Banesco USA Announces Solid 2021 First Semester Results Attained through Significant Real Estate Project Loans
CORAL GABLES, Fla., Sept. 14, 2021 /PRNewswire/ -- Banesco USA reported a strong 2021 first semester resulting in a 12% annualized increase in total assets to $2.05 billion1. During this period, Banesco USA showed a significant annualized loan growth of 16%, well above the 0.2% Florida Southeast market average, and an impressive 34.5% growth in demand deposits. Additionally, the Bank reported $11.2 million pre-tax operating income (excluding gains from sales of investments and loan provisions), a 52% year-over-year increase, and $8.2 million in net income. Although the economic outlook due to the Covid-19 pandemic remains uncertain, Banesco USA is well-positioned to meet future challenges that may arise.
“We continue to focus on providing a customized banking experience that combines technology with a human connection – which is especially appreciated as the global pandemic persists. Our team embraced the new challenges and came together in ways that allow us to continue to serve our customers and communities to the standard with which they have come to expect,” said Mario Oliva, President & CEO of Banesco USA.
Banesco USA’s positive 2021 first semester results are accented by notable real estate projects coming to fruition. The Bank participated in a syndicated loan to finance the purchase of the 3.55-acre site of the Countyline Apartments in northern Miami-Dade County, a $25.4 million project with 112 units in 12 stories. Banesco USA also provided necessary project financing for a $37 million senior living facility in Charlotte County, Florida. The 135-bed facility will be in Punta Gorda Isles and is scheduled for early 2023 completion.
For more information, visit Banescousa.com.
1 Quarterly Florida Bank Peer Performance Report issued by Hovde Group, Q2 2021
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 $2.06 billion in assets as of June 31, 2021. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. Banesco USA. Visit www.BanescoUSA.com for additional information.
SOURCE Banesco USA