Acquisition Caps Banner Year for Banesco USA, with Double Digit
Growth, Expansion to New Geographic Markets and Recently Named ‘Business
of the Year’ by South Florida Business Journal
MIAMI–(BUSINESS WIRE)–Banesco USA, recently named ‘Business of the Year’ by the South
Florida Business Journal, announces today its entry into an
agreement to acquire Brickell Bank from its principal shareholder, Banco
Espirito Santo, S.A. – in liquidation (“BES”). The combined entity will
carry the name and corporate branding of Banesco USA. The transaction is
subject to regulatory approval.
The move accelerates momentum for Banesco USA, which has experienced
record-breaking growth in top and bottom-line and continues its
expansion to new markets (including a new business center opening soon
in Aventura, Florida).
“We’re thrilled to announce this transaction and believe Brickell Bank
is an exceptionally strategic fit on multiple levels,” said Jorge Salas,
President & Chief Executive Officer of Banesco USA. “Geographically,
this is an entrée to the Brickell corridor which remains the epicenter
of finance both here and across the region. Furthermore, Brickell Bank’s
business model enhances Banesco USA’s strategy by taking us to another
level in the residential mortgage and trade finance segments.”
Brickell Bank, located in the heart of Brickell and chartered since 1973
provides a wide range of personal and corporate financial services to
their local and international clientele.
“We are excited at the potential of becoming a part of Banesco USA and
what it signifies for our clients. Banesco’s resources, scale,
geographic footprint, and comprehensive suite of banking products and
services will provide our clients with expanded services and reach,”
says G. Frederick Reinhardt, Chairman & CEO of Brickell Bank. “2019 is
off to an outstanding start with the signing of this Merger Agreement
and the lifting of the AML / BSA consent order,” continued Mr. Reinhardt.
Banesco USA is an institution with deep roots in the communities it
serves, a strong balance sheet and track record of acquiring and
successfully integrating financial institutions. Its mission is to
provide the best and safest banking experience enhanced by the latest
technology to make banking more convenient to its customers. Both
Banesco USA and Brickell Bank are deeply committed to their communities,
and the combined entity will continue to support a strong community
reinvestment program.
Avila Rodriguez Hernandez Mena & Ferri LLP served as legal advisor to
Banesco USA and Shutts & Bowen LLP served as legal advisor to Brickell
Bank.
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 $1.3 billion in assets as of March 31st, 2019. Banesco USA is
completely independent of Banesco in other countries and its deposits
are insured by the FDIC. The bank has four branches in South Florida:
Coral Gables, Doral, Hialeah and Weston; and one in San Juan, Puerto
Rico. It plans to open a branch in Aventura, FL in second quarter of
2019. Banesco USA has a 5-star rating from the Bauer Financial rating
service and a BB- Fitch Rating. Visit www.BanescoUSA.com
for information.
About Brickell Bank
Brickell Bank, Florida chartered since 1973, is dedicated to its core
strategy of providing wealth management, personal and corporate banking
services, residential and commercial real estate lending, insurance, and
trade finance services to domestic and international individuals,
institutions and corporations. Brickell Bank offers Wealth Management
services to its Private Banking clients through its broker/dealer,
Brickell Global Markets, Inc. (Member of FIINRA/SIPC), investment
advisory services through Brickell Global Advisory, Inc. a Florida
registered investment advisor and insurance solutions through Brickell
Global Insurance, Inc. For additional information, please visit www.brickellbankmiami.com
Contacts
Renee Alvarez
Pinta for Banesco USA
[email protected]
(305)
615-1111 ext. 114
Dindy Yokel
Brickell Bank – Public Relations
[email protected]
(404)
395-3858
