fbpx

Past and Present

Grove Bank has a rich history, but it’s focused on the future

By Kevin Gale

Grove Bank & Trust saved the University of Miami early in its history, but it has undergone major changes recently and is poised for expansion north of Miami-Dade County.

In recent months, the bank changed its name from Coconut Grove Bank to Grove Bank & Trust, moved into a new headquarters that’s next to the new Park Grove condominiums, and beefed up its trust team with major players.

“With locations beyond Coconut Grove, the new name more accurately reflects our geographic footprint while honoring our proud past,” says President and CEO Rick Kuci. The bank currently has offices in Aventura, Coconut Grove, Coral Gables, Palmetto Bay and South Miami.

Attendees at the bank’s grand opening were told the bank was planning to expand further north and it’s in solid financial shape to do so.

Bauer, a national bank-rating service, gives Grove Bank its top rating of five stars. The bank’s largest investor is South Florida entrepreneur Phillip Frost, who is worth an estimated $3.4 billion according to Forbes. Frost bought a major stake in the bank in 2011.

The bank sold its old 5.2-acre headquarters site to Park Grove’s developers, Terra Group and Related Group, for $55 million in 2013. It bought its new 30,000-square-foot headquarters from the developers for $12.75 million in April. Grove Bank even kept its longtime address of 2701 S. Bayshore Drive.

While the bank simply added “trust” to its name, it actually has had trust powers for 60 years. The bank recently added Sheldon Anderson to its board of directors. Anderson joined Northern Trust in 1992 and was president and CEO of the bank’s southeast region before retiring. He has been heavily involved in the community for decades, including a stint as chairman of the United Way of Miami-Dade County.

Grove Bank also recently hired Charles Porter as executive managing director of trust and wealth management. Porter, a chartered financial analyst, was president/managing director of BNY Mellon in Florida from 2000 to 2016.

“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,” says Charles Stuzin, chairman of the bank’s holding company, Coconut Grove Bankshares. Stuzin previously CEO of Citizens Federal Bank and is president of SF Partners Financial, a family office.

Kuci has ample banking experience, too. He was CEO of Kislak National Bank and Premier Community Bank of South Florida before joining Grove Bank in 2005 as executive vice president and chief lending officer in 2013. He was promoted to CEO in 2013.

Grove Bank’s new office and online banking system are emblematic of its slogan: “Honoring the past, embracing the future.”

While the bank is called the oldest continually operating bank in Miami-Dade County, online banking grew 40 percent at the bank last year, Kuci says.

While the bank embraces technology, it’s still focused on human interaction, he says. “We are still a believer that people still want that personal touch, especially when you deal in the higher net worth area. They don’t want a 1-800 number.”

The bank also doesn’t require the $5 million net-worth minimum that some larger trust banks do to offer similar personalized service.

That makes sense given the bank’s history of doing more than what might be normally expected.

In 1929, three years after it was founded, it helped bail out the University of Miami, Kuci says.

“UM was a struggling, fledgling university at that time and was having financial difficulties. They were about ready to sell,” Kuci says. “Several of our founding fathers went to UM. They figured out a way they could lend the university money—take an assignment of their assets and agreed to give them back over time as they repaid the loan. Otherwise, they were going to be sold to the University of Florida and be renamed Pan American University.”

In the middle of the Great Depression, the bank provided a loan to Ralph and Jim Ryder to expand their trucking company. That eventually turned into Ryder System, a logistics company that today ranks No. 395 in the Fortune 500, with $6.57 billion in annual sales. ♦

Charles Stuzin
Charles Stuzin
Phillip Frost
Phillip Frost
Top, left: Phillip Frost, Patricia Frost, Rick Kuci, Charles Stuzin and Roz Stuzin. Top, right: Charles Porter, Rosie Pachon and Joe Rebak. Lower, left: Phillip Frost, Melanie Brown, Bowman Brown and Peter Pruitt. Lower, right: Grand opening attendees enjoy the festivities.
Top, left: Phillip Frost, Patricia Frost, Rick Kuci, Charles Stuzin and Roz Stuzin. Top, right: Charles Porter, Rosie Pachon and Joe Rebak. Lower, left: Phillip Frost, Melanie Brown, Bowman Brown and Peter Pruitt. Lower, right: Grand opening attendees enjoy the festivities.

Grove Bank & Trust Grand Opening 6 Grove Bank & Trust Grand Opening 1

Rick Kuci
Rick Kuci

You May Also Like
Amerant Bank Appoints Jesse Flowers as Palm Beach Market President

The company plans to open its third Palm Beach banking center and regional office set to open in 2025.

Read More
Amerant Bank Jesse Flowers
Amerant Bank Continues Growth With Opening of Its First Banking Center in Tampa

The Miami-based community bank also recently opened a Fort Lauderdale branch off Las Olas Boulevard.

Read More
banking center
Sheppard Morris CPAs: A Fusion of Experience and Innovation in South Florida Accounting

The firm’s services encompass tax planning and compliance, business advisory, and more.

Read More
Development Specialists, Inc. Moves Its South Florida Office to Downtown Fort Lauderdale

The national firm specializes in turnaround management and financial advisory services.

Read More
Other Posts
Stanley Cup Champion Aleksander Barkov Scores Off the Ice

His charity work helps benefit children at South Florida hospitals.

Read More
Barkov
Inaugural Eudēmonia Summit in West Palm Beach Focuses on Health and Well-Being

The creators of Wanderlust Festival launched the event.

Read More
Eudēmonia summit

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.