Florida Bank Reports Record Profits and Growth in Total Assets, Loans and Deposit
MIAMI–(BUSINESS WIRE)–Banesco USA today announced strong Third Quarter Earnings with record net income of $19.8 million, marking a year-over year increase of 165 percent. Additionally, total assets grew 44% to $1.83 billion, gross loans grew by 37% to $1.31 billion and deposits grew 41% to $1.55 billion for the year.
“These figures mark record profits, positioning us to brake 20 million dollars in net income for the year with all of our business lines performing as planned,” said Banesco USA’s CEO, Jorge Salas.” Our new online and mobile banking platform have been very well received by clients and we’re enthusiastic to be adding a promising new business line, foreign national residential lending, led by a senior team with more than 30 years of experience,” he added.
Over the past year, Banesco USA has emerged as the local frontrunner among community banks in the area of technological innovation through a series of fintech partnerships and advancements in the area of customer experience. The bank automated a commercial credit process by partnering with fintech nCino, the #1 Commercial Loan Origination System in the USA, delivering a transparent process that results in faster and easier access to credit. Banesco USA also partnered with Plug and Play, one of the largest innovation platforms located in Sillicon Valley. Additionally, the bank also launched their new online and mobile banking platform, BanescOnline and BanescoMobile. The new and improved digital interface went live on October 8th, 2019.
In November, the bank will be opening a new branch in Brickell, Miami’s financial corridor, as a result of their acquisition earlier this year of Brickell Bank.
Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf) with $1.87 billion in assets as of August 30, 2019. The bank has six branches in South Florida: Coral Gables, Doral, Hialeah, Weston, Aventura and Brickell (with the recent acquisition); and one in San Juan, Puerto Rico. Banesco USA, South Florida Business Journal’s 2019 Business of the Year, has a 5-star rating from the Bauer Financial rating service and recently raised its Fitch Rating outlook to Positive. Visit www.BanescoUSA.com for information.
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