TLDR: BayFirst National Bank has opened a full-service branch in the Newtown neighborhood of Sarasota, Florida. This is the first full-service financial institution to operate in this predominantly Black neighborhood. The bank, which is the 11th full-service branch for the company, has expanded its services to include personal and business banking products, loans, financial education programs, and a no-fee ATM. BayFirst has also created programs such as the BayFirst 100 residential loan program and the credit builder loan program to meet the specific needs of the Newtown community.
A full-service BayFirst National Bank branch has opened in the Newtown neighborhood of Sarasota, Florida, marking the first full-service financial institution to operate in this predominantly Black neighborhood. The branch, which is the 11th full-service banking center for the company, offers personal and business banking products and services, including deposit accounts, loans, financial education programs, and a no-fee ATM.
The BayFirst branch in Newtown originally entered the community as a financial resource center in 2022 but has now expanded its offerings to meet the needs of the residents. The bank has implemented programs such as the BayFirst 100 residential loan program, which provides financing for home purchases without a major down payment. The program offers a 75% first mortgage backed by a 25% second mortgage. BayFirst has also created a credit builder loan program, which provides small loans to approved customers to help rebuild and establish credit.
BayFirst has actively engaged with the Newtown community by conducting surveys, meeting with local housing organizations and leaders, and modifying and expanding programs to directly benefit residents. The bank has worked with the housing authority on a voucher program for rent subsidy and has implemented the Second Chance Checking product, allowing customers to open new checking accounts after having one closed at another financial institution.
The renovated banking center is located at 1782 Dr. Martin Luther King Jr. Way and is staffed by four full-time employees. The branch operates from 9 a.m. to 3 p.m. Monday through Thursday, and from 9:30 a.m. to 6 p.m. on Fridays. It is closed on weekends.