In the News

DeVaux Named “Banker of the Year”

PRESS RELEASE
June 2018

For Immediate Release | Contact: Renee Thompson, 850-224-2265

Florida banker given distinguished honor at Florida Bankers Association’s Annual Meeting

PALM BEACH—Sunstate Bank President and CEO Lloyd DeVaux was recently named 2018 “Banker of the Year” by the Florida Bankers Association (FBA). The award, which annually recognizes an individual who demonstrates the highest level of commitment to the banking industry and service to his or her community, was presented at the FBA’s 130th Annual Meeting. 

Following a video documenting his distinguished career, DeVaux was ushered forward to accept the award by a standing ovation from his colleagues and peers. 

“Lloyd has been an active member of the Florida Bankers Association for many years and has served on nearly every FBA board.  In addition, he is an outspoken advocate for the banking industry,” said FBA Executive Vice President and COO Pamela Ricco.  “The Banker of the Year award is not given lightly.  It is an honor given to deserving bankers who are dedicated and hard-working and Lloyd is certainly deserving.”

The FBA’s Banker of the Year is selected using the following criteria:

  • An outstanding commitment of involvement and services in his/her community;
  • A concern for the continued success of banking;
  • A dedication to conveying the value of banking to the public;
  • A reputation for excellence and distinguished achievement within the banking industry.

“Lloyd’s commitment and loyalty to the association, to the state of Florida and to his community set a high bar for each of us to strive for in our own personal and professional lives,” said Ricco.  “His engagement makes a difference.  For example, Lloyd’s Congressional testimony this year strongly influenced regulatory reform.”

Throughout decades of engagement in the FBA, DeVaux has served as chair of BancServ, Inc. and as a member of the FBA Audit Committee.  He is currently a member of the FBA Board of Directors and its Executive Committee.  For the coming year, he will serve as chair of the FBA Government Relations Council.  In addition, he is the association’s chair-elect and is line to serve as chair of the FBA in 2019-20. 

“An example of an ideal FBA member, Lloyd supports BancServ Endorsed Partners and uses a lot of their services.  He is also generous in contributions to the FBEF and Florida BankPac,” said Ricco.  “We are proud to be able to recognize Lloyd for all of his contributions to the FBA and the banking industry.”

The Florida Bankers Association (FBA) is the voice of Florida’s banking industry, which is composed of small, regional and large financial institutions that together employ tens of thousands Floridians, safeguard more than $500 billion in deposits and extend more than $135 billion in loans.  Established in 1888, the FBA is one of Florida’s oldest trade associations; its members hold more than 90 percent of the state’s deposits.

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Lloyd DeVaux, Sunstate Bank's President & CEO, recently testified before Congress on BSA/AML.

PRESS RELEASE
June 28, 2017

For Immediate Release | Contacts: Jeff Emerson (202) 226-0471; Sarah Rozier (202) 226-2467

Subcommittee Examines the BSA/AML
Regulatory Compliance Regime

WASHINGTON – The Financial Institutions and Consumer Credit Subcommittee held a hearing today to examine the federal government’s anti-money laundering (AML) efforts under the Bank Secrecy Act (BSA). The primary focus of the hearing was to understand compliance challenges facing financial institutions, including compliance trends, the effectiveness of current reporting requirements, and opportunities to improve and enhance the federal government’s ability to combat money laundering and terrorist financing.
“The goals of the Bank Secrecy Act and anti-money laundering (BSA/AML) legal regime are laudable: financial institutions and government agencies should work together to prevent money laundering and terrorist financing. However, aspects of this regulation have spiraled out-of-control and resulted in a breakdown between law enforcement, financial regulators, and institutions. The de-risking seen throughout the financial services space, in part because of BSA/AML regulation, actually increases risk to the system,” said subcommittee Chair Blaine Luetkemeyer (R-MO). “We cannot afford to have an ineffective BSA/AML regime. Today’s hearing is the first step in a series to discuss improvements that could benefit law enforcement and financial institutions – while simultaneously creating a more effective BSA/AML regulatory construct.”

Key Takeaways from the Hearing:

* The consequences of money laundering are significant to both financial systems and governments worldwide.

* The Bank Secrecy Act (BSA) and the U.S. economic sanctions regime impose substantial compliance burdens on financial institutions, especially smaller financial institutions with limited staffing and resources.

* The Federal government has an important mission in combatting money laundering and terrorist financing, but efforts to improve outcomes while reducing unnecessary costs should be considered.
Topline Quotes from Lloyd DeVaux:
“As a community bank, we have seen an influx of new regulations over the past few years as well as additional requirements under old regulations such as the Bank Secrecy Act. Clearly, BSA compliance is an important building block for our national security, but it is founded on principles that were developed nearly 50 years ago. The world has drastically changed since the BSA was adopted in 1970; criminals keep evolving and staying one step ahead of banks and law enforcement. As the United States takes steps to combat terrorism and financial crime, now would be a good time to update the compliance requirements to develop a system suited to the twenty-first century.” – Lloyd DeVaux, President and Chief Executive Officer, Sunstate Bank, on behalf of the Florida Bankers Association

Please click here to read the full Lloyd DeVaux Oral Statement to Congress.

Please click here to view the full video testimony.


Our Bauer 5-Star Rating puts Sunstate Bank in the top category of financial institutions in the United States.

Sunstate Bank was recently awarded the highest rating of 5-Stars by BauerFinancial, Inc. for 2016. Because of Sunstate’s security, strength and reliability we have been recognized as one of the strongest financial institutions in the country*.

About BauerFinancial, Inc.

BauerFinancial, Inc. is the nation’s leading independent bank and credit union rating firm. BauerFinancial, Inc. has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. Through the years BauerFinancial has earned the reputation of “the nation’s bank rating service”. Over the years, federal and state regulators have referred thousands of inquirers to Bauer.

*Star ratings current as of February 9, 2017. Bank Star ratings are based on September 30, 2016 financial data

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Congratulations Lloyd DeVaux — Florida Banker's Tier 1 Chairman

Alex Sanchez, President and CEO, announced that Lloyd DeVaux had been elected to serve as Tier 1 Chairman on the FBA Executive Committee. Lloyd has been serving on the FBA Board since June 2016 and this is his second term servicing as Tier 1 Chairman. The Tier 1 Chairman represents all of the Tier 1 Banks, including Sunstate Bank, on the FBA Board. Lloyd has been active with FBA for many years including chairing the BancServ board.