Locality Bank CEO Keith Costello Begins Term as Chair of Florida Bankers Association

NAPLES, Fla., June 18, 2025 /PRNewswire/ -- Keith Costello, co-founder and CEO of Fort Lauderdale-based community bank, Locality Bank, was formally sworn in as Chairman of the Florida Bankers Association (FBA) during the organization's 137th Annual Meeting at The Ritz-Carlton, Naples. The appointment follows a year of service as Chair-Elect and places a community-bank entrepreneur at the helm of one of Florida's oldest trade groups, founded in 1888 and representing more than 150 member banks and 134,000 banking professionals statewide.

"It's my great honor to serve as the next chairman, a role I take with both humility and inspiration as we go forward. I look forward to serving all the bankers in the state of Florida in my new role." — Keith Costello, in a LinkedIn post announcing his position as FBA Chair

A Voice Already Heard on Capitol Hill

Just weeks before formally taking over as Chair of the Florida Bankers Association, Costello testified before the U.S. House Subcommittee on Financial Institutions on May 14, 2025, during a hearing titled "Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation." In his remarks, Costello urged lawmakers to reduce unnecessary regulatory hurdles that limit competition and stifle the creation of new banks. Read Costello's full written testimony.

Locality Bank's Growth Story

Since launching in January 2022 with $38 million in local capital, Locality Bank has grown to approximately $300 million in assets in just over three years, delivering:

• More than $200 million in loans deployed to fuel South Florida businesses.
• $250 million in deposits attracted from local companies and entrepreneurs.
• 40+ local jobs created as part of its expanding digital-first community banking model.

Earlier this year, the bank successfully exited its de novo period, gaining greater operational flexibility to continue expanding SBA lending, technology-driven services, and local economic impact.

Priorities Ahead as FBA Chair

As Chair, Costello has outlined several key policy and industry priorities for 2025–26:

• Re-igniting new-bank formation by championing phased-in capital requirements and streamlined chartering rules.
• Right-sizing regulation so community banks can compete without disproportionate compliance burdens.
• Level-up technology partnerships that give smaller institutions modern digital capabilities while preserving local decision-making.
• Keeping banking rooted in Florida's communities amid surging population growth and business formation.

"The issue of de novo bank formation is critical … I want to do whatever I can to foster an environment where more banks can be created." — Keith Costello, in a recent Q&A for Florida Banking magazine

About the Florida Bankers Association

Established in 1888, the Tallahassee-based FBA advocates for policy, education, and industry leadership on behalf of Florida's banking professionals. The Association's 137th Annual Meeting (June 8–11, 2025) convened leaders from across the state to chart the course for the coming year.

About Locality Bank

Locality Bank is a community bank headquartered in Fort Lauderdale, Florida, with a mission to empower local businesses to maximize their potential. By combining white glove service and local market expertise with user-friendly technology, Locality delivers a uniquely personal and modern banking experience tailored to South Florida entrepreneurs. Visit localitybank.com, call (888) 238–5053, or email [email protected]. Follow us on Facebook, X, LinkedIn, Instagram, and YouTube to stay connected.

Contact: Aimee Adler Cooke, (561) 302-6902 or [email protected]

SOURCE Locality Bank