It's the first homegrown local bank to open its doors in Jacksonville since the early 1950s.
In the midst of troubling financial times and a recession, Coastal Bank and Trust in Jacksonville hopes to start from scratch and provide a fresh customer oriented approach to banking.
The bank opens just days after regulators shut down Cape Fear Bank in Wilmington. It is the only bank to receive approval to open this year from the Federal Deposit Insurance Corporation in the Eastern Atlantic region.
Bank CEO Robert Norris says he believes this is a great time to open a new community bank. "We have a clean slate, pure balance sheet and very well capitalized so for us now it's about making good quality loans."
The bank is housed in the old Marine Federal Credit Union building that's been remodeled on Marine Boulevard in Jacksonville.