Miami Welcomes BankMiami, the First New Bank Since 2008

News Summary

Miami-Dade County is set to welcome BankMiami, a new bank founded by women, which will commence operations on March 17. Located at 5966 S. Dixie Highway, the bank aims to offer a full range of banking services, including personal and commercial financing. Led by CEO Mary Usategui, the bank has successfully raised $38 million to kickstart its operations. As the first new bank in the area in over 15 years, BankMiami is eagerly anticipated by the local community and aims to contribute positively to the vibrant local economy.

Miami Welcomes a Brand New Bank!

Exciting news for the residents of Miami-Dade County! After 16 years of waiting, a brand-new bank is about to open its doors, and it’s breaking new ground in more ways than one. BankMiami is all set to launch in the heart of South Florida, marking the first new bank in the area since 2008. If you’re in the neighborhood, you can check it out soon because a temporary office will be opening up on March 17! This little gem will be located at 5966 S. Dixie Highway, Suite 300 in South Miami. How convenient is that?

A Women-Founded Initiative

What makes BankMiami even more special is that it’s a women-founded bank. This initiative aims to thrive on community engagement and tailored services for all customers. The team is led by none other than Mary Usategui, who happens to be the co-founder and CEO of the bank. Under her leadership, the bank has successfully raised a whopping $38 million, well beyond the minimum requirement of $32.5 million to get rolling. This funding reflects not just confidence in the new bank but also a vote of trust from the community it aims to serve.

Exciting Plans Ahead

While the temporary office gets things started, a more permanent fixture is already under construction at 1515 Sunset Drive. With plans to offer a full range of banking services, BankMiami is preparing to provide retail and commercial banking options. Whether you need to open a checking account, save some money, or explore loans—residential or consumer—this bank has got you covered. They’ll also make business financing easy with options such as business lines of credit and commercial financing. It looks like it’s going to be a one-stop shop for all your banking needs!

Team and Governance

The bank will have a well-structured governance team featuring a board of 10 directors, including Usategui herself. She has put together an impressive team of executives with various backgrounds in the banking industry. The leadership includes Daniel Martinez as the Chief Banking Officer, David Monter as the Chief Operating and Financial Officer, and Robert Regolizio as the Chief Credit Officer. This dynamic team promises to bring a plethora of expertise to the table.

Securing Approvals

Before all of this excitement, BankMiami had to clear some significant hurdles. The bank received the green light from the Federal Deposit Insurance Corp. (FDIC) back in October, following the approval from the Florida Office of Financial Regulation in July. This means that all systems are go for them to start serving the community.

Looking Ahead

The journey to bringing this new bank to life has been in the works for some time. New bank applications were submitted in December 2023 to the FDIC and the Florida Office of Financial Regulation, paving the way for even more banking innovations on the horizon.

With Mary Usategui at the helm, a successful track record spanning roles at Coconut Grove Bank and Professional Bank, the future looks bright. She even served as EVP and Chief Strategy Officer at Seacoast Bank after the latter’s acquisition. It’s clear that this team has the experience and dedication necessary to bring innovative banking solutions to the local community.

A Warm Welcome Awaits

So, mark your calendars! The launch of BankMiami is a fantastic opportunity for the community, and it’s exciting to think about how it will contribute to Miami’s vibrant local economy. Whether you’re looking for personal banking services or seeking to expand your business horizons, this new bank is ready to offer tailored solutions. The Miami community is welcoming this fresh addition with open arms, and we can’t wait to see what the future holds!

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