Banesco USA Announces Steady Growth in the Third Quarter of 2023

MIAMI, FL (November 7th, 2023) – Banesco USA, an independent Florida state-chartered bank with six branches between South Florida and Puerto Rico, and a loan and deposit production office in West Palm Beach, reported a strong third quarter 2023 with $3.71 billion total assets, representing a 24% year-to-date increase. The bank also indicated a net income year-to-date of $18 million as a result of a 19% year-to-date loan growth and 23% year-to-date growth in customer deposits.

Committed to better serving the diverse financial needs of its clients, Banesco bolstered its commercial and industrial (C&I) and residential lending offerings, hiring nine new seasoned bankers in the past quarter. The bank’s solid loan growth was driven largely by its commercial banking clients throughout the business communities it serves in Florida and Puerto Rico. As part of the commitment to Banesco’s continued growth, shareholders also contributed a $15 million capital investment in early July 2023.

“The financial performance achieved in the third quarter of this year is a result of the team’s outstanding execution of our strategic growth plan,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “We remain an active partner to our customers across the communities we serve, while maintaining a diversified credit portfolio. We are continuously investing in our people, products, and services to ensure we provide our clients with tailored banking solutions and exceptional customer service across our business lines.”

Despite rising interest rates and some market volatility, the bank expects to continue to achieve steady loan and deposit growth in the fourth quarter to successfully close out the full year of 2023. Focused on continuing to lend across all business lines, Banesco’s growth pace is reflective of the business and investment activity that South Florida continues to benefit from as a global business destination.

Additionally, Banesco is currently deploying capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) that is supporting the growth of minority-owned businesses, small businesses, and borrowers located in underserved or minority communities. Under this program, the bank has originated over $850 million in ECIP qualified loans as of September 2023, including four loans in April 2023 totaling more than $5.6 million for a Hispanic-owned, small manufacturing business in Corozal, Puerto Rico, making it the community’s largest employer. Banesco received $250 million in ECIP capital and was the only bank in Florida and Puerto Rico selected to participate in this program.

For more information on the bank’s products and services, please visit BanescoUSA.com.

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About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3.71 billion in assets as of September 30, 2023, with six locations between South Florida and Puerto Rico, and a Loan Production and Deposit Production Office in Palm Beach County. 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. For more information, please visit banescousa.com.

Media Contact:
Schwartz Media Strategies
Yudi Fernandez Kim, (305) 725-8262, yudi@schwartz-media.com
Ivanna Agudo, (305) 450-1445, ivanna@schwartz-media.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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