Florida’s Banesco USA has agreed to buy local peer Brickell Bank from Banco Espirito Santo (BES).
Set up in 1973, Brickell offers personal, corporate, commercial real estate lending, insurance, along with trade finance services.
Brickell Global Markets, the broker/dealer business of the bank, provides wealth management services.
Through Brickell Global Advisory, the bank offers investment advisory services.
Brickell chairman and CEO G. Frederick Reinhardt said: “Banesco’s resources, scale, geographic footprint, and comprehensive suite of banking products and services will provide our clients with expanded services and reach.”
The deal, whose financial terms were not revealed, is pending regulatory nod.
The merged entity will adopt the Banesco USA brand.
Banesco USA president and CEO Jorge Salas said: “Geographically, this is an entrée to the Brickell corridor which remains the epicentre 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.”
Banesco USA has branches in Coral Gables, Doral, Hialeah, Weston, as well as San Juan.
Plans are on to add a branch in Aventura in the second quarter of this year.
At the end of March 2019, the bank oversaw $1.3bn in assets.