Brian Hagan, Florida Market President, First American Bank

Invest: met with Brian Hagan, Florida Market President of First American Bank, to discuss the institution’s recent milestones, strategies for personalized client service, and its role in supporting Miami’s evolving business landscape. Hagan emphasized the bank’s commitment to the local economy, stating, “Our primary goal is to support the local economy by helping businesses grow, create jobs, and strengthen communities.”.

What have been the most significant achievements and milestones for First American Bank over the past year, particularly in the Miami market? 

Over the past year, First American Bank has made substantial investments in the Miami community. A central part of this strategy has been the hiring of a significant number of new employees to strengthen the bank’s expertise and expand its local presence. Alongside hiring new talent, we’ve also focused on improving our physical footprint by transitioning from leased branches to owned and upgraded locations. We recently opened a new branch in Hialeah, and another one is underway in Little Havana. We’re also actively exploring additional locations to further expand our reach and continue providing exceptional service to our customers and the broader community. 

How do you prioritize personalized client service across your diverse banking sectors?

At the core of First American Bank’s approach is a commitment to building long-term, personal relationships with our clients. We prioritize providing our business customers with knowledgeable advisers who can offer meaningful insights and value. To achieve this, we’ve not only hired additional expertise but also invested heavily in training and retaining our existing team members. Stability is crucial, and it’s something clients really value. In an environment where change is often constant, the ability to offer consistent, personalized service builds long-term loyalty, which is something we take pride in. 

What key challenges do you see in Miami’s banking environment, particularly regarding regulatory changes and the economy?

On the regulatory front, banks across the board are facing ongoing changes that increase operational costs. While this is not unique to Miami, it does put pressure on banks to consolidate and seek efficiencies, often at the expense of the personal touch that clients value. This is an area where smaller, community-focused banks like ours have a distinct advantage. Economically, higher interest rates have presented challenges, particularly in real estate and other sectors that have seen reduced activity. That said, as rates begin to ease, we’re optimistic about renewed momentum in areas like real estate transactions and business growth. Additionally, we anticipate increased activity in M&A, which has slowed down recently. Despite these challenges, we’ve been encouraged by the resilience and strength of our business clients, who have continued to prosper.  

What opportunities are you exploring to not only grow the company but also deliver exceptional customer service that sets you apart from other banks in the area?

We’re actively focusing on expanding and refining the services we provide, particularly for business owners and their families. In the near term, we’re placing a strong emphasis on enhancing our wealth management offerings. These include financial planning and estate planning services, which complement the investment advice we’ve been delivering successfully for years, ensuring that we meet the evolving needs of our clients. We’re building a more robust team to serve the unique needs of our foreign clientele. Many foreign businesses and families are establishing operations here in Miami, and we’ve long been a trusted partner in this space. To better support them, we’re expanding our lending capabilities and private client services to offer more comprehensive solutions tailored to their unique needs. 

Could you elaborate on the evolving needs of foreign businesses in Miami and how First American Bank is adapting to meet them?  

The Latin family businesses we often work with in Miami have distinct expectations and requirements. They value deep, trusted relationships with senior advisors who understand both their business and personal needs. These clients are not simply seeking financial products; they’re looking for comprehensive, holistic advice about the North American markets. Our role is to ensure we meet these needs across a wide spectrum, from handling corporate lending, private banking, and customized investment strategies. Foreign businesses often face regulatory and financial challenges that differ from those of domestic clients. By tailoring our approach to these specific needs, we’re able to provide targeted solutions. Unlike large institutions that may offer similar services but struggle with integration, we’ve spent the past decade building a seamless, relationship-driven model that truly serves our clients’ best interests. 

With the rapid advancements in technology, how are you evolving your digital transformation efforts?

We’ve made significant investments in our e-banking platform, which is both robust and user-friendly. It offers a wide range of functionalities, including advanced fraud protection, which is crucial for safeguarding our clients’ assets. Of particular interest to our foreign clients, we are introducing e-signature to our Treasury clients with further rollouts throughout the bank in the coming months. 

While technology is vital, the bank remains committed to maintaining the personal relationships that have defined its success. We aim to strike a balance, ensuring clients can choose the level of digital interaction they’re comfortable with while still having access to personalized, human support when needed. This hybrid model – blending technology with personal touch – is what sets us apart from larger, more impersonal banks. 

What role do you envision First American Bank playing in Miami’s evolving market, and what are your top priorities?

We see ourselves as a vital partner to small and medium-sized family businesses, filling a niche that combines the expertise of a larger institution with the personal touch of a community bank. As a family- and employee-owned bank, we’re able to invest deeply in our people and deliver consistent, high-quality service. Our primary goal is to support the local economy by helping businesses grow, create jobs, and strengthen their communities. This has always been our area of expertise, and we believe it’s more important now than ever as Miami continues to evolve as a dynamic business hub.