Categories: Florida Business NewsFlorida News

Banesco USA Opens New Branch in Plantation, Florida

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News Summary

Banesco USA is set to expand its footprint by opening its first branch in Broward County, specifically in Plantation. This move comes with the appointment of Joshua Montagna as the new Broward Market Executive. With nearly 20 years of banking experience, Montagna will lead efforts in corporate and commercial banking in the region, aiming to better connect with the diverse South Florida community. The expansion reflects the bank’s growth strategy and commitment to serving local businesses, especially the Hispanic community, with tailored banking services.

Exciting News for Plantation: Banesco USA Expands Its Roots!

Plantation, Florida, is buzzing with anticipation as Banesco USA prepares to open its very first branch in Broward County! This major step comes right on the heels of the appointment of Joshua Montagna as the new Broward Market Executive and Senior Vice President. With a solid banking background of nearly 20 years, Montagna is set to steer corporate and commercial banking efforts in this vibrant region.

Why Broward County?

For Banesco USA, the move to Broward County is not just a leap, but a well-planned strategy to expand their services where they’ve already built a loyal clientele. With their nearest branch currently located all the way over in Aventura, the addition of this new office in Plantation makes perfect sense as they aim to connect even deeper with the South Florida community.

Banesco’s President and CEO, Calixto Garcia-Velez, sees this expansion as a natural progression. The bank has a fantastic track record with local clients over the years, which positions them perfectly to cater to even more customers in Broward. It’s all about making banking accessible, friendly, and tailored to the needs of the local business community!

Power Team in Place

Along with Montagna, Banesco USA is bringing on board three more talented professionals from Amerant Bank: Kimberly Cagiano and Matthew Kronfeld, both serving as Senior VPs of Corporate Banking, and Livan Ruiz, who will take on the role of Customer Relationship Officer. By surrounding themselves with seasoned experts, Banesco is showing their commitment to providing top-notch service and expertise in the new branch.

Positive Signs for the Future

Banesco USA recently made waves with its growing presence in South Florida, including a recent entry into Palm Beach County. This dedication enhances its strategy to boost business loans and commercial real estate lending. Just last year, the bank reported impressive numbers – a 15% loan growth and a staggering 21% increase in deposits! As of December 31, 2024, the bank’s total assets were an impressive $4.4 billion, with more than $2.9 billion of those deposits rolling in from across South Florida as of June 30, 2024.

Why Plantation?

The city of Plantation has become a hotspot for banking expansions. With Amerant Bank opening a regional office in the same area last year, Banesco’s timing couldn’t be better. This desire to grow in Broward is mutually beneficial for both businesses and the community, bringing more options and competitive services to local residents and companies alike.

A Bright Future for the Hispanic Business Community

One of the most promising aspects of Banesco USA’s expansion is the incredible opportunity it presents for the growing Hispanic business community. The bank has established itself as a key player in promoting lending to minority communities, having received funds from the U.S. Treasury Department’s Emergency Capital Investment Program. This underscores Banesco’s mission to serve and support underrepresented groups in the financial landscape.

Looking Ahead

With the opening of the full-service branch scheduled later this year, pending regulatory approval, there’s a buzz of excitement in the air! The residents of Plantation are eager to see how Banesco USA will integrate into their lives, offering a personal touch to banking that can sometimes feel too corporate or isolated.

The expansion into Broward County is just one more feather in the cap for Banesco USA, who has been a strong presence in the region since 2006. As they continue to grow and adapt to the needs of their community, it’s clear that a bright future awaits both the bank and the residents of Plantation.