Spotlight On: Raj Adhikari, President, Jacksonville Commercial Banking Group, Renasant Bank
February 2025 — In an interview with Invest:, Raj Adhikari, president of the Jacksonville Commercial Banking Group at Renasant Bank, talked about the opportunities that the arrival of people and the relocations and expansion of businesses in Florida offer for the bank. He also talked about the importance of leveraging technology to achieve efficiency and the impact of the current interest rate environment on the banking sector.
What have been the most important contributions or impact of Renasant Bank in the Greater Jacksonville area over the past year?
Renasant is based out of Tupelo, Mississippi and has been in business since 1904. When our footprint expanded into the Jacksonville market, Renasant reached out to me with the opportunity to join the bank.
Our biggest contributions are twofold. On one hand, we were able to successfully expand our residential mortgage division in Jacksonville and build out a full commercial banking team. In my first six months at Renasant, we built a team with six people and opened a loan office located in the heart of Jacksonville. Through the accessibility of our location, we can develop relationships and give back to our community.
Renasant has found success from a production standpoint because of our personalized service and relationship building. For example, we have provided both construction financing for a cabinet manufacturer and a charter school. We are industry-agnostic with a wide range of solutions, so we can bank anyone, from a landscaper that needs a $100,000 loan to a company with $300 million in revenue that needs to borrow $40 million.
What is your overview of the banking and finance sector in the Greater Jacksonville area?
I have been in this market since 1978 and have seen tremendous growth in the Greater Jacksonville area. COVID-19 brought diversification into the market. Investors no longer have to be in New York or Chicago. Instead, they can work from Vera Beach or Jacksonville and benefit from Florida state income laws and our beautiful climate. We are fortunate to have an influx of businesses coming to this area to spur the growth of our banking.
What products and services do you expect will be the main drivers of growth for Renasant Bank?
Technology is driving everything from an efficiency standpoint in all industries. We have an ATM with Live Banker at our location in Jacksonville, which provides customers the opportunity to speak with an actual person who can conduct their everyday banking transaction needs.
Our location creates an intentional and customized experience for existing and potential customers which allows us to focus on solutions to fit their needs. Technology will be our biggest growth driver, and it will create efficiency for Renasant across our markets.
What are the industries or sectors that are driving growth in demand for Renasant Bank’s products and services?
The economy drives a lot of our growth opportunities. When there is a thriving housing and construction market, general contractors and subcontractors do well. Small businesses, community entities, staffing and technology are also important.
How does Renasant Bank leverage technology and innovation to operate more efficiently?
The need for retail presence remains but can be enhanced with technology. Having more ATMs and ATMs with Live Bankers across the footprint will be a way for Renasant to expand its reach. Our digital platforms are easily accessible for our customers which gives them the freedom to bank from anywhere. While developments in technology are great, Renasant recognizes that cybersecurity can be a major issue. Renasant is committed to having the technology and resources to help protect and educate our customers.
What are the key trends that are shaping the sector in Jacksonville?
The influx of people moving to Florida is a huge opportunity for Jacksonville. Californians and New Yorkers are used to real estate values in the seven figures, but they see prices well below that as they come to our state. We are also seeing people moving in and starting businesses, particularly in private equity. We have had 10 private equity companies move to Ponte Vedra after realizing what a great community and banking environment is here.
How have corporate relocations, business expansions, and population growth in Jacksonville benefited Renasant Bank?
We have benefited quite a bit on the residential side where we have built intentional relationships with CPA firms in the financial advisory and commercial real estate space. They are the first to understand when new businesses come in and when people are looking to buy homes. We are extremely excited to work with these firms and see this as a tremendous opportunity.
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