Echelon Bank: A New Entrant in Florida’s Banking Landscape
Starting a new bank in the United States is no mean feat. Regulatory challenges and a trend towards business consolidation have significantly slowed the creation of de novo banks. However, Rob Shaw, CEO of Echelon Bank, a new entrant set to join the small but growing list of de novo banks in Florida, sees this as an opportunity. He believes that there is a significant gap in the market for a well-capitalized, innovative, and dynamic local bank that serves the Tampa Bay region.
Overcoming Regulatory Hurdles
Echelon Bank has recently achieved a number of key milestones, preparing it to become the first new bank in Tampa Bay in five years. The bank successfully reached its $23 million minimum capital target, gained the approval of Florida’s Office of Financial Regulation, and received the green light from the Federal Deposit Insurance Corp. The bank is expected to open its doors to the public in late May.
Shaw, a 22-year veteran in the industry, acknowledges the high barriers to entry in the banking sector. He said, “Having high barriers to entry is a double-edged sword. It’s obviously not great in the sense that there’s not as many new banks coming. But if you can overcome those barriers, then you are a very unique organization.”
A Drop in New Bank Charters
Over the years, the number of new bank charters has seen a massive drop. Data suggests that in 2007, there were 176 new charters for commercial banks insured by the Federal Deposit Insurance Corp. In 2025, there were only four. This trend is also evident in Florida, as new charters dropped from 24 in 2007 to just one in 2025.
Ken Thomas, founder of the bank consulting firm K.H. Thomas Associates in Miami, states, “Most definitely, there’s a need for new bank charters. We need more locally based banks.” This sentiment is echoed by Shaw, who believes that business consolidation has significantly reduced the number of community banks that provide high-touch services to their clients.
Echelon’s Approach to Community Banking
Echelon Bank
Echelon Bank plans to focus on local, personal relationships with commercial clients. “We want to bring the decision-making as close to the customer as possible,” Shaw said. “That’s really what we’re trying to provide, and fortunately there is very little of that in the market today, so we think there’s a tremendous opportunity to stand out.”
Concerns and Commitments
However, there are concerns about Echelon’s choice to locate its office in Tampa’s upscale Palma Ceia neighborhood, which some believe indicates a focus on high-income clients. In response to these concerns, Shaw maintains that Echelon is committed to serving all income groups and is developing a Community Reinvestment Act program that reflects a genuine commitment to lending across all segments of Tampa Bay.
The Regulatory Environment and De Novo Activity
Echelon’s journey can be seen as a test case of the regulatory environment under the second Donald Trump administration, which has promised to simplify the chartering process for new banks. While there hasn’t been any tangible change to the actual requirements, Shaw notes that both state and federal regulators, including the FDIC, have been supportive, and this change in attitude has been helpful.
Meanwhile, Florida has begun to see a small uptick in de novo activity. Gala Bank opened in Ocala at the end of 2024, BankMiami opened in March 2025, and Portrait Bank is expected to open in Winter Park at some point during the first quarter of 2026. Shaw, however, remains uncertain if this indicates a broader change in the de novo landscape.
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