Bank of Pensacola will finance new YMCA

  • April 13, 2015
  • /   Staff Reports
  • /   community-dashboard
The YMCA of Northwest Florida's Board of Directors chose Bank of Pensacola to provide financing for the new, $16 million downtown YMCA. The Y’s volunteer-led Finance Committee recommended Bank of Pensacola after a thorough process involving a request for proposal issued to 14 local and regional financial institutions. The Board unanimously approved the recommendation. “After reviewing the responses to our RFP, we agreed that the Bank of Pensacola proposal provided the most favorable offer for the Y,” said Alan Nickelsen, chairman of the committee. The bank will provide bridge financing while capital campaign pledges are paid over a five-year period, as well as any long-term financing needed, he added. “We believe the development of the new downtown facility fulfills the YMCA’s goal of strengthening our community, a goal shared by Bank of Pensacola,” said Bill Woodbury, President and CEO of Bank of Pensacola. “We also believe this opportunity encompasses our bank’s mission to be a true financial partner in our community. In addition to being a true community bank, we set ourselves apart from our peers through our personalized customer service, our heritage, and our capacity for making quick decisions locally.” Locally owned and operated, Bank of Pensacola was founded in 1973 as First Navy Bank with a special focus on serving active-duty and retired military personnel. Vice President Perry Palmer said the bank rebranded itself last April and constructed a new main office at the corner of Main and Palafox streets. That office opened in December. Bank of Pensacola is owned by Five Flags Banks. Five Flag Banks is the holding company for Pensacola's oldest community banking group: Bank of Pensacola, The Warrington Bank, and Bank of the South. Project development and capital fundraising for a new Y continues to move forward. Groundbreaking is planned this summer.
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