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Coconut Grove Bank has a new name, new headquarters

Grove Bank & Trust is the new name for one of South Florida’s most venerable banks, the 90-year-old Coconut Grove Bank.

The new name was unveiled at a party on Wednesday to kick off its new headquarters at 2701 S. Bayshore Drive. While the headquarter’s address didn’t change, the new 30,000-square-foot base is now part of the three-tower Park Grove condominium development. The bank cut a deal to sell its five-acre lot four years ago to developers Related Group and Terra Group.

Dropping Coconut from its name reflects how the bank has growth potential well beyond the Coconut Grove area, said CEO Rick Kuci. “With locations beyond Coconut Grove, the new name more accurately reflects our geographic footprint while honoring our proud past.”

Adding trust to the name helps signify the importance of the bank’s trust and wealth management business. Former Northern Trust executive Sheldon Anderson has joined the bank’s board and industry veteran Charles Porter is the new executive managing director of trust and wealth management.

“For over 90 years, the bank has been deeply committed to attracting and retaining top talent in order to provide best in class product and service offerings to its clients. Anderson and Porter have extensive experience in helping individuals and families build, manage, and preserve wealth. We are very excited to have them as part of our team,” said Charles Stuzin, chairman of Coconut Grove Bankshares, the bank’s holding company.

The bank is in top tier financial shape with a five-star rating from Bauer Financial. Its holding company’s largest shareholder is Dr. Phillip Frost, a billionaire serial entrepreneur, who is also a director in the holding company.

“The bank has experienced tremendous growth and countless accomplishments over the course of its 90 year history. The bank has one of the strongest capital positions in the state of Florida and provides boutique banking, commercial, and wealth management solutions delivered by a team of financially sophisticated advisors,” Frost said.

The bank was founded on July 12, 1926, and one of its most significant deals happened soon after. The financially troubled University of Miami was planning to merge with the University of Florida. The bank structured a deal based on UM’s assets and provided a path for the university to eventually repurchase them.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.