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Mathis Report: New ownership at Blue Boy Sandwich Shop PAGE 3

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JACKSONVILLE

Record & Observer THE BANKING ISSUE

ON TRACK FOR GROWTH JACKSONVILLE

Amazon adding 10th area facility

Record & Observer

Florida Capital is taking advantage of a hot mortgage and warehouse lending market.

JACKSONVILLE

Record & Observer The city is reviewing a permit for Hillwood to build a $40 million warehouse at Cecil Commerce Center.

BY KAREN BRUNE MATHIS EDITOR

JACKSONVILLE

Record & Observer Photo by Katie Garwood

“The mortgage market is probably the hottest mortgage market that I can recall in my 40 years,” says Florida Capital Bank President and COO Mark Johnson. He leads one of two banks headquartered in Jacksonville.

BY KATIE GARWOOD STAFF WRITER

lorida Capital Bank, one of only two banks along with TIAA headquartered in Jacksonville, started 2020 coming off its best year since opening in 2004. Despite the pandemic, President and COO Mark Johnson said this year is on track to be better, attributing growth to several lines of business: mortgage lending, warehouse lending and commercial real estate loans. “(2019 and 2020) have been very conducive to a good mortgage markets,” Johnson said. “And so we’ve been able to take advan-

tage of that.” Last year, the bank’s assets totaled $454.7 million. At the end of this year’s third quarter, Johnson said the bank had $530 million in assets. The bank did more than $4 billion in warehouse lending last year, and is on track to break $3 billion in that area in 2020. Through warehouse lending, Florida Capital provides lines of credit to smaller mortgage bankers. Johnson estimates about $1.5 billion in mortgage lending in 2020, compared with $1.1 billion in 2019.

n The “secret sauce” for Truist, the bank created by the merger of BB&T and SunTrust. Page 6 n The market: What area banks have the most deposits. Page 7 n TIAA: The last big bank with a Jacksonville HQ. Page 8 n Where local companies got their PPP loans. Page 9

SEE FLORIDA CAPITAL, PAGE 8

What’s Trending: East San Marco development takes big step PAGE 2 Marbut Report: Women lawyers look at inequity in legal field PAGE 4 The top sales of the week in commercial real estate PAGE 12

MORE BANKING

Amazon.com’s 10th area facility is in review at AllianceFlorida at Cecil Commerce Center at a construction cost of $40.4 million. The city is reviewing a permit application and plans for JAX9, a code name used by the Seattlebased online retailer. Hillwood, the city’s master developer at Cecil Commerce Center, is the owner of the project, shown as a 278,237-squarefoot industrial building at 13450 Waterworks St. The Conlan Co. is the contractor for the single-story warehouse building with an office area and break room. Plans show 261,321 square feet of warehouse space and 16,916 square feet of office space. The permit and plans do not say what type of Amazon center it is. The company operates large fulfillment centers, generally about 1 million square feet, as well as sortation and delivery facilities that are smaller. Amazon already operates a 1 million-square-foot fulfillment center at AllianceFlorida. Dallas-based Hillwood has been working on the project on Parcel F at the West Jacksonville business park. Hillwood filed civil engineering plans with the city Sept. 28 for the distribution warehouse on 37.53 SEE AMAZON, PAGE 10

THE BASCH REPORT

CIT Group, First Citizens announce merger deal Jobs expected to stay in Jacksonville. PAGE 11 VOLUME 3, NO. 21 • ONE SECTION

WHAT’S TRENDING

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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER 22, 2020 THURSDAY, OCTOBER

Big news doesn’t break just on Thursday. Here’s a look at some of the top stories published over the past week online at JaxDailyRecord.com and in the Jacksonville Daily Record that you may have missed.

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THURSDAY, SEPTEMBER 19, 2020 1 JaxDailyRecord.com

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Jacksonville Record and Jacksonville & Observer are a division East SanDaily Marco is under development atRecord southeast Atlantic Boulevard andofHenObserver Media Group Inc. dricks Avenue.

JACKSONVILLE Jacksonville Daily Record and Jacksonville Record & Observer are a division of Observer Media Group Inc.

Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily DEVELOPMENT Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit Court and publisher of public notices in Duval County.

Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit JACKSONVILLE Court and publisher of public notices in Duval County.

Jacksonville Record & Observer is a free weekly business newspaper in Eric Davidson, Regencyavailable Centers senior It’s a big step for a long-awaited Downtown Jacksonville and key business nodesmanager throughout Jacksonville. To find a of communications. project. locationDeveloper near you, Regency visit jaxdailyrecord.com/rack-locations. “We look forward to bringing a high Centers Corp. quality, essential needs center to the applied for construction permits Oct. Editorial content focuses on news andcenter trends, with a concentration development, area, and continuingon the necessary 16 for the East San Marco retail real estate, construction, companies, industry stepsand to make it atrends reality,”and he how said local by that will be anchoredlaw, by Publix Supereconomic and state government affects business. email Oct. 16. Markets Inc. It’s been almost 20 years in the “Our commitment to this project STAFF has remained unchanged since we first making. Davidson did not provide a completion date. / Jay Lesowitz started planning Publisher / Matt Walsh East San Marco,” said Director of Advertising

Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a location near you, visit jaxdailyrecord.com/rack-locations.

mwalsh@jaxdailyrecord.com

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Publisher / Matt Walsh mwalsh@jaxdailyrecord.com

Director of Advertising / Jay Lesowitz jlesowitz@jaxdailyrecord.com

Publisher Emeritus / James F. Bailey Jr. jbailey@jaxdailyrecord.com

Advertising Coordinator / Codi Gildberg adassist@jaxdailyrecord.com

Publisher Emeritus / James F. Bailey Jr. jbailey@jaxdailyrecord.com

Advertising Coordinator / Codi Gildberg adassist@jaxdailyrecord.com

Editor / Karen Brune Mathis kmathis@jaxdailyrecord.com

Legal Advertising Manager / Janet Mohr

Editor / Karen Brune Mathis kmathis@jaxdailyrecord.com

Legal Advertising Manager / Janet Mohr legal@jaxdailyrecord.com

Managing Editor / Monty Zickuhr JEA announced three finalists Oct. mzickuhr@jaxdailyrecord.com

Legal Advertising Associate / Rhonda Fisher of Stowe Utility Group LLC in rfisher@jaxdailyrecord.com Chattanooga, Tennessee. He is the

Managing Editor / Monty Zickuhr mzickuhr@jaxdailyrecord.com

Legal Advertising Associate / Rhonda Fisher rfisher@jaxdailyrecord.com

File image

Step for Publix-anchored East San Marco

JEA

Utility narrows CEO search to three candidates legal@jaxdailyrecord.com 20 in the search for its next chief

Associate Editor Legal Affairs / Max Marbut Administrator / Erik Wagner former senior vice president of executive officer and plans to hold public Network mmarbut@jaxdailyrecord.com webadmin@jaxdailyrecord.com

resources and operations support for interviews at next week’s board meeting. Staff Writer / Katie Garwood Court / Paula Steiner theTypeset Tennessee Valley Authority. The city-owned utility named the kgarwood@jaxdailyrecord.com admin@jaxdailyrecord.com The JEA board will interview the finalists in an emailed statement: Staff Writer / Mike Mendenhall three of finalists starting at 8:30 a.m. n John L. Hairston: Bonneville Power Director Circulation / Anne Shumate mmendenhall@jaxdailyrecord.com Oct. 27 during its board meeting. Administration COO in Portland, subscriptions@jaxdailyrecord.com Staff Oregon. Writer / Scott Sailer The interviews will be in person Distribution / Tim Reagan ssailer@jaxdailyrecord.com Downtown at the Jacksonville Public n Morgan K. O’Brien: President and distribution@jaxdailyrecord.com Business / Angie Library Main Branch, 303 N. Laura St. CEOManager of Peoples Gas Campbell in Pittsburgh. acampbell@jaxdailyrecord.com n Jay C. Stowe: CEO and founder

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GROCERY STORES Submit a press release or editorial inquiry online jaxdailyrecord.com/submit-news-release or email editorial@jaxdailyrecord.com. Winn-Dixie parent company files for IPO

Article reprints are available at jaxdailyrecord.com half of this year and the JacksonvilleSoutheastern Grocers Inc. is going based company became profitable, public with 420 supermarkets under TO SUBSCRIBE according to its registration statement the Winn-Dixie, HarveysHOW and Fresco for anor initial public offering. y Masonline banners that produced $6.7 Subscribe at jaxdailyrecord.com/subscribe contact our subscription Southeastern Grocers intends to billion inby sales lastatyear. department phone (877) 231-8834 or email subscriptions@jaxdailyrecord.com list its stock on the New York Stock But with a surge in business during PRICES Exchange under the ticker symbol the COVID-19 pandemic, comparable“SEGR.” only ..........$66 per year store sales jumped 18.4%$154 in the first Thursday 2 years ................................... 1 year ........................................$89 6 months .................................$55

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jlesowitz@jaxdailyrecord.com Penney announced June 4 it would After 53 years in operation as one shut the Regency store, at 9501 Arof Regency Square Mall’s original tenLegalants, Advertising: Submit public notices to legal@jaxdailyrecord.com lington Expressway, in its first phase J.C. Penney Co. Inc. closed its via email of 154 stores closing in its Chapter 11 department store for good at 4 p.m. bankruptcy reorganization. Oct. 18.

Court Typeset / Paula Steiner admin@jaxdailyrecord.com

Staff Writer / Mike Mendenhall mmendenhall@jaxdailyrecord.com

Director of Circulation / Anne Shumate subscriptions@jaxdailyrecord.com

Staff Writer / Scott Sailer ssailer@jaxdailyrecord.com Business Manager / Angie Campbell acampbell@jaxdailyrecord.com

Distribution / Tim Reagan distribution@jaxdailyrecord.com

PRESS RELEASE/INQUIRY/REPRINTS Submit a press release or editorial inquiry online jaxdailyrecord.com/submit-news-release or email editorial@jaxdailyrecord.com. Article reprints are available at jaxdailyrecord.com

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Regency Square Mall J.C. Penney closes Display & Digital Advertising: Call Jay Lesowitz at (904) 356-2466 or email

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THURSDAY, OCTOBER 22, 2020

Blue Boy buyers ‘will keep everything that is good’

New owners Patrick and Stefanie Capriola are gaining restaurant experience on the job at one of the city’s most enduring, if not necessarily widely known, restaurants. The St. Johns County couple, with backgrounds in financial technology and education, bought the 47-year-old Blue Boy Sandwich Shop in the Norwood area Sept. 30. That’s 47 years under the sellers. It actually dates back to the 1960s. The restaurant didn’t close during the sale. One day it was owned by Klaus and Chris Teschke Brigitte Teschke and the next day by the Capriolas. “We will keep everything that is good about Blue Boy and the nostalgia and make it better,” said Stefanie Capriola. That includes what Blue Boy is known for – large sandwiches on round or sub “loaves” baked fresh daily. Its slogan has been “One sandwich, one meal.” “Nothing has ever changed and he is not going to change it,” said the Teschke’s son, Chris, of Patrick Capriola. “That’s what draws people in.” Stefanie Capriola confirmed it. “We are not looking to change anything that makes Blue Boy what it is,” she said. Patrick Capriola is running the restaurant and Chris Teschke is helping with the transition. Blue Boy’s menu includes breakfast, party-size subs, salads and 34 versions of hot and 14 of cold sandwiches and subs. The $15.90 Super Club and

Special to the Daily Record

Blue Boy Sandwich Shop buyers Stefanie and Patrick Capriola with their daughters, Nora, 5, and Nina, 9½. See more photos of the 6514 Norwood Ave. shop at JaxDailyRecord.com

$20.40 Monster Burger (made with 2 lbs. of Angus beef) are shown as being able to feed a family of four. The best-seller is the “#8 Steak” sub with steak, fried onions, provolone and optional hot peppers for $9. There might be an addition. “We’ve been listening to what our employees and customers want,” Stefanie Capriola said. The possible addition: “Shrimp and grits and shrimp po’boys.” Blue Boy operates at 6514 Norwood Ave., near Gateway Town Center, and is open 8:30 a.m. to 4 p.m. Monday-Friday. She said it seats 64 customers. The Capriolas are considering extending the daily hours and opening on weekends.

The elder Teschkes – 79-year-old Klaus and 75-year-old Brigitte – no longer were involved in the daily business. Chris Teschke, 42, ran the restaurant. Klaus was president, Brigitte was vice president and Chris was treasurer of the corporation. The staff of six includes some there more than 30 years. Chris, now Patrick, make it a team of seven. Stefanie Capriola, 36, will continue her full-time job in financial technology and Patrick, 40, will operate the restaurant full time. “We don’t have any restaurant experience, but my husband was looking to make a pivot from his area, education,” she said.

“We knew we wanted to buy a local business. We found Blue Boy,” she said. They found it through the BizBuySell.com site, “and that was it.” “Patrick is very analytical in nature, so he was running the numbers,” she said. She said he reached out to several of the listed businesses and with Blue Boy, “the numbers worked.” “You realize this is worth it, this is something we need to pursue,” she said. Patrick Capriola formerly was an area teacher, administrator, and education adviser in Florida and overseas. He runs a parenting website along with a search engine

KMATHIS@ JAXDAILYRECORD.COM (904) 356-2466

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Patrick and Stefanie Capriola bought the 47-year-old sandwich shop in September.

THE MATHIS REPORT

KAREN BRUNE MATHIS EDITOR

optimization website to help online businesses grow and rank in Google. “We were just ready to up our game and be business owners,” Stefanie Capriola said. She said they also have an internet business and own and manage investment residential properties. “We wanted to diversify that portfolio and have brick-andmortar,” she said. “We figured we would go out a limb.” The Capriolas have two daughters, Nina, 9½ and Nora, 5. The couple bought the business and the site. Duval County Clerk of Court records show they paid $250,000 for the property. It goes back almost a century. Chris Teschke said what is now the dining room, a sink area and the back were built in 1922. His parents, German immigrants, bought and moved the house that was on what now is the parking lot. Chris Teschke said they bought it in 1973 from Rubye Watkins, who had purchased it from an Italian immigrant who went by the name “Blue Boy.” “Blue Boy” started a restaurant there about 1962, Teschke said. At the start, the Teschkes lived in back of the restaurant, “like they do in Europe,” said Chris, who along with an older brother helped out. “I’ve been wrapping sandwiches since I was little kid.” The Teschkes later bought and moved into a house and expanded the restaurant. In 1983, the Teschkes added the main kitchen, front-counter entrance and bathrooms. It now is 2,638 square feet. “My parents were able to, with help from the great Mayor Jake Godbold, get a loan to make the place bigger,” he said. The late Godbold was a North Jacksonville resident who regularly patronized businesses in the area. The Teschkes also operated but later closed restaurants in Arlington and Downtown. Teschke said he intends to return to the marine industry after the Capriolas are ready. “He knows how to run things,” Teschke said of Patrick Capriola. “He will get the ball rolling and I think he can take it to big places.”

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

THURSDAY, OCTOBER 22, 2020

JaxDailyRecord.com

MAX MARBUT ASSOCIATE EDITOR

“It’s important that we do this. We’re all sisters,” says diversity consultant. The topic when the Jacksonville Women Lawyers Association met remotely Oct. 15 was the state of equity in the legal profession and how to advocate for equal opportunities for women and minorities. Keynote presenter Tammy Hodo is president and lead consultant at All Things Diverse. Hodo has a doctorate in urban studies and specializes in race, class, gender and ethnicity issues. “I thought she’d be the perfect person to put in perspective what the country has been through,” said JWLA President Cyndy Trimmer. Hodo presented statistics related to disparities affecting gender and ethnic groups in the legal profession, including how different groups are financially compensated and rewarded in their careers. While 35% of attorneys are

Special to the Daily Record

Jacksonville Women Lawyers Association President Cyndy Trimmer, top, introduced Tammy Hodo, founder of All Things Diverse, to the association’s Oct. 15 virtual meeting.

women, they represent 45% of entry-level associates but only 20% of nonequity partners and 18% of equity partners. One factor that could contribute to fewer female partners is that women lawyers tend to leave the field sooner than their male counterparts. Reasons cited by women lawyers for leaving their job is led by caretaking commitments (58%), level of stress

(54%) and emphasis on marketing or billable hours (50%). African Americans represent 13% of the population and Hispanics 18%, but each represents just 5% of the attorney population. Asians represent 5.6% of the population, but only 2% of the Bar, Hodo said. Among associate attorneys, women earn on average 94% of what a man earns. That drops to 89% of what a male noneq-

uity partner earns and further to 86% of what male equity partners earn, Hodo said. The inequity in compensation could be because many law firms operate as meritocracies with, on average, predominantly white males (about 86%) making a law firm’s decisions about advancement and compensation. Hodo said that could explain why women lawyers are drawn to jobs in federal and state government, where evaluation of staff attorneys is more objective. “In government, advancement is based on years of service instead of billable hours,” she said. One of the best ways a woman lawyer can overcome disparity in her career is to find a mentor – or better yet, a sponsor. Hodo advised seeking a sponsor who is a senior level staff member who’s willing to share active network connections and become personally invested in the upward movement of a less experienced attorney. Having more equitable opportunities for success in the legal profession for women and minorities contributes to a better workplace, Hodo said. “Sociologists find the more diverse a workplace is, there are less meetings and faster decisions,” she said. Hodo also advised women and minority lawyers to speak up for themselves and others who may experience disparity. “It’s important that we do this. We’re all sisters,” she said.

Virtual seminar Nov. 9 on stress The Jacksonville Chapter of the Federal Bar Association will present at noon Nov. 9 a virtual program about dealing with stress related to COVID-19. Kristin Lothman, mindbody medicine counselor with Integrative Medicine & Health Group at Mayo Clinic Florida, will explain the science of how stress impacts the brain and body and discuss management strategies. Members may RSVP at jaxfedbar.org or by email to admin@jaxfedbar.org. Registrants will receive a Zoom invitation for the event with instructions about how to participate.

Federal pro bono opportunities The Jacksonville Division of the U.S. District Court, Middle District of Florida has a number of prisoner civil rights cases filed by pro se inmates for which the court intends to appoint counsel to represent the plaintiff. The division said it is an opportunity to gain federal court experience while providing a public service. For details, contact Jacksonville Division Manager Jim Leanhart at (904) 5491983 or jim_leanhart@flmd. uscourts.gov. MMARBUT@ JAXDAILYRECORD.COM (904) 356-2466

PEOPLE ON THE MOVE Promotions, hirings and happenings for business people in Northeast Florida. Send items to kmathis@jaxdailyrecord.com. CSX Corp. promoted Arthur Adams to senior vice president of sales. Adams will maintain responsibilities for all sales portfolios within agriculture and food, chemicals, fertilizers, paper and forest, metals, and minerals. Adams joined CSX in 2007.

HIGHER EDUCATION

Woody’s Bar-B-Q hired Roger Flynn as director of franchise development. Along with Vice President of Operations Jay Vail, Flynn also will work on training and support systems for new franchisees. Flynn’s 30 years of experience in franchise sales include Honey Baked Ham, The Athlete’s Foot, Ramada and more.

STARTS WITH

HIGHER STANDARDS.

Cmdr. Jared McKendall assumed the role of Naval Branch Health Clinic Mayport officer in charge Oct. 9. He previously served as director for administration and associate director for resource management at Captain James A. Lovell Federal Health Care Center.

Leading faculty, programs and facilities.

Heather Nagy joined North Florida Land Trust as a real estate coordinator with the nonprofit land conservation organization. She will work with the director of real estate and community conservation to coordinate land transactions, manage the real estate database and research projects.

Bolles.org

JAX Chamber named Carlton Robinson chief innovation officer and he will lead the Venture Services Division. Robinson has been vice president of entrepreneurial growth.

ALL THINGS POSSIBLE Pre-K through Grade 12, Day & Boarding School 343299-1

THE MARBUT REPORT

Women lawyers examine inequity in legal profession

The Jacksonville Port Authority board of directors unanimously re-elected Jacksonville business executive and civic leader Jamie Shelton as chairman. He has served as JaxPort

Adams

Flynn

McKendall

Nagy

Robinson

Shelton

chairman since March 2020. Shelton is president of bestbet Jacksonville. Shelton and the following officers will serve in their roles through Sept. 30: n Vice Chairman: Wendy Hamilton, president, Eventide Investments of Florida Inc. n Treasurer: J. Palmer Clarkson, founder, president and CEO of Bridgestone HosePower LLC. n Secretary: Daniel Bean, attorney and partner at Abel Bean Law. Other members of the JaxPort board include former Chairman Ed Fleming, retired CEO/president of Atlantic Marine Holding Co LLC; and The Sanctuary at Mount Calvary Senior Pastor John Newman.

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

FROM STAFF

Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties. The sales were recorded Oct. 12-18.

ST. JOHNS

$6,600,000 345 Ponte Vedra Blvd., Ponte Vedra Beach About the property: Oceanfront two-story home features four bedrooms, 5½ baths, office, library, porch and patios, hardwood and tile flooring, pool, spa and putting green.

Type: Single-family Lot size: 0.32 acres House size: 6,143 square feet Buyer: Osvaldo and Kristine M. Bilotta Seller: David L. and Patricia D. Brown Previous sale: $3,160,000 in 2013

DUVAL

ST. JOHNS

$2,600,000

$2,300,000

$2,000,000

917 First St. S., No. 801, Jacksonville Beach

117 Newport Lane, Ponte Vedra Beach

421 Porpoise Point Drive, St. Augustine

THURSDAY, OCTOBER 22, 2020

DUVAL

ST. JOHNS

$1,900,000

$1,475,000

50 Third Ave. S., No. 1102, Jacksonville Beach

401 Payasada Lakes Ave., Ponte Vedra Beach

Type: WaterMark Condominium Condominium size: 3,121 square feet Buyer: Marc R. and Sheri B. Litt Seller: Nuveen Leasing & Investment LLP Previous sale: $1,348,000 in 2018

Type: Single-family Lot size: 0.36 acres House size: 4,950 square feet Buyer: Monica and Ryan J. Campagna Seller: Blake F. and Sarah S. Deal

ST. JOHNS

DUVAL

$1,725,000

$1,340,172

308 Three Island Court, Ponte Vedra Beach

2942 Marmaris Drive, Jacksonville

Type: Single-family Lot size: 7.3 acres House size: 1,989 square feet Buyer: William H. and Laura N. Schroder Seller: Flint and Arlene McGlaughlin Previous sale: $1,550,000 in 2004

Type: Single-family Lot size: 0.32 acres House size: 4,484 square feet Buyer: The Victor N. Rios and Joan F. Rios Family Trust Seller: HCC Tamaya Residential LLC

ST. JOHNS

$1,655,000

$1,325,000

24652 Harbour View Drive, Ponte Vedra Beach

229 Deer Valley Drive, Ponte Vedra

Type: Single-family Type: Marbella Condominium Type: Single-family Type: Single-family Lot size: 0.45 acres Condominium size: 5,315 Lot size: 0.55 acres Lot size: 0.26 acres House size: 5,949 square square feet House size: 6,779 square House size: 3,931 square feet feet Buyer: Nuveen Leasing & feet Buyer: Foley Management Buyer: The Richard K. Ketler Investment LLP Buyer: William E. and Mary A. International Inc. Family Trust Seller: Mark Frisk and Durnan Seller: Mark A. and Amy E. Seller: E. Andrus and Natalie Edward F. Arwine Seller: David J. and Abeer Gilbert L. Healy Previous sale: $1,800,000 Samara Previous sale: $1,091,100 in Previous sale: $2,225,000 TRMK-20001 TRAILMARK AD__JACKSONVILLE DAILY RECORD__10.375x8__AUGUST2020.qxp_Layout 1 8/21/20 2:29 Page 1 in 2013 2017 inPM 2005

RESIDENTIAL REAL ESTATE

Top 10 home sales of week

Type: Single-family Lot size: 0.35 acres House size: 3,265 square feet Buyer: Matthew and Katye S. Williamson Seller: Chris and Tiffany P. Williams Previous sale: $906,000 in 2019

Welcome to the Neighborhood NEW ST. JOHNS COUNTY HOMES

I-95 | EXIT 323 | 10 MINUTES FROM WORLD GOLF VILLAGE | 805 TRAILMARK DRIVE | ST. AUGUSTINE , FLORIDA Site plans, community maps, photos and depictions are for illustration purposes only, are conceptual in nature, and should not be relied upon. GreenPointe Communities, LLC reserves the right to make changes to the foregoing at any time without notice. Home design, pricing, terms and oﬀers are subject to change. See Home Builders’ Sales Consultant for details.

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THURSDAY, OCTOBER 22, 2020

JaxDailyRecord.com

The Truist ‘secret sauce’ The Jacksonville leaders of the bank created by the merger of BB&T and SunTrust say they are keeping their focus on their clients and the community. ASSOCIATE EDITOR

n December, BB&T Corp. and SunTrust Banks Inc. announced they completed the merger that formed Truist Financial Corp. It employs about 1,000 people in 112 locations in Northeast Florida, with about 500 people in 38 offices in Jacksonville. Truist offers services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $499 billion as of Sept. 30. Truist’s 58,000 executives and employees work in nearly 3,000 offices, former BB&T and SunTrust offices and branch banks. In Northest Florida, Truist is led by Regional President Scott Keith and Jacksonville Market President Debbie Buckland. Combined, they have more than 50 years of banking experience in the area market. The two heritage banks adopted a clear philosophy when the decision was made to combine operations, Keith said. “BB&T and SunTrust are both large institutions, but we came to the merger with a community bank mindset. We run the North Florida bank for the benefit of our community and our clients,” he said. “That’s the differentiator for Truist. It’s our secret sauce,” Buckland said. The institutions announced in February 2019 they would merge. When the merger was completed in December, a plan was in place for a smooth transition as the banks combined assets and services. Three months later, the COVID-19 pandemic changed overnight how people live their lives with quarantines and social distancing. They had to

Photo by Max Marbut

Truist Financial Corp. Regional President Scott Keith and Jacksonville Market President Debbie Buckland are leading the local merger of BB&T Corp. and SunTrust Banks Inc.

quickly learn how to do business remotely. Keith said BB&T and SunTrust were well-positioned to make the rapid shift, even before the merger began. “Both banks had significant investment in technology." The pandemic motivated customers to switch to digital banking options, according to Truist’s third-quarter financial report. In that quarter, which ended Sept. 30, Truist customers opened 56,000 net new accounts versus 15,000 in the previous quarter, driven by digital and increased branch traffic. For the 12 months through August, Truist recorded a 21% increase in digital sales, an 8% increase in active mobile users and a 23% increase in mobile check deposits. “Our clients are in a remote

environment. The world has offered us the opportunity to develop better solutions,” Keith said. To fortify its digital operations, the bank is investing $100 million in the Truist Innovation & Technology Center in Charlotte. It also has established Truist Ventures, a program that will invest in financial technology businesses, beginning at the startup stage. “This only works if we keep the local aspect. People want to do business with the people they know in the community," Keith said. “We’re as big as the largest institutions in this community need us to be, and we’re as small and local as they want us to be." Buckland said no matter how much may change with the merger, the original philosophy

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locations. Customers are using more technology for their day-to-day banking needs and the bank’s staff has learned how to do business remotely. Both factors could mean banks need fewer and smaller offices, Keith said. “COVID changed everything. We see people working at home, at least part-time, as part of our future.” The most obvious indication of the merger - new signage at Truist offices and branches isn’t in the immediate plan. Customers will continue to see their previous bank’s name and logo, with “Now Truist” added, possibly into 2022, Keith said.

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won’t change. “We are a full-service financial institution, but we will remain a community bank,” she said. SunTrust and BB&T each had offices Downtown before the merger. BB&T remains in the BB&T building at 200 W. Forsyth St. During 2019, SunTrust moved out of its former tower at 76 S. Laura St., now VyStar Credit Union’s headquarters, and leased space at the Bank of America building. The merged bank plans to retain its headquarters in the 32202 ZIP code, but does not know, at this time, where, Keith said. “Truist will remain in Downtown Jacksonville,” Keith said. The COVID-19 pandemic has created options as Truist plans its corporate office and branch

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THE BAKINING ISSUE

BY MAX MARBUT

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

THURSDAY, OCTOBER 22, 2020

BY MARK BASCH • CONTRIBUTING WRITER

This chart shows all banks with branches in the Jacksonville metropolitan area of Duval, Baker, Clay, Nassau and St. Johns counties ranked by deposits credited to their metro area offices as of June 30. The data for the largest banks is misleading, as far as reflecting their share of the Jacksonville

TIAA, which does most of its business online, has $25.9 billion of its $28.1 billion in total deposits credited to its headquarters branch at 501 Riverside Ave. Wells Fargo’s $6.6 billion includes $2.5 billion credited to its office at 1 Independent Drive. These are the market shares of deposits at banks with branches in the Jacksonville metropolitan area.

area market. It includes large institutional deposits and other accounts that are credited to their main Jacksonville offices, but doesn't represent deposits made by customers who reside in the metropolitan area. Bank of America’s $44.1 billion in deposits includes $39.6 billion credited to its main Jacksonville office at 50 N. Laura St.

Deposits Market Bank Headquarters Offices (millions) share

Bank of America

Charlotte, North Carolina

$44,110 46.83%

First Citizens

Raleigh, North Carolina

$197

0.21%

TIAA

Jacksonville

$28,107 29.84%

Iberiabank

Lafayette, Louisiana

$172

0.18%

Wells Fargo

San Francisco

$6,569

6.97%

Bank Ozk

Little Rock, Arkansas

$147

0.16%

BBVA

Birmingham, Alabama

$3,105

3.30%

Seaside National

Orlando

$92

0.10%

Truist

Charlotte, North Carolina

$2,904

3.08%

Capital City

Tallahassee

$68

0.07%

Ameris

Atlanta

$2,129 2.26%

Southeastern

Darien, Georgia

$68

0.07%

South State

Columbia, South Carolina 10

$1,104

1.17%

Cogent

Orange City

$59

0.06%

Regions

Birmingham, Alabama

$992

1.05%

Heritage Southeast Jonesboro, Georgia

$47

0.05%

JPMorgan Chase

New York, New York

$968

1.03%

First Port City

Bainbridge, Georgia

$41

0.04%

Cherry Hill, New Jersey

$832

0.88%

Axiom

New York, New York

$36

0.04%

Fifth Third

Cincinnati, Ohio

$614

0.65%

Pineland

Alma, Georgia

$25

0.03%

Synovus

Columbus, Georgia

$579

0.61%

Central

Tampa

1 $21 0.02%

First Federal

Defiance, Ohio

$385

0.41%

Citibank

New York, New York

$20

0.02%

Hancock Whitney

Gulfport, Mississippi

$275

0.29%

Primesouth

Blackshear, Georgia

$19

0.02%

Florida Capital

Jacksonville

$252

0.27%

Woodforest

The Woodlands, Texas

0.01%

Valley National

Wayne, New Jersey

$242

0.26%

BofNY Mellon

New York, New York

0.00%

THE BANKING ISSUE

Northeast Florida banking deposits 2020

Financial data for Jacksonville’s two locally based banks Data is as of June 30 each year. NPA, or nonperforming assets, includes loans that are more than 90 days past due or are not being paid at all. The ratio is nonperforming assets as a percentage of total assets.

Total assets 2019

Total assets 2020 Change

Return on Assets 2019

Return on Assets 2020

Return on Equity

NPA Ratio Ratio 2019

NPA Ratio 2020

TIAA

$39.8 billion

$42.9 billion

7.7%

0.41%

-2.12%

-25.61%

7.12%

6.97%

$525.2 million

15.5%

1.17%

.39%

4.50%

1.40%

1.64%

Florida Capital Bank $454.7 million

Source: FDIC

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THURSDAY, OCTOBER 22, 2020

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The banking subsidiary was headquartered in St. Louis until it acquired EverBank in 2017 and moved into its Jacksonville offices. BY MARK BASCH CONTRIBUTING WRITER

In a city once known as Florida’s banking capital, TIAA Bank is the only large banking institution still headquartered in Jacksonville. TIAA Bank is a national institution that does business with customers across the country, and it has an obviously large presence in Jacksonville. The TIAA name sits atop Jacksonville’s football stadium and a Downtown office tower. Federal Deposit Insurance Corp. data on deposit market share for banks in the Jacksonville metropolitan area show TIAA as a dominant bank with about 30% of the market, but that’s somewhat misleading because online deposits from all over the country are credited to its main branch in Jacksonville. TIAA does business differently than traditional banks, but Scott Verlander, senior vice president and head of retail and affiliate banking, said it remains committed to serving customers in the Jacksonville community. “While TIAA Bank is largely an online bank – in fact, we were a pioneer in online banking – we have brick and mortar branches across the Jacksonville area, with very close and longstanding relationships with our clients here,” Verlander said by email. “Jacksonville remains a very important market for TIAA Bank. This is our headquarters city, and our roots go back

here to the early 1960s,” Verlander said. “The majority of bank employees are based here, and we serve many individual and commercial clients in the Northeast Florida region.” TIAA was formed as the Teachers Insurance and Annuity Association by the Carnegie Foundation in 1918 to provide a retirement system for teachers. It continues to operate as a not-forprofit company focusing on financial services for people in the academic, research, medical, cultural and government fields. Its banking subsidiary was headquartered in St. Louis but after it acquired Jacksonville-based EverBank in 2017, it moved the headquarters to EverBank’s Jacksonville offices. EverBank employed 1,624 people in Jacksonville when it agreed to the merger. TIAA Bank employs 1,431 people in Jacksonville and 2,521 overall. EverBank had a naming rights deal with the Jacksonville Jaguars for the football stadium and after the merger, the stadium name was changed to TIAA Bank Field. While its name also is part of the Downtown skyline atop the 30-story TIAA Bank Center at 301 W. Bay St., the bank’s headquarters is at 501 Riverside Ave. along the St. Johns River west of Downtown. With most of its business done online, TIAA Bank only has 14 branches, including six in Jacksonville and single branches in six other Florida cities. Its other two branches are in St. Louis and Islandia, New York. With $42.9 billion in assets as of June 30, TIAA Bank was the 53rd largest U.S. banking institution and it remains financially strong. However, the bank recorded a net loss of $449 million in the first half of

File image

The headquarters of TIAA Bank at 501 Riverside Ave. in Brooklyn along the St. Johns River.

this year, according to FDIC data. “Similar to banks across the country, our first half 2020 financial performance was impacted by the pandemic,” Verlander said. “We’ve seen pressure on net interest margin given the significant drops in rates and its immediate impact to assets compared to the slower repricing of liability costs,” he said. “In addition, we’ve continued to build our allowance for potential credit losses we expect due to the impact of COVID-19.” Specifically, TIAA Bank’s first half loss resulted from a $515 million noncash charge related to goodwill on its balance sheet, Verlander said. The bank took special steps to respond to needs of Jacksonville-area customers during the COVID-19 pandemic, Verlander said. “Our close ties to the Jacksonville community enabled us to respond

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THE BANKING ISSUE

TIAA Bank largely an online operation

With low mortgage rates, Johnson said people increasingly are deciding to move out of apartments and buy homes. “The mortgage market is probably the hottest mortgage market that I can recall in my 40 years,” he said. Florida Capital has four bank branches in the state in Jacksonville, Gainesville, Tampa and Orlando. Unlike some banks that are closing branch locations, Johnson said Florida Capital will “maintain the status quo,” and not add or close branches. “The goal is to maintain the markets that we’re in, but grow in the markets that we’re in,” he said. Before the 2008 recession, it had 19 branches. During that time, Johnson said the bank had $1 billion in assets. The recession hit, “it totally changed the dynamics of community banks in the state of Florida.” “Florida Capital certainly wasn’t immune to that,” he said. “We had substantial losses, we were bleeding capital. And so we just had to make some tough decisions.” The bank fell from $1 billion in capital to $300 million. Its mortgage lending business is what saved the bank, he said. In 2010, Florida Capital Bank issued $2.8 billion in mortgage loans. “The mortgage bank was really the earnings engine for the bank during the recession,” Johnson said. The economic recession caused by the pandemic hasn’t been nearly as bad as the Great Recession in 2008, he said. Through the Paycheck Protection Program, Florida Capital Bank loaned around $25 million. The program is partially responsible for the bank’s success this year. Like nearly every other company, the pandemic caused Florida Capital

quickly to the COVID-19 crisis and the economic fallout it caused, prompting us to set up a new Small Business Administration-approved lending facility and originate Paycheck Protection Program loans to scores of First Coast small businesses and other organizations earlier this year,” he said. “Prior to the pandemic, we didn’t have this capability but we were able to react quickly to meet the urgent needs of clients not only here in Northeast Florida but also across the country.” Jacksonville once was headquarters to some of Florida’s largest banks, including Barnett Banks Inc., Florida National Banks of Florida Inc. and Atlantic Bancorporation. Through several mergers, Barnett became part of Bank of America, while Florida National and Atlantic became part of Wells Fargo. MBASCH@JAXDAILYRECORD.COM

to shift to remote operations. Johnson said about 90% of its employees are working remotely. He does not see that changing in the next year, which is causing the company to reevaluate its physical office space needs, he said. “We don’t need half the space that we have here,” he said. Its headquarters and Jacksonville bank branch are at 10151 Deerwood Park Blvd. The company employs about 130 people. The headquarters leases about 20,000 square feet of office space. If the bank does relocate, it is likely it will remain in Jacksonville, he said. Johnson and Vice Chairman and CEO J. Malcolm Jones are Jacksonville natives. The bank has been at its executive offices since it was founded in 2005 when the board of directors purchased a Tarpon Springs bank and relocated it to Jacksonville. The bank’s board members include former Congressman Ander Crenshaw, Florida Capital’s former president and CEO Charlie Hughes and The Heavener Company CEO James Heavener. Johnson joined the bank in 2006 as president and CEO of Florida Capital Bank Mortgage. Jones, his friend of more than 40 years, asked him to join a predecessor bank called Florida Bank to start a mortgage company. The two sold that bank, and then went to work with Jones at Florida Capital Bank in mortgage lending. Johnson has worked in mortgage lending for the majority of his career. From 1976 to 2002 he worked with HomeSide Lending where he served as executive vice president of production and secondary marketing. “I love putting people in houses and living the American dream,” he said, “I love helping small businesses grow and helping people realize their dreams.” KGARWOOD@JAXDAILYRECORD.COM (904) 356-2466

JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

JaxDailyRecord.com

THURSDAY, OCTOBER 22, 2020

THE BANKING ISSUE

PPP loans: Who issued them in Jacksonville BY KATIE GARWOOD • STAFF WRITER

More than 14,000 Jacksonville-based businesses received funds from the Paycheck Protection Program between April 3 and Aug. 8. The program, run by the U.S. Small Business Administration, was designed to help companies keep their employees on their payrolls. It can be forgiven if employees remain on the payroll and the Lender

Loans Jobs

121 Financial CU

Ally Bank

–

American Express National Bank

American Momentum Bank

3 1

American National Bank Ameris Bank

1 7 1

160

Intracoastal Bank

162

Intuit Financing Inc.

238 12,845 1

BancFirst

1 15

Bank Five Nine

Bank of America, National Assoc. 158 8,223 Bank OZK

199

BankUnited, National Assoc.

419

BankVista

2 9 145 7,442 1

BMO Harris Bank National Assoc. 2

536

BOKF, National Assoc.

125

Byline Bank

Cache Valley Bank

Cadence Bank, National Assoc.

215

Carson Bank

CDC Small Business Finance Corp. 1

Celtic Bank Corp.

Centennial Bank

Centerstone SBA Lending, Inc.

Central Bank

123

CIBC Bank USA

290

Citibank, N.A.

101

Citizens Bank

168

Citizens Bank, National Assoc.

–

719

City National Bank of Florida Coastal Community Bank Cogent Bank Comerica Bank

29 1,523 1

159

Community Bank of Mississippi

Community First CU of Florida

257

Community State Bank

Cross River Bank

571

Customers Bank

Drummond Community Bank

Farmers Bank & Trust Co.

Fifth Third Bank

27 1,654

FineMark National Bank & Trust

120

First Bank of the Lake

First Chatham Bank

First Citrus Bank

First Federal Bank

781

215

First Home Bank

550

First Horizon Bank

880

First Florida Integrity Bank

First Merchants Bank

First Port City Bank

153

First Republic Bank

127

First United Bank and Trust Co. First-Citizens Bank & Trust Co. Flagship Bank

27 1,372 1

Florida Business Development Corp. 1

Florida Capital Bank, National Assoc. 6

218

Fountainhead SBF LLC

Glacier Bank

Greater Nevada CU

391

Hancock Whitney Bank

Loans Jobs

Independent Bank

Anderson Brothers Bank

Benchmark Bank

Lender IncredibleBank

Axiom Bank, National Assoc.

BBVA USA

funds are used for eligible expenses, such as payroll costs, interest on mortgages, rent and utilities. The PPP originated from the Coronavirus Aid, Relief and Economic Security Act, which President Donald Trump signed into law March 27. The chart below shows Jacksonville PPP loans over $150,000 by bank.

52 2,875

Harvest Small Business Finance, LLC

Heritage Bank, A Division of

522

Idaho First Bank

JPMorgan Chase Bank National Assoc.

Inwood National Bank

1,717

Kabbage, Inc.

144

KeyBank National Assoc.

LCA Bank Corp.

Legacy Bank

124

Live Oak Banking Co.

MBE Capital Partners

MetaBank, National Assoc.

MidFirst Bank

Midwest Regional Bank

Navy FCU

New Valley Bank & Trust

Newtek Small Business Finance, Inc. 8

429

Northeast Bank

Origin Bank

157

Orrstown Bank

Pineland Bank

482

Popular Bank

124

PowerNet CU

PNC Bank, National Assoc.

Prime Meridian Bank

138

Primesouth Bank

218

–

Readycap Lending, LLC

Radius Bank

571

Regions Bank

91 2,598

Renasant Bank

Riverview Bank

192 52

ServisFirst Bank

221

SmartBank

1 0

Sonabank

2 96

South State Bank, National Assoc. 122 5,654 Southeastern Bank

137

State Empl FCU

332

SunMark Community Bank

Synovus Bank

111 5,400

TD Bank, National Assoc.

53 3,100

Territorial Bank of American Samoa 1

The Bancorp Bank

131

The Huntington National Bank

164

The Plains State Bank

Third Coast Bank SSB

Thomasville National Bank

TIAA Bank, A Division of

421

Triad Bank

Truist Bank d/b/a Branch Banking & Trust Co Trustmark National Bank

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258

United Community Bank

625

United Methodist Connectional FCU 1 1

0 18

Valley National Bank

46 2,449

VyStar CU

65 2,047

Wallis Bank

WebBank

4 97

Webster Bank, National Assoc.

Wells Fargo Bank, National Assoc. 77

0 98 0

Western Alliance Bank

Wintrust Bank, National Assoc.

Total

$5,000

141 9,076

Union Bank and Trust Co.

United National Bank

We’ll pay up to

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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER

THURSDAY, OCTOBER 22, 2020

JaxDailyRecord.com

Amazon

DEVELOPMENT TODAY

CONTINUED FROM PAGE 1

AMAZON AT CECIL

JinkoSolar

Amazon.com’s 10th area facility is planned at 13450 Waterworks St. in AllianceFlorida at Cecil Commerce Center. Plans show 261,321 square feet of warehouse space and 16,916 square feet of office space.

Waterworks St.

Bridgestone

released in June, came after it filed civil engineering plans with the city in May to grade almost 63 acres for a 517,510-square-foot distribution warehouse on Parcel F. In those plans, Hillwood did not identify a user or tenant for the building, which was shown to be built in two phases. The property is next to the JinkoSolar solar-panel manufacturing plant. It is the 10th identified Amazon facility in Northeast Florida. On Oct. 13, the city issued a

AMUSEMENT RECREATION eTown Amenity Center, 10571 E-Town Parkway, contractor is Hurley Construction Inc., install playground equipment, $18,000.

permit to build-out Amazon’s DJX3, a 477,946-square-foot package delivery hub in Imeson International Industrial Park in North Jacksonville. Amazon’s two area fulfillment centers are JAX2 at Pecan Park Road in Northwest Jacksonville and JAX3 in Cecil Commerce Center; the JAX5 Westside sortation center; and the AMXL HJX1 facility in Westside to handle heavy bulk freight. The JAX7 fulfillment facility is under construction in Imeson Park.

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POW-MIA Memorial Parkway

acres at southwest POW-MIA Memorial Parkway and Waterworks Street. No company is identified as the tenant or buyer of the property, which the city owns. The project comprises the building, parking, truck storage and infrastructure at the undeveloped site. Prosser Inc. is the civil engineer. Hillwood told the city Sept. 28 that it continues to work with a prospect that wants to lease a 270,000-square-foot build-tosuit facility. The unidentified prospect initially wanted a 500,000-squarefoot center when discussions began in March, according to Hillwood’s second-quarter activity report to the city covering April 1-June 30. As the city’s master developer at Cecil Commerce Center, Hillwood must file quarterly reports. “Hillwood received and responded to an RFP from the prospect, after which Hillwood and the prospect exchanged multiple proposals, including a reduction in the building’s size to approximately 270,000 square feet,” Hillwood wrote. “At the end of the reporting period, positive discussions with the prospect were ongoing.” Hillwood told the city in the report that it released civil, environmental, geotech and topographic consultants to prepare due-diligence reports in support of the potential development. It also evaluated stormwater, wetland and title issues. Hillwood’s first-quarter report,

These are the largest commercial building permits by job cost issued Oct. 20 by the city of Jacksonville.

Compiled by Daily Record Staff

THE DAILY BRIEF

Amazon operates last-mile delivery centers with similar designations. The Cabot Commerce Circle facility in North Jacksonville is DJX1 and the Blanding Boulevard site under development in West Jacksonville is DJX2. Another, DJX6, is planned in St. Johns County. KMATHIS@JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

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