Brannen Bank

BRANNEN BANK which was a lot of money back then. Just a few months later, the Great Depression hit, and that was a great disaster. All the other banks in Citrus County failed – this one, the Bank of Inverness, was the only survivor. “Over the years, our operations expanded with the opening of Dunnellon State Bank in 1946, Crystal River in 1954, and in 1970, we came full circle and opened a bank back in Homosassa Springs where it all began. Then in 1987, we opened the Hernando County Bank in Brooksville. My dad died in 1990, and my brother, George H. Brannen II, and I continued to operate with the conservative fundamentals that Dad taught us. He was known as one of the most conservative bankers in Florida, but that was very good in times like the savings & loan crisis and the various recessions. We were always able to go through them and continue to be profitable.” BVM: How has the Bank evolved more recently? BVM: Joseph, can you share the wonderful backstory of the Brannen family business? Joseph Brannen: “As a young man in his early twenties, my dad, George H. Brannen Sr., worked in a bank in North Florida for Senator Joe Scales. Senator Scales came down to Citrus County to fish, a favorite pastime, and decided he wanted to open a bank here. So, in 1926, he sent my dad to open what was our first bank. Since there were several banks in Inverness, where we are now, they thought it best to open in Homosassa Springs on the west side of our county, away from the competition. Dad ran the bank for about a year and started thinking it would be better if they were in Inverness, as it was the center of the county, as far as politics and business. “So, he went to work on Senator Scales to let him relocate the bank, and one Saturday afternoon in 1929, Dad and a friend moved the whole bank over on a flatbed truck. On the opening day, they took in $10,000 in deposits, From L to R: Jerry M. Martin-EVP, Chief Lending Officer; Walter D. Connors-CIO/CTO/CISO; Joseph S. Brannen- Chairman & CEO; Michael T. Fitzpatrick-CFO; G. Matthew Brannen- President