Photo courtesy Shems Hamilton

One To Watch:
Andy Stein

By Lilly Rockwell

While many banks were failing or being taken over in 2008, Panama City banker Andy Stein was raising millions to open his own bank — one that could provide a hefty array of basic business and personal services to a small, affluent client base.

Summit Bank, locally owned and run by a board of directors composed of members who are deeply rooted in Bay County, is a hybrid of private banking and traditional banking created specifically for the area.

Summit began operations in April 2008 in Panama City and has grown to $43 million in deposits and $38 million in loans.

“We provide in-depth counsel,” says Stein, Summit Bank’s CEO. “It can be anything from assisting with routine financial needs to helping with the long-term vision for where their company is going or coping with estate planning.”

A seasoned banker, Stein has been in the industry since 1976. He moved to Panama City in 1986 to become chief financial officer of a bank that later became Florida First Bank. He was promoted to CEO, and the bank was sold to Regions Bank in 1996.

Stein stayed with Regions Bank for 10 years, eventually rising to regional president for general banking for Alabama and the Florida Panhandle. He left to start his own bank.

“This has been a very rewarding experience for an entrepreneur,” Stein says.

As for what the future holds, Stein is looking to build branches in other Florida cities. On his wish list: cities that offer an experienced team similar to Summit’s Panama City staff.