Up until last year, Erik Weiner had spent his entire career working for big banks with outposts in Central Florida. After graduating from UCF in 1996 with a degree in finance, he began what would become a 30-year career that included senior vice president positions at Fifth Third Bank (based in Cincinnati), Bank United (based in Miami Lakes) and City National Bank (based in Miami).
“I really wanted to start a community bank,” says Weiner, who was raised in Winter Park and graduated from Lake Howell High School. “The idea had been rolling around in my head for a while. I wanted to get back to my roots and do something to benefit the place where I grew up and raised my family.”
Weiner believed that the consolidation trend had created a niche for a community bank that focused on smaller businesses and offered personal service and local decision making. The result was Portrait Bank, which is expected to debut its first office in a 5,000-square-foot space (with a drive-through ATM) at 941 West Morse Boulevard in April.
The bank’s organizers have raised about $26 million and secured “handshake commitments” for about $10 million more, according to Weiner. The FDIC generally expects de novo (startup) banks to raise between $15 million and $30 million to ensure a safety cushion for depositors.
“It has been really fun but an amazing amount of work,” says Weiner, a fan of travel, sci-fi movies, sports teams from New York (the Mets and the Jets) and musicals from Broadway. Weiner is president and CEO, while Jay Darulla—formerly a regional executive for Bank of America (based in Charlotte)—is executive vice president and COO.
Weiner’s wife, Jessica Tiscareno, is the marketing director. One of the couple’s two adult daughters, in fact, came up with the bank’s name while walking the family dog. The evocative moniker is a nod to its location in the region’s undisputed cultural hub as well as its mission to help “frame your financial future.”
Chairman of the board of directors is a local banking legend, Ed Timberlake, who “retired” in 2021 after a 50 year-career that included a 15-year stint as regional president of Bank of America and 13 years as regional board chairman for Seaside National Bank & Trust—which was itself a de novo bank until it was purchased in 2020 by Community United Banks (based in Greenville, South Carolina).
“I had no thought of starting a community bank,” says Timberlake, who has spent most of his time since 2022 as board chairman of Orlando’s Dr. Phillips Center for the Performing Arts, where he succeeded another Winter Parker, founding chairman Jim Pugh. (Timberlake is scheduled to step aside after serving two terms at the helm in July.)
But once a banker, always a banker. Adds Timberlake: “Jay [Darulla] called me and asked me to lunch. I got involved because we have two very talented people at the top and it’s in Winter Park. Plus, I’m at the age when you start thinking about legacy, about what you leave behind.”
With or without Portrait Bank, Timberlake’s legacy would be secure. He has chaired numerous civic boards, notched numerous community service kudos and in 2023 received the James B. Greene Award, the highest honor bestowed by Orlando Economic Partnership. He was also named among Winter Park Magazine’s “10 All-Time Influentials” in 2024.
Most other board members live or work in Winter Park, among them Tom Cira, founder of Ironhorse Consulting; Warren Dietel, president of Puff ’N Stuff Catering; Don Gaudette Jr., executive vice president of V3 Capital Group; Joanne McMahon, owner of JM Hospitality; and Brian Yeager, vice president for development and construction of Sullivan Properties.
Portrait Bank is preparing for its unveiling just as community banks are disappearing. Nationally, there are about 4,000 true hometown banks today versus more than 14,000 in 1980. This so-called “great consolidation” has been driven by higher regulatory costs and competition from such nonbank entities as credit unions and digital-only providers.
As of early 2025, there were a grand total of six community banks headquartered in Orange, Seminole, Osceola and Lake counties—down from 38 in 2000—and not one of them in Winter Park. Four large banks now control 67 percent of the market in Central Florida. How, then, can a small community bank compete?
Plenty of ways, according to Weiner. One is to capitalize on the frustration felt by many customers—particularly small-business owners—who dislike dealing with far-flung, algorithm-dependent decision makers who don’t know them or understand their unique circumstances.
Unlike big-box banks, where only credit scores matter, community banks call upon local knowledge when evaluating loans. Such flexibility makes them popular with entrepreneurs and niche borrowers who don’t fit neatly into standard corporate boxes. (Studies have shown that community banks have lower credit losses than their less nimble big-box competitors.)
Another way is to pair a flesh-and-blood banker’s old-school personal relationships with state-of-the-art technology. The surge of cloud-based fintech (financial technology) partnerships has bridged the gap between megabanks—some of which may be saddled with patched-together legacy systems—and community banks.
Corporate citizenship, adds Weiner, is likewise a key to success. That’s why Portrait Bank plans to be thoroughly engaged in the community and to lend its support to good causes, especially arts initiatives. “We have an affinity for the arts,” he says. “That’s what Winter Park is all about.”
Of course, good banks need good people—and Portrait Bank will seek to attract the best by offering an “employee-centric” workplace with what Weiner describes as a “high-energy, positive environment where everyone will feel valued.” About 26 employees will staff the location in Winter Park, he says, adding that branches may open over time.
Finally, Weiner—who has served on the boards of Ronald McDonald House Charities and Junior Achievement of Central Florida—is bullish on the bank because of the business environment in bustling Winter Park, which was recently ranked by WalletHub as “The Best Small City in Florida.” He notes: “We believe that this is a great launching point for us.”
And even at a time when it isn’t necessary to physically visit a bank as often as it used to be, Weiner hopes the location will be pleasant and convenient enough that customers will actually want to stop by and visit in person. There’ll also be facilities offered for community groups to hold meetings.