Paradise Bank was founded in 2005 by a four-person executive team that had been working together since 1994. After selling their previous institution to the Royal Bank of Canada, the four founders decided to create more of a “forever concept” with the new venture.
“We’re a Subchapter S corporation with less than 100 shareholders, so we can run the bank [with a long-term perspective] versus running it for the stock price,” says Bill Burke, president and vice chairman. “That plays in our favor in terms of making this the last bank we ever work for.”
The community bank considers its back-office deposit and loan operations its “backbone.” It’s involved with about 70 different community nonprofits and adheres to a highly disciplined loan portfolio strategy that includes a large number of SBA loans. “We take our time when underwriting loans,” says Burke. “As a result, none of our current loans are more than 30 days past due. That’s a tribute to our lending staff.”
In 2025, Paradise Bank plans to move out of its leased headquarters location and into a brand new 24,000 sq. ft. building that’s currently under construction in Boca Raton.
“Once you own a building, you’re no longer paying rent, and that positively impacts the bottom line,” says Burke. “We see this investment as a good economic play for us in Boca Raton.”
