Brandon Box Interview with Southwest Florida Business Today

Lost or Stolen Debit Card

To report a lost or stolen debit card please call 407.545.2662 during normal operating hours. After hours, please call 1.800.500.1044 immediately or access www.visa.com

Routing Number

Our Bank Routing and Transit Number is: 063114661

You will be linking to another website not owned or operated by Cogent Bank. Cogent Bank is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Cogent Bank of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Cogent Bank.

If you "Proceed", the link will open in a new window.

Proceed

You are leaving Cogent Bank and going to Cogent Private Wealth, a boutique advisory firm offering comprehensive financial planning and investment management services. Some of their products are NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; NOT GUARANTEED BY THE BANK; and MAY LOSE VALUE.

If you "Proceed", the link will open in a new window.

Proceed

Please note that by clicking on this email address, you are leaving the Cogent Bank website and accessing an external email platform. Cogent Bank has no control over the content of any communications contained within this platform and cannot be held responsible for any information exchanged. We caution users to be careful when sharing any personal or sensitive information via email, as it may be intercepted or misused by third parties. By using this email platform, you accept full responsibility for any risks that may arise from its use.

If you "Proceed", the link will open in a new window.

Proceed

Menu

Southwest Florida Business Today

A Regional Bank President’s Perspective on the Southwest Florida Lending Market

Special to Karen P. Moore, Publisher

I recently spoke with Brandon Box, Southwest Florida Region President for Cogent Bank, and talked about banking in the local business marketplace.

Moore: It’s been a crazy year in the banking sector. Tell me about that from your perspective.

Box: Two things stand out for the banking sector specifically. One is the big March banking financial crisis where Silicon Valley and First Republic banks failed and really caused a bunch of chaos in our industry because everybody thought their bank was going to fail. There were flashbacks to 2008, 2009, when everybody woke up and wondered what bank was going to be taken over that day. What that did for our business was it kind of forced us to sit down and talk with clients. How do we calm their concerns? Because it wasn’t a systemic issue, but the perception was that it was systemic. So that’s how the year kicked off, and of course throughout the year we had the fastest pace of interest rate hikes, pretty much in history, in terms of the speed at which rates escalated. That created a different type of environment than most customers have ever experienced in their careers. So, there was a lot of just one-on-one coaching, talking and helping customers, and I think most of our clients would say that’s the value that they get from being with a smaller bank.

Moore: Yes, I was recently talking to a local community banker about how the Small Business Administration was so disappointing in terms of their lack of ability or willingness to support the small business community post-Hurricane Ian. I’m not just talking new businesses. I talked to well-established businesses that have been here a long time and they’re not happy with the SBA. This banker said, “If the SBA would leave it in the hands of the community banks like they did with PPP, it would have been much more effective in our community.” What are your thoughts?

Box: PPP was the first time that really a stimulus program flowed through the banks. And in hindsight, I think it went pretty well. The local banks know where the needs are the most, they know where the risks are the most and they have a better local pulse on what’s going on. So they can allocate those funds or have a platform already built in the way we make loans to facilitate that goes a lot easier, versus someone just submitting a paper application and hoping someone in the government simply approves it. My experience was that it seemed to go OK with local access to Hurricane Ian SBA business loans, but I will say, natural disasters are when a relationship with a bank does matter because it’s hardest to get money when you need it the most. That’s kind of a common theme in banking. If you don’t know anybody at the bank you’re working with, it’s especially hard because it’s still a business where things go through a channel and you have to have advocates in those channels to get things done. It’s a lot easier to navigate those things when you’re with a smaller bank.

Moore: That’s one thing where the smaller community banks don’t get enough credit because yes, it’s still all about relationships. However trite that phrase is, in so many ways life is still that way. It certainly is in Southwest Florida. I use certain banks for certain reasons, and for PPP, I went to a local bank because the banks I use weren’t able to help me and I knew the community banks could.

Box: You have to be fair, but some banks are less flexible than others in terms of how quickly they can pivot. That’s where the difference is, really, between the big banks and smaller community banks. It’s important to mention it’s a good time to go sit down with your banker, whoever they may be. The environment has really changed what people can earn on their deposits. The best way to structure their account has changed, the way they carry their balance sheet has changed, and it’s an important time to sit down and reevaluate to make sure you’re positioned the most efficiently for both short-term and long-term success for your business. Create that vision with guidance from your banker.

View Source: https://issuu.com/southwestfloridabusinesstoday/docs/februaryfinal_5159efad8fc060