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BayFirst names Al Rogers as new CEO
The banking company also announced a $80 million capital raise.
St. Petersburg-based BayFirst Financial, the parent company of BayFirst National Bank, has experienced multiple challenges in the past year. In August 2025, administrators decided to shut down one of the organization’s government-guaranteed Small Business Administration loan programs.
A month later, the entity announced that it would exit the SBA 7(a) lending business altogether and sell $103 million of loan balances to Banesco USA. However, this had consequences. BayFirst reported a net loss of $5.7 million for the first quarter of 2026.
Company leaders are preparing to move forward.
Alfred “Al” Rogers was named BayFirst National Bank’s new CEO and president April 30. He succeeded Tom Zernick, who retired May 1. Zernick served as BayFirst’s president from 2022 to 2024 and CEO since 2024.
Additionally, organization executives announced a $80 million capital raise. Community bank investor Kenneth Lehman, who provided $40 million, will join the company’s board of directors, contingent on regulatory approval.
“There’s very few community banks that represent an opportunity like this,” Rogers said. “BayFirst has such a large branch network and such potential. While the loans are problematic, we have a plan to deal with them.”
He explained that the team will prioritize “local relationships in market lending and deposit gathering.” BayFirst’s former strategy was focused on a “nationwide pursuit of SBA opportunities.”
The company’s small balance SBA program, Bolt, was discontinued last year due to a rise in charge-offs and late payments. More than 50 people lost their jobs as a result. Introduced in June 2022, the bank provided small balance loans (up to $150,000) to business owners around the U.S.
A federal government entity, the SBA supports small businesses by collaborating with banks and lending institutions. These organizations provide loans to business owners, and the SBA offers a guarantee of a certain percentage for each loan in case it is not paid back. The Bolt program helped BayFirst become one of the top SBA lenders in the country.
Finding a “depository franchise of this size and scale without having to build it from scratch” was attractive to Rogers. As a publicly traded bank, it has the “capacity” to “handle local growth.”
Larger banks are sometimes more “siloed,” he believes. A community-focused institution can be a “differentiator” for clients.
Previously, Rogers was the CEO of Manufacturers Bank of Florida. As the executive lending officer of Clearwater-based USAmeriBank, he played an instrumental role in expanding the institution. It was acquired by Valley National Bancorp in 2018.
Following the purchase, Rogers served as executive vice president and chief lending officer for Valley’s Florida and Alabama locations until his retirement in 2022. He would eventually become a consultant prior to his appointment as BayFirst CEO.
“The board of directors believe that Al’s experience and leadership,” BayFirst board chair Anthony Saravanos said in a prepared statement, “combined with this capital raise, will lead BayFirst back to profitability and growth.”
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