Sarasota bank looks to fill in Pinellas lending gaps
By Margie Manning
Tampa Bay Business Journal
Published: Jan 20, 2016

Insignia Bank has hired a veteran Tampa Bay banker as it expands its commercial lending division into Pinellas County.

T. Bullitt McCoun IV was named vice president of commercial lending for Insignia. McCoun, who previously worked in commercial lending for Stonegate Bank, BankUnited, BB&T and SunTrust Bank, is based out of Insignia's new loan production office in Station House, at 260 1st Ave. S in St. Petersburg.

Insignia, with $215 million in assets as of Dec. 31, has two offices in Sarasota and another loan production office in Bradenton.

"We have seen a need for an additional lender in Pinellas County due to some of the contraction of other community banks in the area,” said Charles Brown, chairman and CEO.

He didn't name specific banks, but both C1 Financial (NYSE: BNK) and Cornerstone Community Bank in St. Petersburg have deals to be acquired. Bay Cities Bank and Florida Bank in Tampa were among the banks bought last year.

Insignia will focus primarily on commercial real estate lending for both investment and owner-occupied projects, and is looking at expanding into residential lending, particularly for jumbo mortgages, used to buy high-end homes, Brown said.

He expects Insignia will open a full-service branch in St. Petersburg later, although he is unsure when that might occur.

Margie Manning is Finance Editor of the Tampa Bay Business Journal. She covers the Money beat.