As Vista Bank enters South Florida, Dan Sheehan, the former Co-Founder and Chief Executive Officer of Professional Bank, has been appointed the bank’s president. He will oversee the bank’s expansion into Florida and lead the execution of other strategic initiatives.
“After 111 years of serving entrepreneurs and their families throughout Texas, we are thankful to have the opportunity to expand our footprint into Florida with a seasoned local professional like Dan Sheehan,” John D. Steinmetz says, Vice-Chairman of Vista Bancshares and CEO of Vista Bank. “Together, we will provide a concierge-level banking experience to small and middle-market companies and the bold entrepreneurs that risk their capital every day. I’ve had the privilege of working with Dan on various initiatives over the years and have come to respect his leadership greatly. I am excited to leverage Dan’s experience to take Vista to the next level and am confident he will be a strong strategic addition to our team.”
After co-founding Professional Bank in 2008, Sheehan helped grow the bank to $2.7 billion in assets by attracting and retaining top industry talent, executing four institutional capital raises, expanding into eight new growth markets, and capitalizing on strategic M&A opportunities. He also led the IPO listing of Professional Bank’s stock on the NASDAQ Global Exchange in 2020.
“John has great vision and energy, and I’ve enjoyed our relationship over the years,” Sheehan says. “He has a proven track record of responsible growth throughout Texas, and I look forward to helping the Bank expand into new, attractive markets across Florida, starting with Palm Beach County. John has created a unique culture with talented banking professionals, and I know Vista’s ‘People First’ culture will resonate well across Florida’s banking landscape. Vista’s strong financial position and strategic M&A interests in pro-business states like Florida will fuel our ability to scale the Bank and compete nationally.”
Over the past few years, Sheehan has been recognized as the best in the region, receiving numerous prestigious awards such as the “Heavy Hitter in Commercial Real Estate Finance” from South Florida Business Journal, the “Top Dealmaker” in Finance from Daily Business Review, “Six Million Dollar Man” from South Florida CEO, “Power Leader” from South Florida Business Journal, “Apogee Award” from South Florida Business & Wealth, and “Palm Beach 100” from Palm Beach Magazine.
Vista Bank has been ranked as the 20th best bank out of 610 banks, with assets ranging from $1 to $5 billion nationwide by CB Resource, Inc. Its dedication to core banking principles, such as maintaining sufficient capital and liquidity, strategic mergers and acquisitions, and recruiting and retaining top talent in the industry, has enabled them to take advantage of growth opportunities such as expansion.
In the last ten years, Vista’s Entrepreneurs Banking approach, characterized by bankers who share their clients’ work ethic and sense of urgency, has led to a growth in the Bank’s asset size by over 545%. The Bank’s Q1 2023 call report revealed that it has the strongest balance sheet strength in the industry, with 15.4% of total assets in cash and 20.9% in liquid assets and a Common Equity Tier 1 capitalization of 14.24%. Vista’s Securities portfolio accounts for only 6.89% of its total assets.
Vista has a presence throughout Texas and acquired a bank recently, contributing to its total assets amounting to around $1.8 billion. The bank’s investor base and deposit relationships were instrumental in paving the way for its expansion into Florida.
Vista Bank’s Palm Beach Gardens office is at 3835 PGA Blvd., Suite 305.