. "This bank will be more than just a financial institution; it will be a true community partner."
While Florida may be experiencing a limited uptick, nationwide de novo activity has
FDIC required BankMiami to raise $31.3 million of capital prior to its opening. Fortuna Bank, which opened in Grandview Heights, Ohio, in December, was required to raise $20 million.
A spokesperson for Florida's Office of Financial Regulation had not returned a reporter's call at deadline.
For Portrait, the backing received from investors and regulators has exceeded expectations, paving the way for the planned first-quarter 2026 opening. Indeed, though still waiting on final regulatory approval, the bank is on the verge of signing a lease on a property to serve as its headquarters and initial branch, according to Weiner.
"I think the regulators have acknowledged the need for adding community banking," Weiner said. "The general tone has been very positive and encouraging."
In similar fashion, support from local residents and prospective investors "has exceeded my expectations in every way," Weiner said. Portrait Bank believes it has a strong chance to exceed its original fundraising target by a wide margin.
"When we came out of the door, we were anticipating raising $25 million," Weiner said. "We think there's now an opportunity potentially to do a lot more."
Ken Thomas, a retired Wharton Business School professor and longtime Florida banking expert, called Portrait's capital-raising success a prime indicator of the level of demand for new community banks in the state. "When you see a group of business people willing to put up that kind of money, it shows the need in the community," Thomas said.
