Coconut Grove Bank announced Thursday that it is changing its name to Grove Bank & Trust.
The bank’s rebranding is expected to occur over the next few weeks.
The bank’s President and CEO Rick Kuci said the name was changed to more accurately reflects the bank’s expanded geographic footprint – which includes locations in Aventura, Coconut Grove, Coral Gables, Palmetto Bay and South Miami – while honoring its past.
“It also marks the historical progression and future direction of the organization. The bank has had trust powers for the past 60 years and is laser focused on its growth and expansion plans to support its boutique banking, commercial and wealth management lines of business,” said Kuci.
Grove Bank & Trust recently named Sheldon Anderson to its board of directors, after his retirement from Northern Trust, and it hired industry veteran Charles Porter as executive managing director of the Trust and Wealth Management division.
This year, the bank is also celebrating its 90th anniversary and the opening of its new headquarters building at 2701 S. Bayshore Drive in Coconut Grove. Founded in 1926, the bank had $656 million in assets as of Dec. 31.