Jared Opalinski, SVP, First Coast Market Executive & Commercial Banking Leader, Regions Bank

In an interview with Invest:, Jared Opalinski, senior vice president, First Coast market executive and commercial banking leader at Regions Bank, discussed the milestones for the bank in Jacksonville, including expanding its team, their focus on deepening client relationships and community engagement, and how it plans to capitalize on Jacksonville’s growth.

What have been some major highlights over the past 12 months for the bank?

We have had quite a history here in Jacksonville, spanning several years. Upon my arrival two years ago, I saw it as an opportunity to bring stability to the scene. Initially, building the team was the top priority as previous leaders had departed by 2016, leaving a noticeable void. The market lacked the engagement it once had.

When I arrived, there was just one banker under my wing. Today, we have grown to a team of six. It has been a gradual process of expansion and outreach, a journey marked by incremental progress. The market, if asked, would likely agree that our presence has not been as robust as it should have been over the past eight years; however, we are actively working on changing that. Leading the commercial banking team, I have been here for the better part of two years, which is the longest tenure in recent memory. Additionally, the retail side has also found stability. While we may not have fully reached our goals yet, we are committed to making a more meaningful impact in the community.

How have recent market changes, including inflation, interest rates, and labor challenges, affected your organization?

There is a lot to unpack here, and it would be worthwhile to dive into the various aspects. From a labor market perspective, some of this can indeed be traced back to the onset of COVID-19 in 2020. We made a strategic decision as a bank to be among the first in the Southeast to reopen our branches. This decision, however, came with its own set of challenges. It sparked a division among our workforce, with some eager to return to the office while others preferred remote work setups. This dichotomy mirrored the broader societal divide, highlighting the complexities we faced.

Despite these challenges, we have achieved significant milestones. One such achievement is the ability to raise pay rates, a testament to our commitment to our employees. On the branch side, we are proud to say that we are nearly at full capacity, which is a noteworthy feat given the high turnover typically associated with branch roles. 

Moreover, on the commercial side, we have diligently worked to recruit and nurture talent, which is essential for our growth and success in this community. However, it is not just internal factors shaping our journey. External factors, such as interest rates, play a pivotal role.

Interest rates have been historically low. For an extended period of time, rates were near zero, which is why any rise now feels relatively high. It has been intriguing to witness this shift, especially considering my background in banking, which spans several pivotal economic periods. From the run-up to the Great Recession to the subsequent years of moderate growth, I have seen firsthand how economic conditions influence interest rate dynamics.

This brings us to lending, where we have experienced fluctuations driven by interest rate movements. Last fall, there was a sense of cautious optimism as rates stabilized, prompting renewed activity. However, as the new year dawned, uncertainty reemerged, leading to a pause in lending activities. Nonetheless, there are positive sides to these challenges.

The slowdown in lending has created opportunities on the deposit side, an area that is often overlooked. While we have always emphasized the importance of relationships over rates, the current environment has allowed us to deepen our engagement with clients in new and meaningful ways. By leveraging this shifting landscape, we have unlocked doors to potential growth and expansion, further solidifying our position in the market.

Given the competitive market dynamics in Jacksonville, how does Regions plan to expand its footprint?

When considering the market’s instability, expanding to more locations is not the immediate focus. We acknowledge the need for further stabilization before contemplating additional branches. Currently, our efforts are centered on increasing visibility within the community. This entails various approaches, from sponsoring events to actively participating in community activities. It is about making our presence known, whether through sponsoring local events or simply donning our bank’s t-shirt at community races.

Our growth strategy involves strategic personnel additions. For instance, we recently hired a banker with 15 years of experience in the market, a significant milestone given our initial staffing challenges. Early hires may have seemed unconventional, but they were necessary to adapt to the market’s dynamics. We recognize that certain top-tier bankers may not have considered joining us initially, but through consistent presence and showcasing our values, we are gradually gaining traction.

How has the shift toward mobile banking technology impacted client expectations?

Personally, if I weren’t working in banking, I probably would never step foot in a branch. The convenience of mobile and online banking is unparalleled. Yet, I have been taken aback by the continued foot traffic in our branches. It seems people enjoy having the best of both worlds — digital access for quick transactions and the option to sit down with a person for more complex matters. I do not foresee branches disappearing anytime soon. While technology offers incredible possibilities, there is something irreplaceable about face-to-face interactions.

The COVID-19 pandemic catalyzed significant changes in the banking landscape. Before February 2020, remote work was often frowned upon in banking. However, the pandemic forced us to adapt, leading to a newfound appreciation for flexibility and remote collaboration. Even in commercial banking, where onsite visits are invaluable, video calls have become a time-saving tool for routine discussions.

That being said, finding the right balance is key to success. The banks that are succeeding are finding the middle of the road by embracing both digital innovation and personalized service. While physical presence remains crucial, the ability to offer seamless digital experiences is equally essential. It is about meeting customers where they are, whether it is in a branch or on a video call.

What unique opportunities does Jacksonville offer for businesses looking to establish a presence in the area?

I am genuinely thrilled by the transformation unfolding in Jacksonville. As a Florida native with deep ties to this area, I have witnessed its evolution over the years. Jacksonville has often been dubbed the last hidden gem in Florida, a title that reflects its unique charm. While being a secret has its allure, it is time for Jacksonville to step into the spotlight and showcase all it has to offer.

Jacksonville boasts a perfect blend of attractions, making it stand out in the Sunshine State. With its diverse array of offerings, from beautiful beaches to professional sports teams, there is something for everyone here. The revitalization of downtown is particularly intriguing, with new developments and renovations breathing new life into the area.

It is refreshing to see the tangible progress taking place, from the groundbreaking ceremonies to the bustling activity around the Jaguars’ new stadium. The excitement is palpable, especially for someone like me, experiencing it for the first time. It feels like Jacksonville is on the cusp of something extraordinary, and I am eager to be a part of it.

As someone representing Regions, I am excited to see how our presence in Jacksonville evolves alongside the city itself. With so much promise and potential, the future looks bright for both Jacksonville and Regions.