With this strategic acquisition, Banesco USA expands its small business lending capabilities to serve small businesses nationwide. The bank also announces the hiring of SBA banking executive Elijiah Gray to lead its SBA lending division.

Miami, FL – December 15, 2025 – Banesco USA, a leading community bank with $5.4 billion assets, announced the closing of its acquisition of the SBA lending business and approximately $95 million in SBA loan balances from BayFirst Financial Corp., the parent company of BayFirst National Bank, entering the national small business lending space.

As part of this acquisition, Banesco has also acquired the servicing rights associated with the purchased loans and will conduct servicing for all SBA loans that BayFirst will continue to own. Additionally, a highly experienced team of over 50 professionals will join Banesco, enhancing the bank’s depth of expertise and capacity in SBA lending.

“By acquiring this SBA lending business and portfolio, Banesco gains the infrastructure, expertise, and capabilities to deliver SBA financing on a national scale,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “This acquisition, along with the experienced SBA lending team we are bringing onboard, establishes our presence in the Greater Tampa Bay region and enhances Banesco’s ability to better serve small and mid-sized businesses across Florida, Puerto Rico and the Continental U.S.”

Coinciding with the transaction’s closing, Banesco also announces the strategic hiring of SBA banking executive Elijiah Gray as Senior Vice President and SBA Market Executive. In this role, she will oversee the bank’s SBA lending division and spearhead the integration of the SBA lending platform and loan portfolio acquired. With over 20 years of specialized SBA lending experience, Ms. Gray will play an integral role in servicing and growing the SBA lending division at the bank. Previously, she held executive roles at financial institutions such as Managing Director of SBA & USDA Banking at Hanover Bank; partner at consulting firm B2B; Chief Operating Officer (COO) and Chief Financial Officer (CFO) at MileStone Bank; and COO, CFO & Bank Secrecy Officer at Earthstar Bank.

“The addition of Elijiah Gray, a seasoned banking executive with over two decades of experience, will be instrumental in advancing our SBA strategy, expanding our small business lending capabilities, and delivering SBA loans nationwide,” Mr. Garcia-Velez added. “With Ms. Gray’s leadership and our expanded team following this acquisition, we are focused on positioning the bank as a national leader in SBA lending over the years to come.”

Recognized as a leading community bank with eight locations across South Florida and Puerto Rico, Banesco distinguishes itself in providing personalized customer service and a suite of products and services to domestic and international clients. In addition to this latest investment that will establish an SBA lending platform, the bank is poised to continue its growth trajectory fueled by its investments in the Commercial & Industrial (C&I), Business and Professional (B&P), Commercial Real Estate (CRE), Residential, Puerto Rico, and International Banking lines of business.

The transaction, for which Winston & Strawn LLP served as legal advisor and Performance Trust Capital Partners, LLC acted as financial advisor to Banesco, formally marks the bank’s entry into the national small business lending space.

For more information on Banesco USA’s banking products and services, visit www.BanescoUSA.com.

###

About Banesco USA

Banesco USA, founded in 2006 and headquartered in Miami, is an independent Florida state-chartered bank with $5.4 billion assets as of September 30, 2025, and operates six banking centers across South Florida and Puerto Rico.  Additionally, it has Loan and Deposit Production Offices in Palm Beach and Broward counties. 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 domestic and international clients and operating companies with a suite of products and services delivered with personalized attention to support their financial journeys. For more information, please visit banescousa.com.