A trust company in Palm Beach, Fla., is looking to become a bank.
Cypress Trust Co. applied with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The company plans to become a state-chartered bank, according to a public notice filed in a local newspaper.
The FDIC application wasn’t immediately available.
The public notice listed nine organizers, including Cypress Trust President and CEO Dana Kilborne and Chairman James Swann. The other members of the organizing group all serve on the trust company’s board.
Kilborne founded Prime Bank in 2004. Prime merged with Bank of Commerce in 2010, then the bank was sold to Sunshine Bancorp six years later. Sunshine sold to CenterState Bank in 2018.
Kilborne, who joined Cypress Trust's board in 2018 and became CEO shortly after, said the company has been discussing the conversion for about a year.
"These things take time," she said. "But we think the time is right to offer alternatives, given the decrease in community banks here."
Cypress Bank and Trust would have two branches when it opens, Kilborne said. The bank, which plans to focus on business owners and professionals, would need to hire commercial bankers.
Cypress Trust, formed in 1996, describes itself as “a boutique corporate fiduciary” that serves “successful individuals and their families, nonprofit organizations, foundations and endowments.” The trust company operates in five Florida markets: Jacksonville, Naples, Palm Beach, Vero Beach and Winter Haven.
