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Winter Park National Bank details de novo plan


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Winter Park National Bank details de novo plan

According to its de novo application, proposed bank Winter Park, Fla.-based Winter Park National Bank, expects net proceeds of $30 million from an offering to capitalize the institution

Winter Park National will have 10 million authorized common shares, par value $5.00 per share, of which 3 million will be issued, offered at $10 per share and will correspond to one vote each. The proposed bank also plans to make an election to be taxed as an S corporation.

David Dotherow leads the organizers, who filed applications with the FDIC and the OCC. He will also serve as the bank's president and CEO, as well as hold a seat on the board. Dotherow was previously a founding organizer and director of New Traditions National Bank and eventually New Traditions Bank after its merger with Old Florida Bancshares Inc. He held the post until Old Florida's acquisition by IBERIABANK Corp.

Another organizer, James Bolen, will be appointed chairman of the bank's board. Dell Avery, Michael Crisante Jr., James Ferrell, Jeffrey Jenkins and Stanley Piekiewicz comprise the other organizers, who will all become members of the board. Jenkins will also serve as the bank's executive vice president and CFO. In addition, Sidney Cash will be taken on board to become executive vice president and senior lender. The bank also plans to hire a Bank Secrecy Act officer.

The bank — which will not be owned by a holding company nor utilize trust powers — is slated to serve Florida's Orange and Seminole counties, although the application states that digital and mobile banking services will allow the bank to expand its service area to include the counties of Volusia, Osceola and more. It also does not plan to engage in insurance activities.