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Banesco USA Closes 2023 with Steady Growth

MIAMI, FL (February 13, 2024) – 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 fourth quarter 2023 with $3.8 billion total assets, representing a year-end net growth of 27%. The bank also reflected net income of $25.3 million in 2023, which was bolstered by 23% loan growth and 24% customer deposit growth over the past year.

Throughout the fourth quarter and heading into 2024, Banesco remains focused on continuing to diversify the loan portfolio, expanding client relationships, providing additional banking services, and furthering its efforts to recruit top talent. Underscoring the bank’s efforts to provide personalized customer service, Banesco concluded the fourth quarter with a strong customer satisfaction net promoter score.

“Over the past year, Banesco made a significant investment in implementing cutting-edge technology and acquiring banking talent to expand our products and services and geographic reach,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “As we embark in 2024, we are excited to announce the opening of new locations in key markets, the continued growth of divisions such as Business & Professional (B&P), Residential Mortgages and Commercial & Industrial (C&I) , and the launching of Banesco Select in the domestic market to cater to high-net-worth clients in South Florida and Puerto Rico– all with the goal of delivering excellence in client service and furthering the steady growth Banesco has experienced over the past 12 months.”

Banesco continues to deploy capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) to support the growth of minority-owned businesses, small businesses, and borrowers located in underserved or minority communities. Banesco received $250 million in ECIP capital and was the only bank in Florida and Puerto Rico selected to participate. Under this program, the bank has already originated over $1.0 billion in ECIP qualified loans as of December 2023.

Looking ahead, Banesco remains committed to achieving its strategic objectives and aims to continue delivering innovative financial solutions. These will include further enhancing client segments value propositions, revamping core customer processes, and the expansion of facilities and digital self-service features. These initiatives emphasize the bank’s dedication to innovation, customer satisfaction, and community engagement, further positioning Banesco as a leader in the region’s robust banking industry.
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 $3.81 billion in assets as of December 31, 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 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.

Media Contact:
Schwartz Media Strategies
Yudi Fernandez Kim, (305) 725-8262, yudi@schwartz-media.com
Ivanna Agudo, (305) 450-1445, ivanna@schwartz-media.com
Melea VanOstrand, (786) 390-9115, melea@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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