Banesco USA, a Florida state-chartered bank, has reached a historic milestone by achieving $4.2 billion in total assets just 18 months after reaching $3 billion. The bank’s growth has been driven by the region’s business expansion and migration over the past five years. In the first half of the year, Banesco reported a net income of $19 million, along with 17.9% loan growth and 27.6% customer deposit growth over the twelve months ending Q2 2024.
In late 2021, Banesco USA reported $2.1 billion in assets and has experienced continued growth in all service lines, loans, and deposits over multiple quarters. While larger financial institutions are retracting, Banesco is reinforcing its position as the leading business bank in Miami. The demand for a trustworthy and dependable bank partner with local expertise is increasing, especially with the growing consolidation, merger, and acquisition activity in Florida’s banking sector.
“Despite the challenging capital markets the U.S. has faced in recent years, Banesco made significant forward-looking investments in talent, products and services,” says Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. “This historic milestone underscores the bank’s resilience and strength at a time when Florida continues to benefit from economic and population growth. 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.”
Banesco USA has reached a significant milestone through its strong investments, showcasing its dedication to the South Florida region. Its expansion includes a new West Palm Beach office aimed at enhancing services for clients in Palm Beach County. Additionally, Banesco has diversified its lines of business, bolstering commercial and industrial (C&I) and residential lending, along with the introduction of the Business and Professional (B&P) division. This division is tailored to meet the needs of the mass affluent client base, encompassing professionals such as doctors, attorneys, accountants, and executives.
Banesco has received $250 million in capital from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) and has facilitated over $1.2 billion in ECIP-qualified lending as of March 2024. This lending has targeted minority-owned businesses, small and medium businesses, and borrowers in underserved or minority communities. The loans have significantly impacted the communities Banesco served, acting as a catalyst for local economic growth.
