By Ken McCarthy, American Banker
As more banks sell around Miami, those that remain are focusing on tech upgrades and diversifying their loan portfolios to remain relevant.
There have been 24 whole-bank deals in Florida since early 2018, with several Miami-area banks among the sellers. They include TotalBank, FCB Financial and Gibraltar Private Bank.
Another seller was TransCapital Bank in Sunrise, Fla., which agreed in March to be sold to the $655 million-asset Power Financial Credit Union in Pembroke Pines.
Banesco USA in Coral Gables, Fla., recently received more than $11 million in capital, which it plans to reinvest in new mobile and online banking platforms. Jorge Salas, the $1.3 billion-asset bank’s president and CEO, said it embarked on a series of new fintech partnerships last year. In April it announced an alliance with Plug and Play that allows Banesco to leverage the Silicon Valley company’s platform to upgrade its consumer and commercial offerings, Salas said.
Banesco USA received a $11.9 million capital injection from its shareholders to jump-start its growth and digital offerings in 2019, the bank announced on Monday.
The news follows a record-breaking year for the Coral Gables-based bank, which saw its assets reach $1.25 billion in 2018.
Banesco USA will use the $11.9 million to support its technology innovations, including financial tech partnerships, and website and mobile banking redesigns, said President and CEO Jorge Salas.
“The digital investments will help fuel growth,” Salas told the South Florida Business Journal. “But we’re still focused on reaching more small and medium-sized businesses and increasing our commercial and industrial loans.”
Established in 2006, Banesco USA has three branches in Miami-Dade, one in Broward and one in Puerto Rico.
Salas said the bank will open a new, signature branch in Aventura during the first quarter of 2019. The location, he said, will feature an open-space concept, with room for customer seating and no teller lines.
MIAMI–(BUSINESS WIRE)–Banesco USA has received $11,906,362 capital injection from its shareholders to continue its growth and technological innovations across South Florida in 2019. The increase in capital marks a highly successful year for the local bank.
“2018 was a record-breaking year for us,” said Jorge Salas, Banesco USA President and CEO. “We embarked on a series of new fintech partnerships this year, streamlined our website and mobile banking platform, and surpassed all of our benchmark financial figures from 2017. We look forward to continuing this pattern of growth and innovation in 2019,” he added.
Among its 2018 highlights, the Coral Gables-based bank achieved $131 million in loans over the past 12 months, increasing its total loans by 16 percent.