A collaboration between two St. Petersburg-based financial firms — Dynasty Financial Partners and First Home Bank —helped protect jobs at businesses and organizations nationwide.
Dynasty put the investment advisors it serves, as well as those advisors’ clients, in touch with bankers at First Home to get loans under the Paycheck Protection Program, a federal program designed to provide economic assistance during the COVID-19 pandemic.
“Together, we helped a nonprofit school for special needs kids, a garage, several restaurants, kids’ summer camps, a seafood market, landscaping companies, elder care facilities,” and others get PPP loans, said Shirl Penney, CEO of Dynasty. “These were people who were frustrated that they were not getting responsiveness or service levels from their current bank. First Home Bank was able to be helpful.”
For First Home Bank, already one of the top 10 Small Business Administration lenders nationwide, PPP was an initiative to build its brand, known as CreditBench Powered by First Home Bank, and a dedicated effort to get new clients.
“Many banks chose to only do business with their own client base. We went a little bit against the grain, and said let’s open our doors and use it as a means to building not only PPP business but great relationships in Tampa Bay,” said Jeff Hunt, senior vice president and chief strategy officer at First Home Bank.
As of Wednesday, First Home Bank had approved nearly 9,500 total loans, totaling $901.8 million and designed to preserve 103,990 jobs. The bank’s balance sheet has grown from about $550 million in total assets to $1.5 billion, strengthening its position as one of the largest community banks in the Tampa-St. Petersburg area.
Dynasty, which provides wealth management and technology platforms for independent financial advisory firms, started to get calls from the registered investment advisors it serves when PPP was announced, Penney said. Those advisors were hearing from their own clients that they were not getting a response from the large banks with which many of them did business.
“Our clients came to us and said their clients were trying to figure out how to apply. What are the guidelines and what’s the process? And they needed a bank that can be more responsive and navigate and help them connect with the SBA to get the loan,” Penney said.
Dynasty researched SBA lenders and was “pleasantly surprised” to find First Home Bank, headquartered at 700 Central Ave., just blocks from Dynasty’s headquarters at 200 Central. Penney reached out to Hunt and Tony Leo, First Home’s CEO, and they worked with Dynasty to put together a scalable program.
“I took a couple of my employees, and got them…