St. Petersburg, Florida-based BayFirst Bank named Al Rogers to serve as its president, CEO and as a member of its board, the lender said Thursday.
Rogers will also serve as president and CEO of holding company BayFirst Financial if the firm receives non-objection from the Federal Reserve Bank of Atlanta. Until then, BayFirst appointed its president, Robin Oliver, to serve as the holding company’s principal executive officer, according to a Securities and Exchange Commission filing.
BayFirst’s previous CEO, Thomas Zernick, is retiring, the bank said.
The C-suite shuffle comes as BayFirst announced it had raised $80 million from investors. Rogers advised BayFirst on the capital raise as a consultant.
The recapitalization “reflects the trust our investors place in our institution and our long-term strategic direction,” Anthony Saravanos, BayFirst’s chair, said in a statement Thursday.
The bank’s earnings have floundered since an uptick in interest rates spurred borrowers connected to the Small Business Administration 7(a) loan program Bolt to struggle in paying back those loans.
BayFirst discontinued the Bolt program last August and cut 51 jobs. But the bank is still losing money. BayFirst on Thursday reported a loss of $5.7 million in 2026’s first quarter. That compares with a $2.5 million loss for the previous quarter and a $0.3 million loss for the same period a year ago.
At the same time, loans held for investment have decreased by $33.5 million, or 3.5%, over the first quarter and $154.4 million, or 14.2%, over the past year, the bank said. Part of that stems from BayFirst’s sale of $97.4 million in government-guaranteed loans to Miami-based Banesco USA.
However, the bank lost 8% of its assets, or $104.3 million, during the first quarter, to land at $1.2 billion. Deposits, likewise, have decreased by 8.3%, or $98.1 million, during the quarter.
With the capital raise and C-suite switch, BayFirst appears to be reinforcing its community connection.
"Deepening and growing relationships with local customers is our ultimate goal as we look to stabilize and grow the bank," Rogers said on a call with analysts Friday.
Rogers has a near-four-decade history in Tampa Bay banking, beginning in 1987 as a commercial banker for First Union National Bank.
Rogers joined Tampa-based Manufacturers Bank of Florida in 1997, expanding the lender through one acquisition, then leading Manufacturers’ sale to Colonial Bank in 2001.
He joined USAmeriBank in 2007 as executive lending officer and helped grow the bank through its de novo period and for nearly another decade, until Valley National Bank bought USAmeriBank in 2018. Rogers continued with Valley until retiring in 2022.
“Our terrific network of branches and dedicated people are the ideal foundation for BayFirst to become the community bank of choice in our market,” Rogers said in a statement Thursday. “I’m looking forward to rolling up my sleeves with the team to accomplish great things right here in our backyard.”
Rogers entered into an employment agreement with BayFirst through May 1, 2029, according to the SEC filing. Under that deal, he’ll receive a minimum annual salary of $450,000, an automobile allowance, reimbursement for country club memberships and a term life insurance policy. He is also entitled to receive stock and cash incentive payments based on his and the bank’s performance. Upon a “change in control,” Rogers will be entitled to receive a cash payment equal to 2.99 times his base salary and target bonus for that year, the filing indicated.
On Friday’s call, BayFirst CFO Scott McKim addressed the bank’s rough patch with the SBA lending program.
"We do believe there's an underlying component of this portfolio that performs well, has performed well, but the defaults have really been overshadowing that," McKim said. “The question is going to be at what point will the defaults begin to subside."
BayFirst on Thursday recorded $3.1 million in provisions for credit losses in the first quarter – up from $2 million in the fourth quarter but down from $4.4 million a year earlier.
The bank reported net charge-offs of $4.4 million for the first quarter – down from $4.6 million for the fourth quarter of 2025 but up from $3.3 million a year earlier.
BayFirst’s net interest income fell $1.8 million quarter over quarter, to $9.4 million, it said Thursday.
"The bank has no plans to deploy lending programs outside of the Tampa Bay and Sarasota markets," McKim emphasized Friday.
As part of the capital raise, BayFirst issued shares of preferred stock, which will convert to or be exchanged for roughly 22.9 million shares of common stock at $3.50 per share.
“While progress has been made with our focus on Community Banking, much work lies ahead for us,” Rogers said.
