BANESCO USA TO ACQUIRE BRICKELL BANK

Acquisition Caps Banner Year for Banesco USA, with Double Digit Growth, Expansion to New Geographic Markets and Recently Named ‘Business of the Year’ by South Florida Business Journal

MIAMI, FL – MAY 14, 2019 – Banesco USA, recently named ‘Business of the Year’ by the South Florida Business Journal, announces today its entry into an agreement to acquire Brickell Bank from its principal shareholder, Banco Espirito Santo, S.A. – in liquidation (“BES”). The combined entity will carry the name and corporate branding of Banesco USA. The transaction is subject to regulatory approval.

The move accelerates momentum for Banesco USA, which has experienced record-breaking growth in top and bottom-line and continues its expansion to new markets (including a new business center opening soon in Aventura, Florida).

“We’re thrilled to announce this transaction and believe Brickell Bank is an exceptionally strategic fit on multiple levels,” said Jorge Salas, President & Chief Executive Officer of Banesco USA. “Geographically, this is an entrée to the Brickell corridor which remains the epicenter of finance both here and across the region. Furthermore, Brickell Bank’s business model enhances Banesco USA’s strategy by taking us to another level in the residential mortgage and trade finance segments.”

Brickell Bank, located in the heart of Brickell and chartered since 1973 provides a wide range of personal and corporate financial services to their local and international clientele.

“We are excited at the potential of becoming a part of Banesco USA and what it signifies for our clients. Banesco’s resources, scale, geographic footprint, and comprehensive suite of banking products and services will provide our clients with expanded services and reach,” says G. Frederick Reinhardt, Chairman & CEO of Brickell Bank.  “2019 is off to an outstanding start with the signing of this Merger Agreement and the lifting of the AML / BSA consent order,” continued Mr. Reinhardt.

Banesco USA is an institution with deep roots in the communities it serves, a strong balance sheet and track record of acquiring and successfully integrating financial institutions. Its mission is to provide the best and safest banking experience enhanced by the latest technology to make banking more convenient to its customers. Both Banesco USA and Brickell Bank are deeply committed to their communities, and the combined entity will continue to support a strong community reinvestment program.

Avila Rodriguez Hernandez Mena & Ferri, LLP served as legal advisor to Banesco USA and Shutts & Bowen LLP served as legal advisor to Brickell Bank.

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.

About Brickell Bank
Brickell Bank, Florida chartered since 1973, is dedicated to its core strategy of providing wealth management, personal and corporate banking services, residential and commercial real estate lending, insurance, and trade finance services to domestic and international individuals, institutions and corporations. Brickell Bank offers Wealth Management services to its Private Banking clients through its broker/dealer, Brickell Global Markets, Inc. (Member of FIINRA/SIPC), investment advisory services through Brickell Global Advisory, Inc. a Florida registered investment advisor and insurance solutions through Brickell Global Insurance, Inc. For additional information, please visit www.brickellbankmiami.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