Banesco USA Reports Strong First Quarter in 2024

Banesco USA Reports Strong First Quarter in 2024

MIAMI, FL (May 13th, 2024) – Banesco USA, an independent, Florida state-chartered bank with seven locations between South Florida and Puerto Rico, reported a solid financial performance in the first quarter of 2024, with $3.95 billion total assets, representing an annualized net growth of 15%. The bank achieved a net income of $7.8 million in Q1, in addition to 17% annualized loan growth and 22% annualized customer deposit growth over the first three months of the year.

Following consecutive quarters demonstrating robust financial performance, Banesco is poised to continue its growth trajectory fueled by its investments in the Commercial & Industrial (C&I), Business and Professional (B&P), International and Commercial Real Estate (CRE) lines of business. Recently, the bank announced the hiring of key talent in the B&P division, which aims to redefine the relationship banking experience by providing comprehensive banking solutions and services to the needs of entrepreneurs, businesses, and professionals in South Florida.

“We are laser-focused on executing our strategic growth plan which includes investing in our C&I, B&P, International and CRE lines of business by recruiting top talent, enhancing product and technology offerings, and expanding our footprint in the Palm Beach market,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “In today’s competitive banking landscape, Banesco is reaping the benefits of being a community bank where decisions are made locally, there is certainty of execution, and our bankers are within direct reach. We remain committed to delivering customized banking solutions and excellence in client service.”

Additionally, Banesco continues to successfully 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 in underserved or minority communities. Banesco, the only bank in Florida and Puerto Rico selected to participate in the program, has already originated $1.2 billion in ECIP qualified loans as of March 2024.

Recently, the leading community bank also received a prestigious award from the South Florida Business Journal, which honored Banesco as ‘Business of the Year’. This recognition demonstrates the banking team’s unwavering commitment to helping clients achieve their financial goals.

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 $3.95 billion in assets as of March 31, 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

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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