Dallas-based Vista Bank is expanding its footprint to Florida, the fast-growing company’s first push outside the state of Texas.
Vista has taken office space on the first floor of the Divosta towers in Palm Beach Gardens and plans to open a branch in mid-August. Dan Sheehan, a co-founder and former CEO of Professional Bank, has also joined Vista to lead the bank’s operations in the Sunshine State.
“After 111 years of serving entrepreneurs and their families throughout Texas, we are thankful to have the opportunity to expand our footprint into Florida with a seasoned local professional like Dan Sheehan,” Vista CEO John Steinmetz said in a statement. “Together, we will provide a concierge-level banking experience to small and middle-market companies and the bold entrepreneurs that risk their capital every day.”
Steinmetz said he has gotten to know Sheehan after working with him on various initiatives during the past few years.
Sheehan headed Coral Gables-based Professional Holding Corp., the parent company of Professional Bank, from its launch in 2014 until he stepped down last year. During that time he led the company through a $60 million public offering in early 2020. Seacoast Bancorp acquired Professional in February in a deal valued at more than $488 million.
In a recent call with the South Florida Business Journal, Sheehan said he and Steinmetz’s longtime friendship from being in the industry combined with Florida and Texas’ growing, pro-business markets are among the main factors that led to Vista Bank establishing a South Florida branch.
“For years, John and I have talked about doing something together, and so we decided to partner to grow Vista Bank,” he said. “He’s [Steinmetz] been in Texas for a long time and has built a great bank in some of the fastest-growing markets there, similar to my position during my time at Professional Bank in South Florida, and so we teamed together to build a really valuable franchise in two of the best states.”
He said the bank has obtained a few depositors from the area in recent months, but expects the local market share to grow more once the branch is up and running. And with a number of locally-based banks consolidating throughout the state, Vista’s debut in the Florida market will not have as many competing state-based institutions.