Dallas-based Vista Bank is expanding its footprint to Florida, the company’s first location outside of Texas, according to the South Florida Business Journal. The bank 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. The Journal reports that Dan Sheehan, a co-founder and former CEO of Professional Bank, has joined Vista Bank to lead 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,” CEO John Steinmetz says. “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.”
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, according to the Journal. 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 that he and Steinmetz’s longtime friendship 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 says. “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.”
Sheehan to the Journal that 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.
Established in 1912, Vista Bank operates 17 offices in North and Central Texas.
