Banesco USA entered into an agreement to acquire Brickell Bank from its principal shareholder, Banco Espirito Santo, in liquidation.
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). It has also recently been named Business of the Year by the South Florida Business Journal.
“We’re thrilled to announce this transaction and believe Brickell Bank is an exceptionally strategic fit on multiple levels,” said Jorge Salas, president and CEO 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.”
Chartered in 1973 and located in the heart of Brickell, Brickell Bank 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, Brickell’s chairman and CEO. “2019 is off to an outstanding start with the signing of this merger agreement and the lifting of the AML / BSA consent order.”
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 served as legal advisor to Banesco USA, while Shutts & Bowen served as legal advisor to Brickell Bank.
Founded in 2006 and based in Coral Gables, FL, Banesco USA is an independent, state-chartered bank 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 the second quarter of 2019.
