Jeff Weeks, SVP – Jacksonville Market President, TC Federal Bank
In an interview with Invest:, Jeff Weeks, SVP and Jacksonville market president at TC Federal Bank, shared the institution’s recent milestones, insights into Jacksonville’s banking landscape, and future growth strategies, including market expansion and their commitment to personalized, relationship-driven service.
What have been the main highlights and key milestones for TC Federal Bank over the last year?
TC Federal Bank is what I would refer to as a smaller community bank. We’re based in Thomasville, GA, with branches in Tallahassee, Savannah, and now Jacksonville. The key highlight for us recently has been essentially doubling our market size. Before 2021, we only had branches in Thomasville and Tallahassee. But in 2023, we expanded by opening offices in Savannah and Jacksonville within a two-week period in July. This was an exciting milestone for us, and we’ve made a major investment and commitment to both of these markets by opening retail branch locations there.
What is your overview of the banking and financial services industry in Jacksonville at the moment?
First, I should explain our management structure. While our headquarters are in Thomasville, they decided to pursue Jacksonville. I’m a Jacksonville native and have spent my entire banking career here. So when TC Federal wanted to enter this market, I chose to stay in Jacksonville and help establish the bank here.
What drew them, and me, to Jacksonville is the fact that, over the past 20 years, all the smaller community banks here have been acquired by larger institutions. This consolidation has significantly affected community banking in Jacksonville. Today, the banking landscape is dominated by large regional or national banks, as well as credit unions. The absence of community banks in Jacksonville created a unique opportunity for TC Federal to fill that gap.
What gives TC Federal its competitive edge?
The banking industry has been transformed by technology over the last 20 years. Now, people can handle almost all their banking needs from their phones. For community banks, this has leveled the playing field. As the cost of adopting advanced technology has come down, it has allowed banks of all sizes to participate.
However, what sets us apart is the personal touch. We primarily focus on commercial banking, and our clients value relationships over convenience. That one-on-one connection with our clients is what makes the difference. While we can offer the latest technology, we also provide a high level of personalized, white-glove service to our commercial clients.
Are there specific industries or sectors you expect to drive growth for TC Federal?
Our focus is on small businesses. Given the size of our bank, we’re not the institution to finance a $50 million building downtown, but we are well-suited for small businesses in industries like contracting, manufacturing, healthcare, or real estate investment. That’s our sweet spot.
It was recently announced that your holding company is now qualified to trade on the OTCQX Best Market. What does that mean for the bank overall, and what is the potential impact locally and regionally for your operations?
Having our stock traded on a public platform establishes a clear value for the bank and gives us credibility. Our bank is actually celebrating its 90th anniversary this year — we started in 1934. Being publicly traded enhances our credibility in the marketplace, making it clear that we are a financially strong and well-capitalized institution. It allows the public to follow our financials and performance, which is important for transparency. This is a shift from being a privately held entity to a more publicly visible bank, and it’s a statement of our strength and stability.
The population and business growth happening across Greater Jacksonville, what impact does that have on the region’s overall banking and finance sector?
Jacksonville is a booming area and has been growing rapidly for a number of years. The local economy is a good mix of industries like healthcare, manufacturing, and, of course, the port, which adds significantly to our economic development. In our niche, we play a support role for the smaller businesses that serve as the foundation of these industries. We offer products and services tailored to meet their needs. The Jacksonville market is strong and exciting, and we’re thrilled to be a part of it.
What are the primary challenges for you at the moment, and how are you addressing them?
Our biggest challenge right now is name recognition. We’re new to the area, and getting our name out there is a major hurdle. We only have one retail office and a loan production office, so we’re working with a limited physical presence compared to larger national banks that may have an entire branch network in the region. Competing with those larger banks for clients is a challenge, but we’re focused on letting people know who we are, what we offer, and how we differentiate ourselves in terms of service.
Looking toward the future, what is the outlook for TC Federal in terms of priorities, plans, and projects over the next two to three years?
Our priority is continued growth. While I may need to confirm with our headquarters in Thomasville, the objective is not only to expand in Jacksonville but also into surrounding areas. We’re looking to grow our footprint in Jacksonville’s neighboring counties and beyond. Expansion into new markets is definitely on our radar.
