In their first-quarter earnings report, bank officials see no slowdown in the commercial real estate industry as they shoot for $100 million in deposits at their three Orlando units this year.
The eight-month-old local operations at two branches posted $73 million in deposits and generated $84 million in loans. Admiralty focuses on providing acquistion and development loans to site developers.
Despite a national report last week indicating foreign travel to Florida was down, Admiralty is seeing increased demand for real estate loans from foreign homebuyers, especially the British.
At March 31 of this year, Admiralty had total assets of $366.7 million, up 21.7% from fourth quarter 2000. Net loans totaled $261 million, an increase of 19.4%. Deposits totaled $324.3 million, up 24.1% from Dec. 31, 2000.
Admiralty opened its Downtown branch Sept. 7, 2000 and its South Orlando unit March 19, 2001. Both are full-service operations.
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