Portrait Bank has received a state banking charter from the Florida Office of Financial Regulation, clearing the final regulatory hurdle before opening as Central Florida’s first newly chartered community bank in nearly a decade.
The Winter Park-based bank said it has raised more than $43 million from 256 local investors and will begin onboarding commercial, consumer and private wealth clients during a soft launch by appointment. A full public opening is planned for September.
Founded by former banker Erik Weiner, Portrait Bank said it will focus on serving businesses and individuals across Central Florida through a combination of relationship banking and digital services. The bank also plans to deploy artificial intelligence for fraud detection as part of its technology offering.
The lender said it is entering a market where consolidation among larger banks has increased demand for locally based financial institutions focused on commercial banking and wealth management.
Portrait Bank is among a small number of de novo banks to receive regulatory approval in the United States this year. New bank formations have remained relatively limited since the global financial crisis, with higher regulatory and capital requirements contributing to a slower pace of new banking charters compared with previous decades.
