Navigating financial uncertainty for a fiscally sound Jacksonville
Writer: Pablo Marquez
April 2025 — Financial fluctuations in Jacksonville have had an impact not just locally but also across Florida and throughout the United States. Drawing from the lessons of recent market uncertainty, banks, credit unions, and other financial institutions are implementing strategies to maintain Jacksonville’s financial stability and strengthen its economic future. Meanwhile, financial and legal service providers in the city are adapting to market challenges, using past insights to enhance client support through improved access to banking and credit services.
“We are seeing a lot of red flags amongst our clients, some of them are very dependent on debt and also having a hard time making payments. We want to help clients to address these issues that are closely related to economic instability. Relationship banking is a key aspect of handling customer relations with our clients, especially in times of uncertainty. We have learned a lot from handling customer relationships with both national and international clients,” said Jeyssa Fernandez, senior vice president of First Citizens Bank & Trust at the recent Invest: Jacksonville leadership and networking conference.
A recent WalletHub survey ranks Jacksonville as the third most financially distressed city in the United States. Among 100 cities analyzed, Jacksonville scored nearly 67%, placing it just behind two other cities. Orlando, Tampa and Miami also landed in the top 10, highlighting Florida’s broader financial challenges. The survey assessed financial hardship based on six factors, including credit scores, distressed accounts, bankruptcy filings, and public interest in “debt” and “loans.” These numbers also line up with a recent University of North Florida study, which reveals growing concerns over housing costs and homeowners’ insurance. Voters citing housing as their top issue is now at 34%, where that number sat at only 2% in 2022.
“We train our staff to help clients to the best of their abilities and skills, especially in times of stress and uncertainty. We have learned some powerful lessons from the post-pandemic world. We are ready to fulfill the needs of our client base in these times of uncertainty,” said Samuel Inman, president and CEO of Community First Credit Union of Florida, adding on to Fernandez’s comments. “We make sure that both our employees and clients are wary of potential cyber and fraud scams. We have internal measures and programs to work against this rising threat.”
Local credit unions in Jacksonville have, and will continue to play an essential role in promoting the region’s economic growth. In Northeast Florida, credit unions are increasingly stepping up as vital players in ensuring economic stability, supporting community development, and aiding local businesses to drive the community’s progress. Jacksonville is home to the headquarters of 28 credit unions, supporting financial stability by providing lower loan rates and fees than for-profit banks. Their competitive mortgage, auto, and business loan terms make it more accessible for individuals and small businesses spurring small business growth and strengthening the fiscal position of the region.
“In times of uncertainty, the best we can do is to provide reliable counsel and guidance,” Martha Rabbit, partner at Shutts & Bowen LLP, stated at the conference. “Our mission is to make sure that we are available to clients when they need us most. We continue to nurture and build our existing client relationships, to understand the areas where we can better serve them.”
Top image via Garrybcoston/Wikimedia
For more information, visit:
https://www.firstcitizens.com/
https://www.communityfirstfl.org/
