Valley Bank, which has branches across the Tampa Bay area and Florida, today announces its expansion into Manatee County with the appointment of Mike McCoy as Market President for Manatee County. McCoy will focus on growing Valley’s presence in the market by hiring a strong banking team and adding branches as opportunities arise.
McCoy’s appointment follows the success of Valley Bank in the Sarasota area led by Market President Darryl Weaver and Market Manager Pat Curran, who have driven $500 million in deposit growth for Valley’s Sarasota office over the past five years.
Valley is now seizing the opportunity for expansion into Manatee County, seeing the long-term sustainability of the market, which is one of the fastest growing areas in Central Florida. That growth includes an influx of homeowners who are moving to the area due to the business growth and proximity to cities such as Tampa, St. Petersburg and Sarasota.
According to Zonda, a leading real estate research firm, annual housing starts were up 29% year-over-year in Manatee County as of the second quarter of this year. The business community has grown rapidly as well, and specific business segments such as aerospace are projected to see growth rates of up to 14%, according to The Bradenton Area Economic Development Council.
“Manatee County is a promising market for Valley as the Bradenton and Sarasota markets are growing fast,” said Jeff Armstrong, Senior Vice President and Florida Gulf Coast Area Executive for Valley Bank. “McCoy’s proven success as a banking leader and the deep local knowledge and connections he developed in the area over his 35 years in banking make him the ideal candidate to lead Valley’s expansion into this market.”
McCoy and his team plan to help meet the banking demands of this fast-growing market by forming relationships with new and established businesses, local nonprofits, and organizations like the EDC, as Valley works to become part of the local community.
“I joined Valley Bank because I see a huge opportunity for their relationship-focused approach to banking,” said McCoy. “Valley maintains the local expertise and style of a community bank but has the national resources and assets to support the growth potential of this area.”
McCoy holds an MBA from the University of South Florida and will leverage the relationships and experience he cultivated across his 36-year banking career working in the Sarasota and Manatee market to his new position at Valley.
His leadership record includes his time as President of Community Bank of Manatee, which sold to Bank of the Ozarks. Following that role, McCoy spent 12 years with Bank of America as a Senior Vice President and then President of the Sarasota-Manatee market, where he focused on commercial banking and connecting the bank’s various lines of business to companies and individuals throughout the community.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $54 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida, and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.