Orlando’s Cogent Bank opens trust unit as Florida wealth grows

Cogent Bank has launched an in-house trust services division based in Coral Gables and named Madelayne Cordero to lead the unit. The Orlando-based bank holds $2.45 billion in assets.

Cordero joins from Amerant Bank, where she was chief fiduciary officer. Her résumé includes roles at Northern Trust, Wells Fargo, Amicorp Group and City National Bank of Florida. Cogent’s chief executive, Chirag Bhavsar, gave her authority to build the new business line.

The bank said the unit responds to an influx of people and wealth into Florida. A state report showed roughly 550 people moved to Florida each day in 2025, and a separate wealth study found the number of millionaires in Miami and West Palm Beach roughly doubled between 2014 and 2024. The statewide count of millionaires is near 1.2 million.

Cogent Trust Services will provide trustee and fiduciary duties with a high-touch, concierge approach. The group will handle estate planning, wealth-transfer strategies and nontraditional assets, including cryptocurrencies and other emerging asset types. The bank said the offering is intended to encourage families to consolidate long-term banking and trustee relationships at Cogent.

Some smaller banks have moved away from maintaining in-house trust departments, opting to outsource or sell trust operations to reduce compliance work and costs. Cogent’s leadership acknowledged those expenses and regulatory requirements while saying the bank expects long-term client benefits from keeping trust services in-house.

Cordero described trust work as “not cheap,” noting fees do “contribute to overall income” but will not “break the bank on trust fees.” She emphasized the retention value of trustee appointments, calling them “very sticky” and saying that families who transfer wealth smoothly tend to continue banking with the same institution.

Cordero said she accepted the role because it offered the chance to build a trust department from the ground up and operate with autonomy. Her stated plan is to combine conventional fiduciary services with capabilities for newer asset types to serve both existing and newly arrived wealthy residents in Florida.

Cogent’s Trust Services represents a targeted effort to retain affluent customers and deepen relationships, while trust fees themselves are expected to be modest compared with other bank revenue streams.