Grove Bank and Trust brings back a familiar name to lead company
A familiar name in Miami banking is coming out of retirement to lead Coconut Grove-based Grove Bank and Trust.
Sheldon T. Anderson, the longtime president and CEO of the southeast region for the Northern Trust Company, has been named Grove’s new chairman and CEO. For the past five years, Anderson has served on Grove’s board of directors; he retired from Northern Trust in 2013 after working there for more than two decades.
Grove said former chairman and CEO Rick Kuci had recently resigned after leading the bank for 15 years.
“We look forward to the expertise and deep community connections that Sheldon brings to this role,” Grove bank holding company chairman Charles Stuzin said in a statement. “Much of the Bank’s success can be attributed to its legacy of capable and caring leaders who believe in the potential of South Florida and we look forward to continue operating from the position of strength the Bank has enjoyed for almost 100 years.”
Stuzin added: “We wish Rick well in his future endeavors and thank him for his leadership. Grove Bank and Trust has enjoyed a banner year of double-digit growth in loans, deposits and assets under management.”
Founded in 1926, Grove is Miami-Dade’s longest continuously operating lending institution. With $860 million in assets, Grove has a 5-star rating from Bauer Financial bank analyst group. Billionaire entrepreneur Phillip Frost is Grove’s largest shareholder.
This story was originally published March 18, 2021 at 1:18 PM.
