Banesco USA Announces Robust Growth in Q3 2022 and Anticipates Continued Trend

MIAMI, Nov. 7, 2022 /PRNewswire/ -- Banesco USA reported a strong third quarter 2022 with a 30% year-to-date increase in total assets to $2.78 billion. The bank also shows an impressive 32% year-to-date loan growth and a significant 37% year-to-date growth in deposits. Banesco USA's loan growth was driven largely by its commercial banking customers in Florida and Puerto Rico, and its growth was accelerated by the receipt of investment funds from Emergency Capital Investment Program (ECIP).

The bank projects a total of 38% net loan growth for the full 2022 year, with a strong lending pipeline despite increases in interest rates and an uncertain economic outlook.

"We are solidifying our position as the Bank of choice for business owner and professionals who value the advice and service of an experienced banker. We at Banesco USA are committed to providing flexible, customized financial solutions - which our customers have come to expect - by combining our human touch and our best in class products and services," said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. "We're excited about our growth trajectory and look forward to serving the community and expanding our franchise."

Banesco USA's success and outstanding performance are the result of various elements, including a higher average balance in loans, higher yields on loans and investments, and controlled expenses.

For more information, visit BanescoUSA.com.

Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good- Standing.pdf) with $2.78 billion in assets as of September 30, 2022. 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 USA

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