By Max Crampton-Thomas
2 min read October 2019 – With over 30 years in the banking industry, Chuck Cross has witnessed seismic changes in the way the banking sector conducts business. Currently serving as the executive vice president and commercial banking executive for Seacoast Bank, Cross has a unique perspective on the prominent growth of the banking sector in the past couple of years. He recently sat with Invest: Palm Beach to discuss how Seacoast has sustained continuous growth, why the business ecosystem in Palm Beach County is a benefit for banks and some of the reasons he attributes to the overall growth of Palm Beach County.
How has Seacoast Bank sustained continuous growth?
Seacoast Bank has been growing organically by hiring people and building relationships with customers since the recession, but we augment that organic growth with strategic M&A activity as well. We acquired Palm Beach Community Bank in November 2017, expanding our branch locations in the county from three to five and getting access to new customers. We also have two commercial offices in the market, which is another catalyst for growth.
Why is Palm Beach County a conducive business environment for the banking sector?
From a macro perspective, when you have a half million people relocating to Florida and a good amount of that coming to Palm Beach County, it drives the kind of growth we hope to see for the next couple of years. From a financial services perspective, Palm Beach is a great place to be operating and providing service.
Palm Beach County has really grown over the past decade. Dense population provides great opportunities for banks. Palm Beach is growing like the whole state of Florida is growing. Everyone wants to move to Florida either for the weather or for some of the changes in the tax reform, and people have always wanted to retire here. Palm Beach also has great infrastructure in terms of education. In addition, there’s a lot of oceanfront property that attracts high-net-worth individuals, which in turn attracts retail, recreation and service jobs.
To what do you attribute the growth of the local economy in Palm Beach County?
The Business Development Board of Palm Beach County has done a great job of attracting a lot of wealth management and private equity firms where the owners can live on the island and operate their companies from there. In the northern part of the county, there are also some aerospace companies, and there are healthcare technology companies like Max Planck and Scripps that are providing higher-level jobs as well. Hopefully this will help attract other types of high-level businesses.
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