Bringing Local to Banking: North Alabama native Matt Davis has spent a life in banking. Matt takes JD from his early years in Hazel Green to leading the startup of Nova Bank in Huntsville, where he currently serves as the president.
Matt shares his journey from JUCO baseball player to commercial lender to bank executive, and how he and a group of Huntsville leaders navigated federal regulation, capital raising, merger transitions, liquidity management, risk, and community investment to launch Huntsville’s first new locally headquartered bank in decades.
Topics Covered with Timestamps
01:19 – Introducing Guest Matt Davis
JD and Matt discuss their long friendship and shared background.
02:33 – First Job Out of College: Selling Postage Meters
How Pitney Bowes and early B2B sales prepared him for a career pivot.
03:18 – Entering Banking: Wachovia, SouthTrust & Early Lending
Matt’s unexpected shift into banking after moving back to Huntsville.
04:15 – Becoming a Branch Manager at North Alabama Bank
How community banking exposed him to all lending types and accelerated his learning.
04:52 – Banking Through the 2007–2009 Recession
Front-row exposure to real-world credit, underwriting, and distressed assets.
06:11 – Joining National Bank of Commerce & the Merger Era
NBC → CenterState → SouthState: Lessons from major mergers and acquisitions.
07:25 – Why Big Banks Often Don’t Fit Local Borrowers
How large institutions shift toward middle-market lending and away from small investors.
08:12 – The Birth of NOVA Bank (2020–2023)
The idea, early investors, regulatory requirements, and COVID-era challenges.
09:23 – Raising $4M in Seed Capital & Undergoing FDIC Vetting
Background checks, regulatory filings, leadership vetting and more.
10:27 – Leaving a Stable Job to Start a Bank
Matt takes the entrepreneurial leap, leaving South State to lead NOVA’s capital raise.
11:13 – Raising $21.5M Minimum (and Ultimately ~$27–28M)
Why NOVA aimed for 6 months instead of 12, and how they contacted 2,000 people to close investors.
13:59 – Understanding Investor Psychology & Handling Rejection
Improving the pitch and staying disciplined during capital raise.
16:38 – Quiet Launch Phase: Technology, Debit Cards & Buildout
Why debit cards took 8 months and how banks prepare behind the scenes.
17:56 – Digital Banking Strategy & Low Overhead Model
Why modern community banks thrive without heavy brick-and-mortar.
18:57 – Meeting Customers Where They Are: Convenience Banking
Customer service rooted in texting, calls, mobile deposits, and relationships.
20:00 – NOVA Bank’s Madison Street Branch & Ribbon Cutting
Public opening after months of soft-launch testing and operations.
21:15 – Regulatory Requirements After You Open a Bank
Liquidity, asset ratios, concentration risk, ongoing monitoring.
22:12 – Loan Portfolio Strategy & Concentration Limits
Why NOVA prioritizes single-family investors, construction, CRE, C&I loans, and cash products.
26:00 – Winning the National Bank Simulation Competition
How his team outperformed 75 other banks using disciplined strategy.
31:00 – Why Huntsville Needed a Truly Local Community Bank
Filling the void left after major acquisitions eliminated local headquarters.
33:00 – Lessons From the 2008 Crash & Subprime Crisis
Risks of “quick and easy loans” vs. responsible local lending.
35:21 – Understanding What Types of Borrowers NOVA Bank Serves Best
Why NOVA focuses on investors buying 1–4 homes per year, small business owners, and referrals.
38:02 – Selecting the Right Investors & Upholding Character Standards
Why NOVA turned down certain out-of-market investors.
40:07 – Building a Board & Team You Can Call Anytime
Community expertise, collaboration, and being a good steward of capital.
41:59 – Why Deposit Growth Is the Fuel for Lending
Deposit strategy, rates, and why young banks must be hungry.
