FL Bank Lays Off 52 People, Shuts Down SBA Loan Program

ST. PETERSBURG, FL — Regional financial institution BayFirst National Bank, headquartered in St. Petersburg, is making significant cuts with a planned mass layoff and the end of its Small Business Administration (SBA) 7(a) loan program.

The bank will lay off 52 people, according to a Worker Adjustment and Retraining Notification (WARN) notice filed with the state.

BayFirst has 12 locations in Hillsborough, Manatee, Pinellas and Sarasota counties.

The layoffs started Monday and will be completed by Oct. 4, the notice said.

They include employees across 29 roles including several in higher-up positions: a senior vice president, director of consumer lending; a senior vice president/director of healthcare lending; a senior vice president/director of marketing; two vice presidents/commercial lending officers; a vice president/consumer development officer; and a vice president/residential loan officer.

BayFirst also ended its Bolt loan program, an SBA 7(a) loan designed to offer small balance loans to small businesses, generally for working capital, after a comprehensive strategic review, according to a news release from BayFirst Financial Corp., the parent company.

“The company is also reviewing how it may strengthen its core SBA 7(a) offerings, improve its operations, and adapt to evolving local and financial market conditions,” according to the news release.

“Earlier this year, management and the board began a comprehensive strategic review to reduce risk from unguaranteed SBA 7(a) loans and position the company for long-term growth,” Tom Zernick, chief executive officer, said. “As part of this effort, we are discontinuing the bank's Bolt loan program, our SBA 7(a) loan product which offered expedited working capital loans.”

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The upcoming layoffs include those in 26 Bolt positions and 25 positions in other areas. This represents 17 percent of the bank’s workforce.

The layoffs will save the bank $6 million in annual costs, Zernick said.

“In connection with the changes in the Bolt business, BayFirst recorded charge-offs and fair value write-downs on high-risk SBA 7(a) loans during the second quarter of 2025,” he said.

With the end of the Bolt loan program, BayFirst will restructure in the third quarter. The company hopes to sell its Bolt balances and the associated loan origination platform to a third party.

“To offset these impacts, the Board has suspended dividend payments, and directors will forgo board fees. We remain committed to exploring strategic alternatives that best serve our shareholders, customers and the communities we serve,” Zernick said.

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