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.”
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.