January 8, 2024
PALM BEACH, FLORIDA (JANUARY 8, 2024) – Vista Bancshares President Dan Sheehan recently shared his insights on economic and banking trends at Bisnow’s Palm Beach State of the Market event. Held in downtown West Palm Beach, Florida, Sheehan was a panelist for a session entitled “Economic and Demographic Shifts: Reimagining Commercial Spaces for the Next Generation.” Real estate, architecture, and insurance industry experts joined him on stage.
The event addressed the multiple factors changing the Palm Beach County landscape, including commercial development, the housing market, sustainability, capital influx, and changing demographics.
“If you go back to 20 years ago, this market was primarily driven by real estate, tourism, and maybe a handful of personal injury attorneys,” Sheehan said to a laughing crowd. “This is a far different, diverse economy.”
Sheehan’s comments addressed multiple topics, including deposit migration, commercial real estate funding, capital formation, and job trends. He also commented on corporate headquarter relocations and the net effect on the county’s demographics, including the influx of a younger working population.
“Palm Beach County is truly undergoing somewhat of an economic renaissance,” Sheehan said. “Despite banking industry contractions, our region has shown remarkable resilience, becoming a magnet for deposit growth and economic transformation. This shift has positioned the region to be especially attractive to various industries, creating a significant catalyst for job creation, household formation, and a surge in deposit migration.”
Sheehan attributed much of the growth in Palm Beach County to traditional companies relocating to the desirable region but noted that corporations are bringing their entire teams this time.
“Back in the day, you had principals living down here, but the business address was out of state,” Sheehan said. “The difference now is the funds are formed here, the firms are domiciled here, and not only are people staying longer (unlike the snowbirds of old), but you can actually originate deal flow down here.”
Sheehan joined Texas-based Vista Bank in March of 2023 to spearhead its expansion into the dynamic Florida market and execute other strategic bank-wide initiatives as President of the holding company.
The Bank primarily serves small and middle-market companies while offering a suite of private banking services to qualified clients. Vista’s entrepreneurial approach and commitment to core banking fundamentals, including capital, liquidity, strategic M&A, and attracting and retaining the strongest talent in the industry, have catapulted the Bank on a significant growth trajectory, topping 700% in the last decade. The Bank’s organic, responsible growth continued in 2023, proving Vista to be an anomaly in the face of recent industry challenges. The Bank attributes the healthy growth to its strong board leadership, skilled and motivated team, and strategic locations in business-friendly states.