Banesco USA Announces Robust Growth in Q3 2022 and Anticipates Continued Trend

Miami, FL (Thursday, November 7, 2022) — Banesco USA reported a strong third quarter 2022 with a 30% year-to-date increase in total assets to $2.78 billion. The bank also shows an impressive 32% year-to-date loan growth and a significant 37% year-to-date growth in deposits. Banesco USA’s loan growth was driven largely by its commercial banking customers in Florida and Puerto Rico, and its growth was accelerated by the receipt of investment funds from Emergency Capital Investment Program (ECIP).

The bank projects a total of 38% net loan growth for the full 2022 year, with a strong lending pipeline despite increases in interest rates and an uncertain economic outlook.

“We are solidifying our position as the Bank of choice for business owner and professionals who value the advice and service of an experienced banker. We at Banesco USA are committed to providing flexible, customized financial solutions – which our customers have come to expect – by combining our human touch and our best in class products and services,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “We’re excited about our growth trajectory and look forward to serving the community and expanding our franchise.”

Banesco USA’s success and outstanding performance are the result of various elements, including a higher average balance in loans, higher yields on loans and investments, and controlled expenses.

For more information, visit BanescoUSA.com.

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About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank with $2.56 billion in assets as of June 30, 2022. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. A location in the Doral area is coming soon. Visit BanescoUSA.com for additional information.

Media Contacts:
Jessica Wade Pfeffer | 305-804-8424 | jessica@jwipr.com
Tyler Sminkey | 786-390-8510 | tyler@jwipr.com

The information provided by Banesco USA ("we," "us," or "our'') is for general informational purposes only and is not intended as legal, tax, investment, financial or other advice or a substitute for professional advice. The information is general in nature and does not address the circumstances of any particular individual or entity, and is not comprehensive or a complete statement of the matters discussed herein. All information contained herein is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information provided herein. The information provided may contain information from third parties or other sources. We do not warrant, endorse, guarantee, or assume responsibility for the accuracy or reliability of any information offered by third parties. Under no circumstances shall we have any liability to you for any loss or damages of any kind incurred as a result of the use of or reliance on any information provided herein. Your use and reliance on any information provided herein is solely at your own risk.
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