How Miami’s Smaller Banks are Protecting their Turf

By Ken McCarthy, American Banker

As more banks sell around Miami, those that remain are focusing on tech upgrades and diversifying their loan portfolios to remain relevant.

There have been 24 whole-bank deals in Florida since early 2018, with several Miami-area banks among the sellers. They include TotalBank, FCB Financial and Gibraltar Private Bank.

Another seller was TransCapital Bank in Sunrise, Fla., which agreed in March to be sold to the $655 million-asset Power Financial Credit Union in Pembroke Pines.

Banesco USA in Coral Gables, Fla., recently received more than $11 million in capital, which it plans to reinvest in new mobile and online banking platforms. Jorge Salas, the $1.3 billion-asset bank’s president and CEO, said it embarked on a series of new fintech partnerships last year. In April it announced an alliance with Plug and Play that allows Banesco to leverage the Silicon Valley company’s platform to upgrade its consumer and commercial offerings, Salas said.

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