Banesco USA Reaches $3 Billion Assets Milestone

Achieves 2022 growth of 40% in assets, 45% in loans and 52% in deposits

Miami, FL (Monday, January 30, 2023) — Banesco USA an independent Florida state-chartered bank with six locations between South Florida and Puerto Rico, reaches a significant milestone with the announcement of achieving $3 billion in assets.

“This milestone performance reflects the successful execution of our strategic growth plan,” commented Calixto (Cali) García-Vélez, President & CEO of Banesco USA. “We are focused on growing the bank at a sustainable and responsible pace, and our leadership team has embraced this priority to deliver results.”

Since December 31, 2021, total assets grew steadily. The total assets were $2.994 billion on December 31, 2022, an increase of $861 million or 40 percent from December 31, 2021. At the end of the 2022 fourth quarter, total loans represented 78 percent of total assets. Loan growth was $725 million or 45 percent during the twelve-month period ended December 31, 2021. Total deposits represented 80 percent of total assets. Deposit growth was $822 million or 52 percent during the twelve-month period ending December 31, 2021.

Banesco USA’s balance sheet growth contributed to an increase in financial margin and net income of $23.0 million, the most in the bank’s history.

Banesco recently completed the buildout of a 60,000 sq. ft. corporate headquarters and a new branch located at 3155 N.W. 77th Avenue, off the Palmetto Expressway in close proximity to the Miami International Airport. The facility currently accommodates a staff of more than 200 with significant capacity to expand as growth continues.

“We begin 2023 with a strong balance sheet, a very competitive deposit offering, attractive rates, and a credit appetite to serve clients with credit facilities tailored to fit their needs. Loan demand continues to be strong among local businesses and in the commercial real estate sector. We intend to keep pace with market demand while remaining vigilant to a strong credit culture to protect our clients’ businesses and the bank’s asset quality,” added García-Vélez.

In December 2022, the bank received rating affirmation from Kroll Bond Rating Agency (KBRA), affirming Banesco USA’s deposit and senior unsecured debt ratings of BBB, the subordinated debt rating of BBB-, and the short-term deposit and debt ratings of K3.

Additionally, Banesco USA was the only bank in Florida to receive capital from Emergency Capital Investment Program (ECIP) by the U.S. Treasury. The bank is deploying the $250 million in investment funds from ECIP to provide financing, particularly to minority borrowers, minority-owned businesses, small businesses, and borrowers located in underserved or minority communities in South Florida and Puerto Rico. Examples of transactions included: closed a $30 million loan to finance the construction of a new veterans recovery center in San Juan, Puerto Rico; closed a $450,000 commercial real estate mortgage to finance an eight-unit multi-family affordable housing building in Homestead, FL; and approved a $399,546 loan as part of a lending consortium with Neighborhood Lending Partners (NLP) of Florida for the permanent financing of 80 affordable housing units for seniors to be built in Sanford, Seminole County, Florida.

Banesco USA, founded in 2006, is recognized by BauerFinancial with a 5-star Superior rating. For more information visit

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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3 billion in assets as of December 31, 2022 and six locations between South Florida and Puerto Rico. Banesco USA is proud to serve the commercial real estate sector, small and middle-market businesses, as well as professionals who work in the community. The bank services both domestic and international clients as well as operating companies with a suite of products and services delivered with personalized attention to support their financial journeys.

Media Contacts:
Jessica Wade Pfeffer | 305-804-8424 |
Tyler Sminkey | 786-390-8510 |



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