Florida Banking August/September 2025

Building BankMiami A New Chapter in Community Banking How Mary Usategui and her team are redefining local banking in one of America’s most dynamic cities.

BY SUELLEN WILKINS, DIRECTOR OF MARKETING AND COMMUNICATIONS

W hen Mary Usategui took a part-time job as a teller over 20 years ago, she had no intention of becoming a career banker. Today, she leads BankMiami — the first de novo bank in Miami-Dade County since 2008, and the first woman-founded bank in the city’s history. Alongside her leadership team, Usategui is bringing a deeply personal, community rooted approach back to banking in one of the nation’s most competitive and rapidly evolving markets. The Origin Story Mary Usategui’s path to the C-suite was anything but traditional.“I started at Coconut Grove Bank as a part time teller while going to school full time,” she recalls. “I had no idea how a bank operated.” But she quickly advanced through the ranks, eventually becoming Senior Financial Officer. Her career trajectory brought her to Professional Bank, where she reunited with Danny Martinez, who had recently joined from Gibraltar Bank & Trust. They had worked together previously at Coconut Grove Bank (now Grove Bank & Trust). As the Miami banking market experienced wave after wave of consolidation, the seeds of BankMiami began to take root. “There was a clear void in our community,” Usategui explains. “Concierge-style banking was disappearing. Clients were frustrated — decisions were no longer being made locally, and the personal relationships they had counted on were vanishing.” Martinez echoes that sentiment. “We saw our clients looking for something that didn’t exist anymore — a bank that understands Miami, that understands them. So we said, ‘Why not us?’” Usategui and Martinez left Seacoast Bank in mid 2023. By December, they had filed their application to open a new bank. BankMiami received approval within four months after application acceptance — a remarkably fast turnaround — and officially opened its doors on March 17, 2025. That success was no accident. “We did a lot of groundwork before filing,” Usategui says. “We had longstanding relationships with regulators and worked closely with the Florida Bankers Association (FBA), ICBA and ABA to advocate for a smoother de novo process.” The biggest challenge? Raising capital. The team successfully raised over $38 million, with a key stipulation: no single investor would own more than 10 percent. “We wanted to protect our business model,” Usategui says. “We knew where we wanted to go, and we didn’t want anyone coming in and redirecting us.”

A Milestone Moment Being the first woman to found a bank in Miami is a powerful achievement, but Usategui views it in broader terms. “It’s an honor, of course,” she says, “but what mattered most to me was opening a bank that our community needed. That we happened to be the first in 16 years — that’s what makes me proud.” For Martinez, the milestone holds both professional and personal meaning. “As the father of daughters, it’s inspiring to see Mary lead this. It sends a strong message to young women — you can do this. You can start something, and you can succeed.” He adds, “Her trajectory is incredible. She became CFO at a very young age and helped take a bank public before turning 40. She’s someone my daughters can look up to.” If you ask either of them what sets BankMiami apart, they’ll tell you it’s the people. “Every single employee is a shareholder,” Danny says. “That changes everything. It creates a sense of ownership you just don’t see at larger institutions.” Usategui adds, “We’ve built a team that for the most part has worked together before, and we put culture first. When you take care of your people, they take care of your clients. And the clients, in turn, become your best advocates.” The leadership team — Usategui, Martinez, CFO/ COO David Monter and Chief Credit Officer Rob Regalazio — brings decades of experience and deep knowledge of the Miami market. “David was my controller at Professional Bank and ran operations during one of the most difficult transitions we had,” Usategui shares. “Rob has unmatched credit knowledge. And Danny brings business development expertise and a powerful local network. The team we’ve assembled has some of the best in the business.” Starting Fresh, Serving Smarter BankMiami serves professionals – doctors, lawyers, CPAs and small business owners – offering custom financial solutions delivered with a personal touch. “It’s not just about accounts or loans,” says Martinez. “It’s about relationships. Our clients know they can call us on weekends. They know we’ll pick up. That’s rare these days.” The bank’s modern technology stack also sets it apart. “Most banks our size have legacy systems,” Usategui notes. “We built our tech from scratch. That BankMiami, Continued on page 10

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