Bank of Coral Gables Profitable within Six Months
CORAL GABLES, Fla. - The Bank of Coral Gables has shown a profit within only six months of commencement, an impressive feat in the banking industry. The bank was established in June 2006 with a business formula to provide personalized, attentive service in a warm and welcoming environment that meets the needs of those who live, work and thrive in the community of Coral Gables, and the formula has proven to be very effective.
As of year-end 2006, the bank reported more than $40 million in assets. During the most recent shareholders meeting the bank announced, as of March 1st 2007, the Bank of Coral Gables’ assets have increased to more than $50 million.
“Most banks anticipate a profit after the first year of business,” said President Terry Best. “The Bank of Coral Gables exceeded expectations coming in well below budget last year and becoming a profitable financial institution in just six months.” The Bank of Coral Gables currently has more than $40 million in deposits and $34 million in loans.
Bank of Coral Gables, led by a 12-person board of directors were re-elected at the February 28th board meeting and continue to serve Bank of Coral Gables. The board of directors is comprised of President and CEO Terry Best, Chairman William H. Kerdyk, Jr., Mr. Jerrold Blair, Mr. Charles Dusseau, Mr. Michael F. Kashtan, Mr. Paul A. Lester, Mr. Carlos C. Lopez-Cantera, Mr. Gene Prescott, Mr. Carlos J. Rodriguez, Dr. Audrey Ross, Ph.D., Dr. George M. Suarez, M.D. and Mr. Wayne (Chip) Withers.
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