Banesco USA Opens in Weston Florida

June 10th, 2012

Coral Gables, FL (May 14, 2012) — Banesco USA, the rapidly prudently growing Coral Gables commercial local bank that purchased the assets of North Lauderdale-based Security Bank earlier this month, today announced it had made another branch acquisition in Broward County.

President and CEO Rafael Saldaña said Banesco will assume the deposit liabilities from Great Florida Bank at the Weston Lakes Plaza in Weston, Florida.

The latest acquisition increases the number of Banesco USA branches to seven. The bank, which had existing branches in Coral Gables, Doral and San Juan, Puerto Rico, had added three more branches in the first week of May – in North Lauderdale, Coral Way and West Doral – when it took over Security Bank with its $101 million in assets and $99.1 million in deposits.

“The two purchases will translate into stronger results for us and provide an additional banking alternative to the Broward County market,” Saldaña noted. “Weston in particular is very attractive to us because it is an enclave of families and businesses whose characteristics align well with Banesco’s targeted growth profile.”

In expanding its customer and deposit base, Banesco USA’s new branches will offer products and services to corporations, small- and mid-size businesses, and individual consumers. These include commercial and consumer products for domestic and international clients, trade financing, and real estate loans.

Saldaña anticipates that the back-to-back acquisitions of Security Bank and the Weston Lakes Solution Center from Great Florida Bank “will allow Banesco USA to reinforce its business strategy of diversified prudent growth for sustainable profitability” in 2012.

Banesco USA has been an active lender in South Florida in support of the local community.

The banking institution is healthy and profitable. It reported 2011 earnings of $3.8 million, a solid increase from a profit of $2.0 million in 2010. At the close of the 1st Quarter of 2012, its assets had reached $521 million – up from $402 million at the close of 2010.

Banesco USA has its main offices at Banesco Center, 150 Alhambra Circle, 10th Floor, Coral Gables, Florida 33134. For more information, visit www.BanescoUSA.com or call 786-552-0524. Banesco is a member of the Federal Deposit Insurance Corporation (FDIC).