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The first new community bank in Pinellas County in nearly four years plans to open its doors today.
Old Harbor Bank has raised nearly $7.8-million through a stock sale to bankroll its opening at 2605 Enterprise Road E in Clearwater. Its key managers, including bank chairman and president Barry Miller, are veterans of Mercantile Bank of St. Petersburg, which was acquired by South Financial of South Carolina last year.
Miller said Old Harbor will be a full-service bank though its prime target will be small businesses and professionals. He projects reaching $30-million in assets and $24-million in deposits within a year.
Miller is confident his startup is filling a niche, pointing out that about a dozen Pinellas County community banks have been sold to bigger institutions since 1990 while only four new ones have been organized.