Pilot Bank

Delivered November 6th, 2019. Contributors: Hillary O. and

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Pilot Bank: Insights

Pilot Bank's agency of record could not be found. The company had total outstanding gross loans of $301 million in the first quarter of 2019 and total deposits of $331.6 million for the whole half year. 
Pilot Bank: EarningsIn the first quarter of 2019, Pilot Bank had a total of $301 million in outstanding gross loans, an increase of $9.4 million compared to the previous year,
For the year 2018, it closed over 500 aircraft loans worth about $67 million. The same year, it closed commercial loans worth a total of $60 million. 
In the second quarter of 2019, its total assets amounted to $403.25 million, while gross loans for the first half of 2019 amounted to $319.5 million. 
Total deposits amounted to $331.6 million in 2019, while total equity capital was $41.9 million. 
Pilot Bank's pre-tax income was $557 million for the second quarter of 2019, compared to $203 million in the first quarter of 2019.
RESEARCH STRATEGYIn order to determine Pilot Bank's earnings and current agency of record, we first relied on the "About Us" page of the company's official website. There, it provided a breakdown of its history, number of locations, and employees, however, no financial data or information of its current agency of record was offered. 

Next, we sought its annual reports. Although it is a privately-held company, it provided a recent quarterly report on its website. This report highlighted its assets and loans, but its revenue was not specified. The report also did not include any information on its official agency of record. We attempted finding its 2017 or 2018 annual report but this was not provided on its website. We also scoured the SEC Edgar Filing Tracker for any reports turned in by Pilot Bank. No results came up for the bank or its holding company, Pilot Bancorp.

Our next strategy involved examining financial news publications, including Business Journals and Forbes. Although these websites published several reports on Pilot Bank, including its services and recent executive structure, there was nothing provided on its revenue and agency of record.

As a last resort, we reviewed data intelligence platforms like Hoovers and Craft for Pilot Bank's revenue, but the company did not have a profile on either database. For its agency of record, we used databases like Effie to find any case studies of Pilot Bank by a possible agency of record. This, too was a dead end. 

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Pilot Bank: Services

Pilot Bank offers retail and commercial services to most entities, including businesses, individuals, and institutions in the Tampa Bay and Lakeland, Florida areas. 
Retail & Personal Banking ServicesPilot Bank's personal banking services include personal checking accounts, savings accounts, consumer loans, money market accounts, health savings accounts, certificates of deposit, and personal online banking. 
Personal Checking Account: The bank offers a wide range of checking accounts tailored to fit each customer's needs. Once an account is selected, the customer can use their debit cards for purchases. They can also withdraw money from the bank's network of ATMs.
Savings Account: According to Pilot Bank, this option is recommended for individuals who are trying to keep money aside for emergencies.
Money Market Account: This is an easily accessible form of savings account. It has a higher interest rate than a regular savings account.
Health Savings Account: This account is best for healthcare customers with a "high paying deductible health insurance plan." Interest accrued on this account is tax-free.
Certificate of Deposit: This is another form of savings account with a fixed interest rate that is higher than a regular savings account.
Personal Online Banking: This allows customers to manage cash on the go via Pilot Bank's mobile app. Customers can deposit check, transfer funds, pay bills, and check transaction history. 
Commercial Banking ServicesPilot Bank's commercial banking services include commercial loans, commercial deposit accounts, treasury management services, and merchant services.
Commercial Loans: Pilot Bank offers loans to businesses to help them grow. The bank claims it offers competitive interest rates and terms, depending on the business. Its available commercial loans include term loans, commercial real estate mortgages, equipment capital, small business administration loans, and working capital lines of credit. 
Commercial Deposit Account: This is a business account that includes small business checking accounts, remote deposit capture, interest checking accounts, commercial analysis checking accounts, money market accounts, and community service checking accounts.
Treasury Management: Pilot Bank describes this as a more efficient way for businesses to manage their operations. The bank assists businesses in managing excess funds and controlling payables. The services included are sweep accounts, direct deposit originations, ACH origination services, positive pay, and wire transfer services, among others. 
Merchant Services: This allows businesses to start and expand their credit card processing capabilities. Pilot Bank claims it can reduce the fees business owners pay for other merchant services. 
Aircraft Finance: Through its affiliate, National Aircraft Finance Company, Pilot Bank offers aircraft financing. 
Most of its commercial banking services are limited to its Tampa locations.  

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Pilot Bank: Overview

 Founded in 1987, Pilot Bank is a full-service bank headquartered in Tampa, Florida. It caters to entities in Florida, where it has six locations. Pilot Bank's future ambitions include expanding its philanthropic efforts, reaching more consumers, and investing in SEO.
History & GrowthPilot Bank was established in September 1987 in Tampa, Florida. At the time, it was known as The Terrace Bank of Florida. 
In 1995, Pilot Bank acquired University State Bank in Tampa and restructured its company. 
Its holding company, Pilot Bancshare, was founded in 1995. Pilot Bancshare soon acquired National Aircraft Finance Company (NAFCO) to diversity its corporation.
By 2002, Pilot Bank changed its name to Terrace Bank. In 2005, it finally changed its name to what it is known as today, Pilot Bank. 
In October 2018, Pilot Bank opened its first St. Petersburg branch, previously occupied by Barnett Bank. 
Thirty years after being established, the bank now has six locations, four of which are in Tampa.
Pilot Bank has almost 100 employees across its six locations, compared to the 58 employees it had less than five years ago. 
Future AmbitionsPilot Bank plans to employ more top talents for growth. It recently employed its first female president, Rita Lawson. She previously served as an executive at Regions Bank and Bank of America.
Pilot Bank also plans to be involved in more organizations by broadening its philanthropic efforts. 
Recently, Pilot Bank invested in search engine optimization. When US consumers look up banking topics online, Pilot Bank would be "among the first businesses listed in the search results, helping the bank to reach more potential new customers." It plans to invest more in search engine optimization.
The bank also plans to reach more commercial loan customers. It has not outlined how it is going to do this yet.