FDIC and OFR grant regulatory approval to Banesco USA for the acquisition of Brickell Bank

Miami, FL – August 20th, 2019 – Banesco USA, announced today it has received final communications from the Federal Deposit Insurance Corporation (FDIC) and the Florida Office of Financial Regulation (OFR), approving its acquisition of Brickell Bank. At closing of the acquisition, Brickell Bank will be merged into Banesco USA, and the resulting institution will be Banesco USA. The complete conversion of systems of the merged institution is tentatively scheduled for this fall.

“This is a momentous occasion in Banesco’s history, and we’re thrilled that Brickell Bank is a synergetic fit on multiple levels,” said Carlos Palomares, Chairman of the Board of Directors of Banesco USA.

The two organizations signed an Agreement and Plan of Merger for Brickell Bank to be acquired by Banesco USA Bank which was announced on May 14th, 2019.

Once the conversion is complete, Brickell Bank customers will enjoy a broader and more robust set of product and customer service offerings, while Banesco USA will gain entry into the Brickell corridor. The acquiring bank will also enhance its standing in the residential mortgage and trade finance segments. “Geographically, we now have presence across South Florida, including the important Brickell corridor. Additionally, Brickell Bank’s business model expands our offering into segments such as residential mortgages and trade finance. In short, taking care of our valued clients is the top priority, and this partnership greatly enhances our added value-add,” said Jorge Salas, President and CEO of Banesco USA.

The acquisition further accelerates Banesco USA’s momentum having reported record breaking growth in 2018 in its top and bottom-line, expansion to new markets, including a new business center in Aventura, Florida, and a recent “Business of the Year Award” by the South Florida Business Journal.

About Banesco USA

Founded in 2006 and based in Coral Gables,  Banesco USA is an independent Florida state-chartered bank with $1.3 billion in assets as of March 31st, 2019.  Banesco USA is completely independent of  Banesco  in other countries and its deposits are insured by the FDIC. The bank has  five branches in South Florida: Coral Gables, Doral, Hialeah, Weston and Aventura; and one in San Juan, Puerto Rico.  Visit  www.BanescoUSA.com  for information.

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Press Contact:

Renee Alvarez | Pinta for Banesco USA | ralvarez@pintausa.com | (305) 615-1111 ext 114

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