Banesco USA Announces Record Profitability in 2021 Accented by Rating Affirmation from Kroll Bond Rating Agency

CORAL GABLES, Fla., Jan. 31, 2022 /PRNewswire/ -- Banesco USA announces continued year-over-year growth with its 2021 results, including a 12% growth in total gross loans, an impressive 63% growth in net income to $20.5 million, and a 10% increase in total assets to $2.1 billion. The bank's successful and impactful 2021 results are complemented by receiving rating affirmation from Kroll Bond Rating Agency (KBRA). The assigned ratings confirm an eventful year that included the appointment of its new President and CEO, and becoming the only bank recipient in Florida or Puerto Rico to be eligible for a significant investment of up to $237.5 million by the U.S. Department of the Treasury's Emergency Capital Investment Program (ECIP).

Banesco USA's accomplishments signal its preparedness for continued growth coupled with enhanced corporate social responsibility efforts in its South Florida and Puerto Rico communities.

"Our rating affirmation by KBRA comes on the heels of a highly rewarding and exciting 2021 for Banesco USA," says Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. "I am extremely proud of the outstanding results attained by our team especially the value which we add in servicing our customers and communities. The investment of up to $237.5 million in capital by the U.S. Department of the Treasury is further recognition of our bank's solid foundation for further expansion."

Banesco USA's strong performance and continuous growth demonstrates its robust capabilities to serve its clients ranging from small businesses and professionals to large and complex companies. Recently financed projects include a $25.4 million syndicated loan to finance the 12-story project northern Miami Dade County, a $37 million senior living facility in Charlotte County, Florida, and participation in a $35.9 million syndicated loan for the development of a 251-unit multifamily rental apartment property in Tampa, FL; in Puerto Rico Banesco USA financed a $25 million C&I loan for an operating company.

"Clearly we are in an excellent position to take advantage of growth opportunities and are excited about our future," Mr. Garcia-Velez added.

The KBRA rating affirmed Banesco USA's deposit and senior unsecured debt ratings of BBB, its subordinated debt rating of BBB-, and its short-term deposit and debt ratings of K3. The ratings are a result of the bank's diversified business revenue streams, its positive risk management infrastructure, and strong management team.

For more information, visit BanescoUSA.com.

About Banesco USA
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 $2.1 billion in assets as of Dec. 31, 2021. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. A location in the Doral area is coming soon. Visit BanescoUSA.com for additional information.

Media Contacts
Jessica Wade Pfeffer | 305-804-8424 | [email protected] 
Tyler Sminkey | 786-390-8510 | [email protected]

SOURCE Banesco

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