Young Business of the Year finalist: Gateway Bank

When Shaun Merriman started organizing Gateway Bank in November 2006, he had yet to find a venue for it.

On his first day of work, he rented and set up shop off-site, coincidentally at Gateway Business Park. A man of structured nature, Merriman headed into work just like he had every day before resigning as CEO of AmSouth Bank. He did, however, sport the casual-Friday look by leaving his tie at home.

“It takes a little risk to put a large percentage of your nest egg into a start-up venture you don’t even know is going to be approved,” Merriman said. “I worked 12 hours that day and didn’t even go home early.”

On May 19, 2008, Merriman received the charter, and Gateway Bank officially opened for business. Within that same year, he opened three branches.

Merriman has sought to engage himself, Gateway Bank and its employees in both the Bradenton and Sarasota communities by consistently participating in heart walks, 100-mile Century bike rides, Relay for Life and a fitness program through the American Heart Association.

Gateway Bank is also the recipient of the 2009 and 2010 President’s Volunteer Service Award, which recognizes individuals, families and groups and is measured by hours of community service. Three Gateway Bank associates earned the Bronze Award for more than 100 hours of community service in 2010.
In addition, Merriman earned the Silver Award for 262 hours in 2010.

“We’ve had a lot of organizational successes in our three years of operation,” Merriman said. “We’ve raised nearly $20 million during that timeframe when banks were starting down left and right; we opened the very first Leed-certified branch bank in southwest Florida; and we saved this building from demolition.”

The bank’s location at 1100 S. Tamiami Trail was designed by Jack West and is an example of the Sarasota School of Architecture. It would have been demolished and replaced with a CVS Pharmacy.

“We really have, for a small, young business, accomplished a lot, and we don’t plan on stopping,” Merriman said.
 

AT A GLANCE

Start date: November 2006

Employees: One when started, now 39

Advice for other small business owners: “Patience and perseverance are necessary and a hell of a good business plan,” said Shaun Merriman, president and CEO of Gateway Bank.

If you could have any job for the day, what would it be? “I would like to go back and be a professional show skier at Sea World again. I spent six years doing that.”

Biggest challenge: “Navigating a four-year-old business plan through this economic recession in order to comply with the federal mandates that were bestowed upon me when my bank got approved.”

Best place to go for a power lunch: Michael’s On East

First day on the job: “Extremely exciting. I had a clean sheet of paper to develop the bank of choice.”
Business hero: “The person I admire most is Wallace D. Malone, the former chairman and CEO of SouthTrust Corporation. I have tremendous respect for his business acumen and dealing with any kind of business challenges. He invested $10,000 in 1972 and 30 years later tuned it into $1.3 million. He was just brilliant.”

What is one advantage of having your business here? “Good life and good business. I’m stealing that from the Greater Sarasota Chamber of Commerce, but it’s true. It’s really awesome community — the complete package.”

How have you had to get creative in this economic environment? “As local banks struggled with problem loans, I had to be extremely mindful of business cash flow and not making any credit decisions that would hurt in the future. Necessary regulations required us to sharpen our underwriting skills in an effort to avoid problem loans.”

What do you love about your job: “For my personality, it’s the perfect occupation for me. I love structure and I love the competitive nature. I enjoy banking today as much as I did when I first started 25 years ago.”

Contact Loren Mayo at [email protected].