BOCA RATON, Fla.--(BUSINESS WIRE)--As part of its ongoing expansion, First Southern Bank announced today that it will be adding Small Business Administration (SBA) and United States Department of Agriculture (USDA) lending as a new line of business. The new division will specialize in helping Florida business owners secure real estate loans for new property acquisitions, expansions, modernizations and refinancing, for those businesses who occupy over 51% of their space. In support of this new line of business, the bank also announced the hiring of Don Adams as Senior Vice President & SBA/USDA Lending Manager. With over 35 years of experience in all areas of SBA and USDA loan programs, Adams will be responsible for growing this business throughout the state of Florida, with a primary focus on First Southern Bank’s South, Central and North Florida regions. He will report to Joe Losch, Senior Vice President and Market Executive in First Southern Bank’s Central Florida region.
“We are very excited to be expanding our services into the SBA/USDA lending area,” said Lynne Wines, President and CEO of First Southern Bank. “The addition of Don will help us to offer additional products and services to both existing and new clients throughout our franchise.” First Southern Bank’s SBA/USDA loans will offer competitive rates with longer terms, and will provide qualifying businesses 25 year loans with no balloons or calls, so there is no need for a company to refinance over and over again.
As a veteran SBA/USDA expert, Don Adams is both highly experienced and proficient in preparing all of the forms and documents needed to turn the loan qualification process around quickly and efficiently. Because of his well-known expertise in the field, Mr. Adams served as Chairman on the SBA North Florida District Office Advisory Council for eight years, and in 2010, he was also selected as one of a few bankers nationwide to give input to the USDA in Washington, DC on how to enhance their lending programs.
Prior to joining First Southern Bank, Don Adams was an Executive Vice President with First Community Bank of Southwest Florida in Gainesville where he established and managed the day-to-day operations of a Florida/Georgia Government Guaranteed Lending Division for the bank. Prior to that, he served as Senior Vice President at First National Bank Northwest Florida in Panama City, FL. He also held commercial lending positions at Security Federal Savings Bank of Florida, Bay Bank & Trust Company and First National Bank, all in Panama City. His past and present community involvement includes being a Member of the National Association of Government Guaranteed Region IV Liaison Committee; Director of Bank Administration Institute (Northwest Florida Chapter); Treasurer of the Gulf Coast Easter Seal Society; Board Member of Panama City Contractors Licensing Board; Member of Bay County Chamber of Commerce Military Affairs Committee; and Chairman of Finance Committee of the Forest Grove Baptist Church. He earned his undergraduate degree from the University of West Florida, Pensacola, Florida, and graduated from the Florida School of Banking at the University of Florida in Gainesville.
The addition of Adams is part of the bank’s growth strategy in the state of Florida. First Southern Bank launched its expansion plans in early 2010 designed to reach more clients in more markets. As a result, assets of the bank have grown from approximately $400 million to approximately $1 billion, the number of branches has grown from only five in South Florida to fifteen in three of the state’s best markets, and the number of client accounts has grown from approximately 5,400 to approximately 17,000.
First Southern Bancorp (OTCBB: FSOF) had total consolidated assets of $1.0 billion at September 30, 2012. The Company provides comprehensive banking products and services through its First Southern Bank franchise. First Southern’s strong capital positions it as one of the most secure banks in the United States. The bank serves Northeast, South and Central Florida with 15 locations in St. Johns, Broward, Orange, Osceola, Palm Beach, Seminole and Volusia counties.