Cogent Bank grows throughout Florida, announces $1B in assets - Cogent Bank

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Cogent Bank grows throughout Florida, announces $1B in assets

ORLANDO, Fla. (Feb. 22, 2022) – On the heels of significant growth and expansion in 2021,  Cogent Bank has achieved another milestone – reaching $1 billion in assets. 

Cogent continues to experience strong loan and deposit growth. The Bank’s total loans grew by 51% since 2020 and notably, specialty lending doubled in 2021.  Total deposits grew by 105% since 2020. Ranked as the #2 bank in the state for total PPP loans, Cogent assisted approximately 2,100 small businesses in securing more than $308 million in PPP funding and actively helped clients in-need with loan forgiveness.

“Achieving $1 billion in assets is an outstanding milestone for us,” says Lee Hanna, chief executive officer of Cogent Bank. “This is a testament to the talent and commitment of our team and the value we provide to our growing customer base. We’re proud to have delivered an exceptional year and look forward to continuing to serve the needs of our individual and commercial clients.”

During its strong year of growth in 2021, Cogent expanded to eight locations in Florida and hired more than 60 associates. The Bank also established an industry-leading partnership to offer business clients real-time, blockchain-based payments through TassatPay,™ and through their holding company invested in Lucy Labs, a multi-strategy cryptocurrency asset management firm. Cogent, which recently relocated its headquarters from Orange City to downtown Orlando, achieved a 118% increase in revenue from 2020 to 2021. To further expand its mission and scope of services, support and assistance to businesses and individuals in the community, Cogent has also announced the establishment of a local Advisory Board made up of business and community leaders.