Takes on new role as NWFL Market President
Charles “Chip” Reeves is the new CEO for Beach Community Bank and he is optimistic about the bank’s future after a $100 million capital raise by bank investment group, Hovde Group, LLC. The Hovde Group is based out of Inverness, Illinois, and they specialize in mergers and acquisitions, according to their website.
Following more than a decade of delinquent loans, capital deficiencies and poor bank ratings, Beach Community Bank’s holding company filed for bankruptcy. The company sold its shares of the bank to an investor. But Reeves said, “The strength of Beach Community Bank after the capital raise is the strongest of any institution in northwest Florida today.”
Former CEO and founder Tony Hughes will remain with the company according to Reeves. His new role will be as the Northwest Florida Market president. “His primary responsibility will be working with our community and customers both on the business and community side across the area,” Reeves said.
Reeves went on to say his wish for Beach Community Bank is to be the leading business-centric bank in northwest Florida and their first mission is to become community citizens. “We are proud to announce a $1 billion lending pledge through our mortgage company to small business and consumer loans. We are excited about that,” Reeves said.