Ep. 238 | Community Banking Rebooted: Stablecoins, Tech & the New Money Movement
When was the last time the person approving your business loan picked up their own phone?
In this episode, Matt and Lou sit down with Keith Costello, who built Locality Bank from the ground up, a tech‑forward community bank for real business owners. They dive into his “why,” the nuts‑and‑bolts of launching a bank, the future of stable coins, and why the big banks aren’t always the best choice for entrepreneurs.
🍸 What you'll hear in this episode:
How Keith transitioned from military to Merrill Lynch to banking and finally to founding Locality Bank.
Why he says community banking isn’t dead—it just needed a reboot.
The behind‑the‑scenes of getting a bank charter, FDIC insurance & raising ~$40 million from local business owners.
Why many banks are failing local businesses and what entrepreneurs should demand instead.
A primer on stablecoins: what they are, why they matter for small/medium businesses.
How Locality Bank makes money and why the “spread” matters for business owners.
The tech‑first, human‑touch model: balancing digital banking + sit‑down cigars with business owners.
What’s next for banking, payments, and local business ecosystems.
💡 Notable Takeaway:
Traditional finance is not going to go away… but stablecoins and crypto are coming very rapidly.
👤 About our Guest:
Keith Costello is the Founder & CEO of Locality Bank, based in Fort Lauderdale, Florida. With prior exits in the banking world, Keith set out to build a new style of community bank designed for small and medium‑sized business owners. He’s passionate about preserving local relationships, embracing technology, and enabling entrepreneurs to access the capital they need to grow.
🎧 Why Listen:
If you’re building a business, seeking banking that gets you, or curious where finance is headed (yes—stable coins, crypto, and what it means for your next deal), press play now. This one’s for builders who want banking that works with them, not against them.
🔗 Links + Stuff
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