Big moves are happening in Florida banking—and Fort Lauderdale is at the center of it.
Keith Costello, co-founder and CEO of Locality Bank, has officially been sworn in as Chairman of the Florida Bankers Association, one of the state’s oldest and most influential financial trade groups. The milestone, announced during the FBA’s 137th Annual Meeting at The Ritz-Carlton in Naples, follows a year of service as Chair-Elect and places a modern community-bank leader at the helm of an organization that represents more than 150 member banks and 134,000 banking professionals across the state.
For South Florida, it’s a significant shift—and a signal that the voice of smaller, tech-savvy, entrepreneur-driven banks is gaining serious traction in conversations that shape the future of the industry.
Just weeks before his appointment, Costello was already making an impact beyond state lines. In May, he testified before the U.S. House Subcommittee on Financial Institutions during a hearing titled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.” His message to lawmakers was clear: the current regulatory framework is stifling the creation of new banks, and the system needs to encourage—not discourage—competition and innovation.
That position isn’t just rhetoric. It’s rooted in Costello’s own experience launching Locality Bank in 2022 with $38 million in local capital and a mission to combine modern digital tools with high-touch, community-based service. In just over three years, Locality has grown to more than $300 million in assets, deployed over $200 million in loans to local businesses, and attracted $250 million in deposits. The bank has created more than 40 jobs and recently completed its de novo phase, opening the door to greater operational flexibility as it expands its offerings in SBA lending and technology-driven services.
As Chair of the FBA, Costello is bringing that entrepreneurial perspective to a statewide platform. He has emphasized the need for policies that make it easier to launch new banks, reduce regulatory burdens that disproportionately impact smaller institutions, and support technology partnerships that allow community banks to compete with national players while staying rooted in the communities they serve. His leadership arrives at a time when Florida is experiencing explosive population and business growth, raising the stakes for responsive, locally focused financial services.
Costello’s appointment reflects a broader trend in Florida banking: the shift toward innovation without losing sight of relationships. His rise from local founder to statewide chair underscores how South Florida’s banking leaders are shaping the next chapter for the industry. And as Costello made clear in a recent message, it’s a role he takes seriously: “It’s my great honor to serve as the next chairman, a role I take with both humility and inspiration as we go forward.”
With Costello at the helm, expect Florida’s banking conversation to include a lot more talk about access, innovation—and Fort Lauderdale.
