Thumbnails News Personas

Banesco USA Reaches Historic Milestone Surpassing $4 Billion in Assets

The leading community bank has nearly doubled its assets under management in less than three years.

MIAMI, FL (August 26, 2024) – Banesco USA, an independent, Florida state-chartered bank with seven locations between South Florida and Puerto Rico, announces today a significant and historic milestone achieving $4.2 billion in total assets, just 18 months after reaching $3 billion in assets. The bank’s strategic growth is in part fueled by the business growth and migration the region has experienced over the past five years. The bank has released its financials for the first half of the year, where Banesco achieved a net income of $19.0 million, in addition to 17.9% loan growth and 27.6% customer deposit growth over the twelve months ending Q2 2024.

In late 2021, Banesco USA had $2.1 billion in assets, and has since achieved consecutive quarters of positive growth across all service lines, loans, and deposits. At a time when other, larger financial institutions are pulling back, Banesco is doubling down on its status as Miami’s premier business bank as demand for a trusted and reliable banking partner with local management, knowledge and experience continues to rise amidst greater consolidation and merger and acquisition activity across Florida’s banking sector.

“Despite the challenging capital markets the US has faced in recent years, Banesco made significant forward-looking investments in talent, products and services. This historic milestone underscores the bank’s resilience and strength at a time when Florida continues to benefit from economic and population growth,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “This achievement is a testament to our team’s dedication to providing unparalleled service and guidance to our customers who continue to trust us with their business and personal financial needs. As we look ahead, Banesco is prepared and ready to serve as the banking partner to business owners in South Florida, Puerto Rico and beyond.”

The significant milestone follows robust investments by Banesco USA, reinforcing its commitment to the South Florida region and expanding its footprint with a new office in West Palm Beach to better serve clients in Palm Beach County. Banesco has also introduced new lines of business and strengthened others, including commercial and industrial (C&I), residential lending, and the recently launched Business and Professional (B&P) division, which caters exclusively to the mass affluent client base that includes doctors, attorneys, accountants and executives.

Fortified with $250 million in capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP), Banesco has also originated over $1.2 billion in ECIP qualified lending as of March 2024 for minority-owned businesses, small and medium businesses, and borrowers located in underserved or minority communities. The loans are having an immense impact in many communities Banesco serves and are a catalyst for additional local economic growth.

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

# # #

About Banesco USA
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $4.2 billion in assets as of June 30, 2024, 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
Victoria Cela, (786) 514-9250, victoria@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.
call email

Alert

You are leaving the Banesco USA website and will be redirected to a website operated by a third-party company, which has different policies (e.g., privacy and security). Apart from the materials posted by us, we are not responsible for the content on the third party's website.

Ok

Cancel