FBF Magazine Issue #1

JULY / AUGUST 2024 ISSUE 01

FBF

FLORIDA BANKING FORUM

FOCUS 305 ETERNAL LIFE SERVICES

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GUEST SPEAKER LLOYD DEVAUX PRESIDENT & CEO SUNSTATE BANK

SPOTLIGHT CALLE DRAGONES

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TABLE OF CONTENTS

01

Table of Content

1

Our Team

2

About Us

3

The Perfect Place to Exchange Ideas

4

Past Guest Speakers

6

FBF Community

8

FOCUS 305 Eternal Lifes Services

12

Determination, Discipline and Success

14

FBF Involvement

15

03

South Florida Banks Unscathed

16

Cafecito Con Yesenia

19

SPOTLIGHT Monthly Spotlight

20

Calle Dragones

21

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WWW.FLORIDABANKINGFORUM.COM

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JULY / AUGUST 2024 ISSUE 01

FBF EDITOR-IN-CHIEF

OUR CONTRIBUTORS

NORMAN ISAZA

ORLANDO A. DIAZ

MANAGING EDITOR CARLOS JARA

CONTENT DIRECTOR YESENIA MORENO

Contributor to the Florida Banking Forum and President of Metro Fund Inc. in Miami, Florida, a leading private capital provider in South Florida DIGITAL CONTENT COORDINATOR CAROLINA IGLESIAS

ART DIRECTOR LORAINE TEJADA

EVENT DIRECTOR LESLIE VASQUEZ

CONTRIBUTING WRITERS MELANIE ISAZA ORLANDO DIAZ NORMAN ISAZA PHOTOGRAPHERS NICOLE ISAZA EDUARDO MENDEZ SYDNEE NICOLE ORDONEZ HANNAH MORALES

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FLORIDA BANKING FORUM The perfect place to exchange ideas

ABOUT US The banking industry plays a pivotal role in driving economic growth, facilitating transactions, and providing financial services to individuals and businesses. In today's rapidly evolving financial landscape, the Florida Banking Forum has emerged as a crucial platform for fostering innovation and collaboration.

The significance of the Florida Banking Forum is in promoting industrywide progress, addressing challenges, and shaping the future of banking.

Knowledge, Exchange, and Industry Insights.

We bring together leading bankers, financial experts, regulators, and community leaders to discuss emerging trends, best practices, and transformative technologies.

Yesenia Moreno President & CEO

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Norman Isaza

Executive Vice President

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THE PERFECT Lloyd DeVaux PLACE TO President & CEO of Sunstate Bank EXCHANGE IDEAS

Fireside Chat Who is Lloyd outside of banking The journey with Sunstate insights about Sunstate Book Recommendations or Nightstand Reads

Words of wisdom for upcoming bankers “Someone asked me once if I finished school, I told them I still haven’t finished yet. You need to continue in learning. If you are the smartest person in the room then you are in the wrong room.”

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Fleming’s Steakhouse Tuesday, May 17, 2024

WWW.FLORIDABANKINGFORUM.COM

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FBF LLOYD DE VAUX AND THE SUNSTATE TEAM

Mr. DeVaux brings over 25 years of extensive experience in the banking industry, with a remarkable tenure of 12 years as Chief Operating Officer at BankAtlantic and City National Bank of Florida. Before holding COO positions, he served as the CIO and Senior Executive Vice President at Union Planters Corporation in Memphis, Tennessee. His corporate background includes roles at Kirchman Corporation in the Czech Republic and IBM in Orlando, Florida. Additionally, before entering banking, he worked almost 10 years for Schlumberger Limited in the petroleum industry in several countries around the world.

Who is Lloyd outside of banking?

Lloyd once thought golf was meant for older individuals, mainly because he wasn’t very good at it. Now that he is an older individual, even though he still isn’t great at it, he is an avid golfer. Formerly a scholarship basketball player in college, he had to pivot to less intensive activities as he got older. Despite the change, Lloyd remains active by jogging, biking, and golfing regularly. Additionally, he finds joy in reading books and exploring new destinations.

Tell us about the journey with Sunstate: Lloyd was thrilled to share his journey with Sunstate, which began with a chance meeting with the Sunstate Bank Chairman during his time at Harvard Business School. They graduated together in 2010 following the financial crisis, and in 2014 the Chairman reconnected with Lloyd through the bank’s COO, Yvonne Debesa, to explore the possibility of joining the bank as the CEO. #Sunstate#SuccessStory Insights about Sunstate Lloyd shared fascinating insights about Sunstate, a community bank in South Florida with a strong focus on the markets they serve. They prioritize equality for all customers and emphasize effective communication to address issues promptly. Sunstate Bank, known for its dedication to the community, serves both domestic and international customers, with ties to Brazil through a sister bank owned by the same family. To better streamline their identity, several years ago they rebranded from Sofisa Bank of Florida to Sunstate Bank of Florida. They continue to serve the domestic market, but also have expertise in NRA residential lending to Brazilians and other foreigners, offering a wide range of deposit, investment, and lending products, including commercial real estate and NRA mortgage loans. Sunstate Bank stands out for its commitment to excellence and community service.

Book Recommendations or Nightstand Reads: Lloyd enjoys reading fiction, biographies, and he particularly likes legal mysteries by authors such as John Grisham. Always learning, he stays informed about the latest advancements in AI to explore its potential to improve customer acquisition and service, and increased efficiency. #AI #Reading #ProfessionalDevelopment

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FBF’s Featured

Jose Cueto

Former President & CEO of International Finance Bank

Executive Vice President & CLO of U.S. Century Bank

Abel L. Iglesias

Carlos Fernanadez-Guzman

Former President & CEO of Seacoast National Bank VOLUME I

Nicholas Bustle

President & CEO of Pacific National Bank

WWW.FLORIDABANKINGFORUM.COM

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Guest Speakers

Calixto Garcia-Velez President & CEO of Banesco USA

Senior Vice President & Private Client Services Manager of Ocean Bank

Felipe F. Basulto

Jerry Plush

Market President of TD Bank

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Gladys Reed

President & CEO of Amerant Bank

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F O C U S 305 ETERNAL LIFE SERVICES

A STORY OF DETERMINATION, DISCIPLINE AND SUCCESS In the heart of Miami-Dade, the story of Nelson and Gustavo unfolds with the unwavering dedication and compassion of their mother, Maira.

For over a decade, Maira served as a home health aide, tirelessly tending to the needs of others with a selflessness that left an indelible mark on her sons. Her relentless commitment to caregiving sparked within Nelson and Gustavo a fervent desire to follow in her footsteps and make a meaningful difference in the lives of those in need.

Photography by Hannah Morales

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Inspired by their mother's unyielding dedication, Nelson and Gustavo envisioned a home health care agency that would set a new standard in the industry.

They dreamed of creating an organization unparalleled in its commitment to exceptional care and the well-being of its team members, who they recognized as the backbone of the business. With this vision in mind, they embarked on a journey of intensive learning and preparation, immersing themselves in every aspect of home health care, from patient care to business management. This relentless pursuit of knowledge laid the foundation for what would soon become Eternal Life Services Corp.

WWW.FLORIDABANKINGFORUM.COM

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LIFE IS 10% OF WHAT HAPPENS TO YOU AND 90% OF WHAT YOU DO ABOUT IT.

Their dedication bore fruit when they invited Vanessa Ferrer to join their team. Vanessa, a highly educated business professional with over a decade of international experience in business growth and revenue enhancement, brought her exceptional expertise and insights to the agency.

With a master's degree in marketing, Vanessa's addition to the team marked a significant milestone in the realization of Nelson and Gustavo's vision.

The synergy of Nelson, Gustavo, and Vanessa transformed Eternal Life Services into one of the premier home health agencies in Miami-Dade.

Each brought their unique expertise, leadership, and experiences, driving the agency to new heights of success. Their shared commitment to excellence and compassion was reflected in every aspect of the business, from the high-quality care provided to patients to the supportive and empowering work environment for their team members.

Eternal Life Services Corp has always emphasized community support, especially for low-income children, the homeless, and the elderly with limited resources.

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From day one, the agency has dedicated its efforts to uplift these vulnerable populations, providing compassionate care and necessary support to ensure their well-being. This commitment to the community is a core part of the agency's mission, reflecting the values instilled in Nelson and Gustavo by their mother's legacy.

Through various community initiatives and personalized care plans, Eternal Life Services strives to make a positive impact on the lives of those in need throughout Miami-Dade. The agency's dedication to supporting the community and its team members has not only set it apart as a leader in home health care but also as a beacon of hope and compassion for those it serves.

In honoring their mother's legacy, Nelson and Gustavo have created more than just a successful business—they have built a testament to the power of compassion, dedication, and the unwavering desire to make a difference in the world. Eternal Life Services Corp stands as a shining example of what can be achieved when passion and purpose come together to serve the greater good.

WWW.FLORIDABANKINGFORUM.COM

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ETERNAL LIFE SERVICES

F O C U S 305

Eternal Life Services does not operate like everyone

At Eternal Life Services, we believe that true success is

else. We care deeply for everyone—not only the

measured by the well-being of those we serve and the

patients but also each individual that provides services

positive impact we have on our community. We are not just

to our members, including our office team and case

a service provider; we are a compassionate and dedicated

managers. Each day, these dedicated professionals

family, driven by the values instilled in us by our mother's

provide invaluable support to our members, and we

legacy. This unique approach is what truly differentiates

recognize that their well-being is integral to the quality

Eternal Life Services from the rest.

of care we deliver.

Our commitment to our team is evident in the

FBF, the Florida Banking Forum, isn't just a platform—it's a

continuous education and support we provide to our

beacon of support and friendship that has profoundly

employees and caregivers. We believe that well-

impacted our journey. Led by the remarkable duo of

informed and supported staff are better equipped to

Yesenia Moreno and Norman Isaza, whose passion and

offer exceptional care, and we invest in their growth

dedication

and

showcasing influential figures in the banking industry; it's

development

through

regular

training

and

are

educational opportunities. This focus on education

about

fostering

ensures that our team remains at the forefront of best

fostering dreams.

truly

inspiring,

connections,

FBF

isn't

fostering

just

growth,

about and

practices in home health care, enabling them to deliver the highest standard of care to our patients. Moreover,

Our association with FBF has been nothing short of

our dedication extends beyond our immediate team

transformative. Yesenia and Norman, with their unwavering

and patients to the broader community. We actively

belief in us, have not only opened doors but hearts.

support various foundations and initiatives in low-

Through their forum, they've provided us with an invaluable

income countries, demonstrating our commitment to

network of like-minded individuals, a community where

making

business transcends into meaningful friendships.

a

global

impact.

Our

participation

in

memorable charity events further underscores our dedication to supporting those in need and making a positive difference in the world.

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800+ Home Care Stories: Our Footprint in Miami-Dade VISIT US ONLINE

Website- www.eternalifeservices.com

Catch the freshest features Updated daily Read anytime, anywhere

FBF MAGAZINE

SOUTH FLORIDA BANKS UNSCATHED DESPITE CRE PORTFOLIO CHALLENGES AROUND THE NATION If you need more evidence that Miami stands out from other national markets, here's another example.

EDITED BY ITSUKI TAKAHASHI

WRITTEN BY

Orlando Diaz is a contributor to the Florida Banking Forum and President of Metro Fund Inc. in Miami, Florida, a leading private capital provider in South Florida

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Currently, South Florida banks are defying the national trend of rising delinquency rates on commercial real estate (CRE) loans. Many experts forecast that the surge in commercial delinquencies will continue to severely impact bank portfolios, with a peak expected in 2025. Essentially, the core issue for these troubled portfolios is that most commercial loans were issued with adjustable rates in the 3% range. Those loans are coming due now and to refinance them, borrowers would face rates in the 7% range or more.

Many commercial real estate assets will not be able to meet debt service requirements even with rising rents. Loans coming due may need to undertake a "cash-in" refinance, which may involve capital calls to their investors—a generally unfavorable scenario which can bring about its own set of problems.

Of course, the guarantors can always sell the asset as these properties still hold equity, but potential buyers are experiencing similar financial pressures. New buyers are faced with higher rates, lower LTV’s and in many cases, depository requirements of 10% to 20% of the loan amount.

WWW.FLORIDABANKINGFORUM.COM

The Darling of the CRE World – Multifamily Everyone loves to finance Multifamily loans, but the truth is that close to $700 billion in multifamily loans are expected to mature between 2024 and 2026. Although rents have increased, they have not risen sufficiently to offset the more than doubling of interest rates from 2 years ago and rising insurance costs.

Rental leases can only be pushed so far before becoming unaffordable for the average tenant. On top of that, origination volumes for multifamily have had significant decreases this year.

Portfolio loans with adjustable rates underwritten to pro-forma rent increases that never materialized will see more distress. True rent rolls will be used to qualify and once you add in the higher rates and insurance costs, well, that’s a recipe for disaster.

Bank workout teams are grappling with this breaking point by offering a variety of refinancing options, such as extending loan terms to lower monthly payments or offering hybrid loans with fixed and adjustable-rate components to ease the transition to higher rates.

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Persona Non Grata - Office National appetite for office loans remains notably undesirable. While some attractive deals and opportunities are always available during down times, many companies have realized since the COVID-19 pandemic that they require less office space, leading to ongoing downsizing.

The rating system Fitch maintains a "deteriorating" outlook for the office sector through the end of this year, with an increasing number of office loans expected to default or enter special servicing. Nationally, office vacancies are at an all-time high, yet South Florida appears to be unfazed.

Hold that thought!

Moreover, deposit growth slowed in the last year, posing a problem for banks heavily exposed to CRE loans.

Higher interest rates make it more attractive for people to park their money in investments like bonds and stocks, while inflation erodes the purchasing power of savings accounts. Regulators have taken notice. As a former banker myself, I can attest that the last thing you want is a regulator in your office. Those of us who remember the aftermath of the Great Recession still have lingering PTSD from that experience.

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So why are local banks defying the trend? The answer lies in the strong demand for business loans in South Florida. Stories abound of billionaires relocating to the area, attracted by tax breaks and favorable weather. Florida is known for its business-friendly environment, and many are eager to establish themselves in the “Wall Street of the South”. And for that pesky office market, according to CommercialEdge, as of April 2024, Miami remained the most expensive office market in the South in terms of asking rents with a $49 per square foot average and a 13% vacancy rate, 3rd lowest in the nation only trailing Tampa and Boston.

Basically, our offices buildings are full despite the national trend.

But the real truth is many of the local bank Presidents (many who have interviewed with FBF) are cherry picking the best deals out there. Deals with strong guarantors, past experience and loaded with deposits are the ones being funded first. The rest of the deals are being picked up by private capital (shameless plug for myself). Local banks remain well-capitalized and are sticking true to their sweet spots while maintaining a good handle on their portfolios. With a few exceptions, local banks are not overleveraged and will most likely survive this high-rate environment and profit heavily when the feds drop their rates. What can we say, we are an economic outlier in South Florida and it seems like it will stay this way for a while.

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Cafecito con Yesenia Presents

Mark Trowbridge

“Cafecito con Yesenia,” Presents Mark Trowbridge, the President and CEO of the Coral Gables Chamber of Commerce, discussing various topics including community involvement, business development, and the future of finance and industry in the Coral Gables area.

Mark Trowbridge has been at the helm of the Coral Gables Chamber for over eighteen years, significantly raising the organization’s profile and expanding its programs. During his tenure, he has focused on member growth, advocacy, small business support, economic development, and tourism .

Trowbridge emphasized the importance of community engagement and collaboration. He spoke about the Chamber’s role in organizing events and programs that connect business leaders, promote local enterprises, and address community needs. This includes their involvement in national movements like Small Business Saturday and local events such as Burgerliscious . The discussion also touched on the future of finance and industry in the region.

Trowbridge expressed optimism about the potential for growth and innovation, particularly through international trade missions and partnerships with foreign businesses. These efforts aim to attract foreign investment and create opportunities for local companies to expand globally . Overall, the conversation underscored the Chamber’s commitment to driving economic development and fostering a vibrant, interconnected business community in Coral Gables.

By: Yesenia Moreno

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Monthly Spotlight

Calle Dragones a Culinary Gem in the Heart of little Havana.

Nestled in the bustling streets of the city, Calle Dragones has quickly become a beacon for food enthusiasts and cultural aficionados alike.

This restaurant, with its unique blend of traditional Cuban and contemporary Asian flavors, offers a dining experience that tantalizes the senses.

At the heart of this culinary haven is Chef Luis Pous, whose passion and expertise have brought a new level of sophistication to the local dining scene.

By: Norman Isaza

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The ambiance upon entering Calle Dragones, Its second to none, patrons are greeted by a warm and inviting atmosphere. The decor reflects a seamless blend of modern elegance and oriental charm, with warm ambient lighting, and tasteful artwork that pays homage to the restaurant’s cultural roots. Chef Luis and his team prepare each dish with meticulous care.

Calle Dragones boasts a diverse menu that caters to a wide range of palates. From succulent seafood dishes to hearty meats and vegetarian delights, there is something for everyone. Each dish is crafted using the freshest local ingredients, ensuring a burst of flavor with every bite.

New Concept

with old recipies

Chef Luis, the mastermind behind Calle Dragones, brings a wealth of experience and creativity to the kitchen. His culinary journey began at a young age, inspired by the flavors and traditions of his heritage. Over the years, he has honed his skills in some of the finest kitchens around the world, bringing a global perspective to his cooking. Luis’s philosophy is simple: respect the ingredients and let their natural flavors shine. This approach is evident in every dish he creates, where technique and passion come together to deliver an extraordinary dining experience. His commitment to excellence has not only earned him a loyal following but also critical acclaim from food critics and culinary enthusiasts.

Calle Dragones, under the expert guidance of Chef Luis, offers more than just a meal; it provides a journey through flavors and cultures.

Whether you are a local resident or a visitor to the city, a visit to this restaurant promises to be a highlight of your culinary adventures. With its inviting ambiance, diverse menu, and exceptional chef, Calle Dragones stands out as a true gem in the city’s vibrant dining landscape.

The food is excellent and the atmosphere is great.

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