Coastal Community Bank

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Coastal Community Bank
5 Jefferson Street
Eastpoint, FL 32328
Phone: 850-670-8501

On July 10, 1997, Apalachicola State Bank celebrated its one hundredth birthday. This is a momentous event, and indeed, a rarity among Florida banks. What follows is a history of the bank which was written up in the Apalachicola Times to mark the anniversary.

Starting off as a branch of Tallahassee's Capital City Bank from 1897 in 1906, Apalachicola State Bank was incorporated on July 10, 1906, with a capital stock of $25,000.

George Washington Saxon of Tallahassee got interested in Apalachicola at the end of the nineteenth century. In the Capital, he started in the 1880's a store including a private bank under the name of G.W. Saxon & Company. His firm became an outstanding facility which was incorporated under the name of Capital City Bank in 1885. A branch of this bank was established in Apalachicola by Saxon in 1897. T.F. Porter, a New Yorker, was the manager, while another Tallahasseean, Sam E. Teague, came to Apalachicola to serve as cashier.

Saxon was the first president of the new Apalachicola State Bank in its organizing stages. R.F. Porter served as president 1906 to 1911; followed by Same E. Teague 1911 to 1937; H.L. Oliver 1937 to 1942; G.M. Batterfield 1942 to 1945; G. Rodman Porter 1945 to 1973; R.C. Watkins 1973 to 1983; then Ed Mingledorff for several years; Barry Brynjolfsson came on board and then was followed by Terry DuBose after COASTAL COMMUNITY BANK acquired Apalachicola State Bank in the year 2002.

In 1933, the United States had a serious banking crisis. Many bankers were failing because they had too little capital, too many errors in judgment and poor management, in addition to the world-wide depression. On March 6, President Franklin Delano Roosevelt ordered a bank holiday. All banks closed, and only those which found to be in a sound financial condition were allowed to reopen.

The Apalachicola State Bank remained open; however, no business was transacted in compliance with the federal edict.

In the debacle, banks with hundreds of millions in deposits were found insolvent while the Apalachicola State Bank, with less than one million, was revealed to be in sound financial condition. Roosevelt's "Bank Holiday" separated the men from the boys in the banking profession.

The Federal Deposit Insurance Corporation (FDIC) was organized in 1933, and the local bank qualified as a member, which insures depositors against loss. During the depression year of 1930, the Apalachicola State Bank absorbed the assets and liabilities of the American Exchange Bank of Apalachicola.

Following World War II Korean conflict, and the decade-old Vietnam conflict, along with the late 1960's and early 1970's spiraling cost of living and inflation, found the Apalachicola State Bank sailing through all of it and also managing to grow and prosper.

With a modest beginning of $30,000 in 1897, on the bank's seventy-fifth anniversary in 1972, the current statement of 1972 reflected an impressive five million dollars in assets.

Bank directors signing on in July 1906 were G.W. Saxon, T.F. Porter, Sam E. Teague, A.S. Mohr, J.E. Graves, M. Brash, B.H. Beverly, F.F> Ferris, J.M. Fowler, H.L. Oliver, and P.A. Long.

At its seventy-fifth anniversary, the officers consisted of G. Rodman Porter, President & Chairman of the Board; R.C. Watkins, Vice President & Cashier; Mary Virginia Robinson, Vice President & Secretary; V.J. Allen, Vice President; Jay A. Shuler, Vice President; W.D. Sharit, Assistant Cashier; Erline Hall, Assistant Cashier. Directors were Porter, shuler, Watkins, W.C. Buzzett, J.V. Gander, E.R. Mays, C.W. Randolph, P.A. Sanborn, and John J. Teague.

On its hundredth birthday, besides Apalachicola, this bank has a branch office in Carrabelle, Eastpoint and St. George Island. As of March 31, 1997 this bank had total assets of $40,916,460. Its CEO and Vice President was Barry Brynjolfsson.

In 2002, Coastal Community Bank was formed by a group of men from Apalachicola, Florida to Panama City Beach, Florida and they acquired Apalachicola State Bank on March 29, 2002. While Apalachicola State Bank still carries its same name, now reading Apalachicola State Bank a division of Coastal Community Bank, they still hold the same prestige and history in the banking community. The current CEO and Chairman of the Board of Coastal Community Bank is Terry DuBose.

The Directors of this institution as of March 2002 are as follows: Frank Baker; Mike Bennett; Leon Bloodworth; Steve Counts; Hunter Daffin; Terry DuBose; Jimmy Gander; Jim Holsmbake; Chuck Marks; Vance Millender; Yonnie Patronis; C.W. Randolph, Jr.; J. Gordon Shuler; and Russel Jinks. Coastal Community Bank now has several locations, Coastal Community Bank on Panama City Beach, Florida; Apalachicola State Bank in Apalachicola, Florida; Eastpoint; Carrabelle; and St. George Island. Coastal Community Bank is planning to expand further into Northwest Florida in the future.

While Coastal Community Bank has doubled its size in less than a year, we still have the same local touch that was founded in 1897 by the development of Apalachicola State Bank.

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