Banesco USA Accelerates Growth through Strategic Acquisitions

CORAL GABLES, Fla., May 11, 2012 /PRNewswire/ -- Over the past week, Coral Gables, Fla.-based Banesco USA has accelerated the expansion of its South Florida banking presence through the FDIC-assisted acquisition of Security Bank NA and a single-branch acquisition from Great Florida Bank.

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These transactions increase Banesco's South Florida branch network from 2 to 6 branches and give Banesco its first presence in Broward County. Additionally, the recent transactions increase Banesco's asset base by approximately $118 million, representing an increase of approximately 23% from the bank's first quarter 2012 asset base of $513 million. Including its strong organic growth, Banesco has grown total assets by approximately $141 million in 2012 and approximately $229 million since the end of 2010, making it one of the fastest growing banks in South Florida.

Rafael Saldana, President & CEO of Banesco USA, commented, "As a local bank with local roots in South Florida, we are committed to providing our customers with a banking network focused on financial strength, relationships and service. Our recent acquisitions add important strategic value to our bank, providing the benefits of enhanced scale and an expanded footprint, allowing us to better serve our customer base."

Banesco USA has experienced sustained growth since the bank opened in January of 2006 and its team of employees has grown from less than 10 to well over 100. Mr. Saldana credits the bank's success to the strength of the team and commitment to its principles, commenting that "Our team of seasoned professionals remains focused on our strategic mantra of diversified, prudent growth for sustainable profitability."

Saldana also stressed the importance of the bank's relationships with trusted external advisors, adding that "We have cultivated advisory relationships with the premier industry experts to assist us in achieving our long-term strategic goals." Saldana cited Garcia Trujillo LLC as a financial advisor, Promontory Financial Group, LLC as a regulatory advisor, First Manhattan Consulting Group LLC and DD&F Consulting Group, Inc. as consulting advisors, and Shutts and Bowen LLP as a legal advisor to the bank.

About Banesco USA:

Banesco USA (Banesco) is a commercial Bank headquartered in Coral Gables, Florida. We are an FDIC-insured bank regulated by the Florida Office of Financial Regulation (OFR). Banesco USA is an independent, growing and, most of all, strong South Florida state-chartered bank with local roots and international reach. We are a well-capitalized and top-rated financial institution.

We are an integrated financial services organization dedicated to meeting the needs of our customers and satisfying them through relationships based on mutual trust, easy access and excellence in service. Banesco USA combines tradition and innovation, with the best human talent and advanced technology. We are committed to our customers and the community we serve. It is our mission to bring our customers person-to-person banking services of uncompromising standards that enhance the effectiveness of all your financial plans and goals in business and in life.

SOURCE Banesco USA