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Banesco USA Reports Consistent Expansion in Third Quarter of 2023

The Miami-based bank has six branches between South Florida and Puerto Rico and a West Palm Beach loan and deposit production office.

 In the third quarter of 2023, Banesco USA reported $3.71 billion in total assets, representing a 24% increase year-to-date. The bank also disclosed a net income of $18 million year-to-date due to a 19% loan growth and a 23% growth in customer deposits.

Banesco, a financial institution committed to better serving the diverse financial needs of its clients, has recently hired nine new seasoned bankers in the past quarter to bolster its commercial and industrial (C&I) and residential lending offerings. The bank’s solid loan growth was primarily driven by its commercial banking clients throughout its business communities in Florida and Puerto Rico. In early July 2023, shareholders also contributed a $15 million capital investment as part of the commitment to Banesco’s continued growth.

“The financial performance achieved in the third quarter of this year is a result of the team’s outstanding execution of our strategic growth plan,” Calixto (Cali) Garcia-Velez says, president and CEO of Banesco USA. “We remain an active partner to our customers across the communities we serve, while maintaining a diversified credit portfolio. We are continuously investing in our people, products, and services to ensure we provide our clients with tailored banking solutions and exceptional customer service across our business lines.”

Calixto Garcia-Velez

Despite the challenges posed by rising interest rates and market volatility, Banesco is confident of achieving steady growth in loans and deposits in the fourth quarter of 2023. The bank remains focused on lending across all business lines, and its growth trajectory is a testament to the thriving business and investment activity in South Florida, which continues to attract global investors.

Banesco is utilizing capital from the Emergency Capital Investment Program (ECIP) of the U.S. Treasury Department to support the growth of small businesses, minority-owned businesses, and borrowers in underserved or minority communities. As of September 2023, the bank has originated over $850 million in ECIP-qualified loans. In April 2023, Banesco provided four loans totaling more than $5.6 million to a Hispanic-owned small manufacturing business in Corozal, Puerto Rico, which has become the largest employer in the community. Banesco was selected as the only bank in Florida and Puerto Rico to participate in this program and received $250 million in ECIP capital.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.