Cypress Trust Company Builds on Legacy of 25 Years of Service in Florida
PALM BEACH, Fla. (May 20, 2021) – Palm Beach-based Trust firm, Cypress Trust Company, announced today, it has raised the necessary capital and received State of Florida approval to expand into banking services. In early fall 2021, Cypress Trust Company will convert to Cypress Bank & Trust. Cypress will remain in Palm Beach, Fla., with additional offices in Melbourne, Jacksonville, Vero Beach, Naples and Winter Haven and banking services offered across the state.
Cypress will continue to deliver trust services, as it has for the last 25 years. But in its milestone year, Cypress will expand to provide a full suite of banking services to its existing trust and investment management clients and to businesses and individuals who value services delivered by a single point of contact. Each Cypress banker will have the knowledge to provide everything from lines of credit for business expansions, renovations or sales, to tools for cash management.
Cypress will offer a full suite of banking services, including:
- Business and personal loans, lines of credit
- Checking and savings accounts
- Debit cards and ATM usage
- Online and digital banking
- Trust and estate services
- Investment management
“It’s rare that a bank is chartered out of an existing Trust company, and it gives us a significant advantage in longevity, reputation in the market and a pre-existing client base,” said Dana Kilborne, president and CEO of Cypress. “It’s also rare that a new bank opens in six markets across the state. We believe individuals and businesses will recognize the strength of our 25-year legacy and veteran bankers.”Kilborne’s career spans 30 years leading community banks and holding companies as President, CEO and Director. Additionally, Kilborne is a former Director of the Federal Reserve Bank Board of Atlanta-Jacksonville Branch. Kilborne and Cypress Chief Financial Officer John Marino are no strangers to community banking, with a 20-yearhistory establishing and launching start-up banks together. Current Cypress directors include James Swann, John Tranter, Robert Goldstein, Dr. Wayne Wolfson, Tom Hermansen, Michael Coleman, Padma Chigurupati and John Cole Oliver.
In December 2020, Cypress Trust Co. received a de novo charter from the Florida Office of Financial Regulation, under which Cypress Trust will be converted into Cypress Bank & Trust Co. FDIC approval is currently pending.
About Cypress Trust Company
An independent, Florida-chartered trust company since 1996, Cypress Trust Company is a boutique corporate fiduciary that focuses exclusively on providing customized trust and investment management services for successful individuals and their families, non- profit organizations, foundations and endowments. The team creates customized investment strategies, serves as a corporate trustee, personal representative or agent during estate settlement, and as an administrative trustee for clients already committed to an investment plan.
It operates full-service offices in Palm Beach, Naples, Vero Beach, Winter Haven and Jacksonville and has additional representation in Sarasota