How a New Florida Charter Plans to Take on Banks — by Being a Traditional Community Bank

Bank charters are being sought by an increasingly diverse group of interests, from payments companies to crypto firms to automakers. But Erik Weiner and his nearly 250 investors have won conditional approval from FDIC and Florida’s Office of Financial Regulation for a new charter to do something straightforward, simple and — these days — less common: To run a community bank.

Weiner, founder, president and CEO of Portrait Bank, is a veteran of the business banking scene in central Florida, including stints at Fifth Third Bank, BankUnited and most recently City National Bank. The center part of the state includes Orlando and its environs.

Weiner notes that the population of community banks in the area has shrunk drastically to just six, versus nearly 40 in 2000. He says the thinning ranks of community-based business lenders, and growing dominance of four big banks — Chase, Bank of America, Wells Fargo and Truist — has created a gap in service for smaller businesses that want to be in their bank’s sweet spot. He’s building out a staff with commercial banking experience, alongside a robust mix of technology.

“Fintechs are largely technology-oriented and you can hit a home run — but you can also strike out,” says Weiner. And even if there’s success early on, he continues, “something a little bit better gets built and then you’re out of business.” A fintech can also be so narrow that it lacks diversification.

By contrast, Weiner sees steadiness and stability in a traditional banking model.

“If you run a bank well, providing credit for the community, and funding that credit by bringing over relationships, there’s a formula you can count on and there’s a much higher probability of success,” says Weiner.

Need to Know:

• In 2025, 21 fintechs applied for banking charters in the U.S. and more have filed in 2026, including a number involved in stablecoins and other digital assets, as well as the likes of Revolut U.S., N.A.
• In congressional testimony earlier this year, FDIC Chairman Travis Hill said the agency is working on ways to improve the de novo deposit insurance application process and to encourage more new bank formation. This would include both traditional institutions as well as those targeting innovations.
• Portrait Bank isn’t the only bank in organization in Florida. There are several others in various stages of charter and deposit insurance approval, including New South Bank, in Tampa on the Gulf Coast; Florida Bank of Finance, in Miami in the south; Itaú Bank, also in Miami, seeking a national charter; and Tidestone Bank in Coral Gables, also in the south.
• Community banks have opened elsewhere in Florida, including Gala Bank in Ocala, in the north central part of the state, in late 2024, and BankMiami, in early 2025.

The Promise of Community Banking in Central Florida

As Weiner called on small companies in recent years, he heard frustration about the dwindling number of community banks in the area. Central Florida is a high-growth market, he says, and many businesspeople felt the megabanks in the market concentrated more closely on bigger firms.

The competitive fulcrum. “The big banks are upstreaming their efforts, spending time, effort and money on larger clients that have a more meaningful impact on their own bottom lines,” says Weiner.

While there are indications that southern Florida is experiencing slower growth due to less migration, Weiner believes this trend will actually give the central part of the state an additional boost, including the smaller companies he wants to serve.

Portrait Bank, which received its conditional approval in early April, is headquartered in Winter Park, a suburb city to Orlando. Weiner says the bank’s focus will be firms with under $50 million in annual revenue. The banker says there’s demand in that segment for flexibility and localized decision-making, with a blend of better service and up-to-date technology.

To compete, Portrait Bank has opted for an advanced core system that can accommodate fintech services, artificial intelligence, and the latest in treasury management and payments services. Regarding the latter, Weiner notes that the bank will be offering both FedNow service as well as the Real-Time Payments Network of The Clearing House.

“We didn’t want capabilities to be an issue preventing the right clients from bringing their business to us,” says Weiner. “And we’re starting with a clean system with one core vendor. Everything’s going to be seamlessly integrated, offering the best digital experience customers can get right now.”

Read more: This $6.9B Community Bank Competes with Chase — By Running a $1.3B Digital Brand on the Side

Portrait Bank’s Marketing Strategy

Given its focus on business banking, Portrait Bank will be relying heavily on “the hand-to-hand combat side of marketing,” says Weiner. By that he means spending on sponsorships, wine-and-cheese nights at headquarters, and other ways to reach out on a human-to-human level with prospects.

In classic community bank fashion, many members of the bank’s investor group are local business owners and leaders. As CEO, Weiner will encourage investors and board members to personally spread the news, to maximize word-of-mouth marketing.

Conservative marketing mix. Digital marketing will be concentrated chiefly on paid LinkedIn posts. “That’s more of a commercial, business-oriented platform,” says Weiner.

“It’s going to be less important for us, in the first few years, to spend big dollars,” says Weiner. Being visible in the community at events that the prospect base cares about will mean more than drenching the internet with digital ads.

Key insight: Weiner feels that too much business banking is being run under customer relationship management software that promises greater efficiency on paper but can sometimes stymie efforts to communicate effectively.

What this means: “There’s been a shift, to where there’s a lot more pressure on showing activity and checking off the boxes every day, versus actually having great conversations with clients,” the banker says. “You have to allow the people generating revenue for the bank to get out from behind their desks and out on the streets to build relationships.”

Read more: To Win Against the Big Banks, Smaller Institutions Must Go on the Offensive

Branching: Essential, But Not Aggressive

Weiner appreciates the value of branches for their “billboard” function but says this must be balanced against the expense of maintaining offices versus digital services.

“It’s been proven that if you’re a company with under $10 million in revenue, a branch is still one of the top items you look at when selecting a bank,” says Weiner. “And it’s important to appear invested in the community, and that you are there when they need you.” Among middle market companies, branches don’t rank as highly, he adds.

He says the bank will begin branching three years out, going into adjoining communities. The bank will likely cap the network at five or so locations.

“We definitely won’t be branch-heavy,” says Weiner, “but we want to get into key pockets over time.”

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