Florida Banking February/March 2026

Banesco USA Expands SBA Lending Nationally with New Acquisition as Bank Achieves Major Growth Milestones

Banesco USA is accelerating its growth trajectory with the closing of its acquisition of BayFirst Financial Corp.’s national SBA lending operations, a move that positions the Miami-based bank to significantly broaden its reach in small business finance at a time when it is also celebrating historic expansion across multiple business lines. The transaction includes the purchase of approximately $95 million in SBA loan balances, the associated servicing rights, and the addition of more than 50 SBA professionals to the Banesco team. The acquisition comes on the heels of a landmark year for Banesco. In 2025, the Bank surpassed $5 billion in total assets - growing nearly $1 billion in under 12 months - while reporting rising customer deposits and strong loan portfolio diversification across C&I lending and the Puerto Rico market. According to Banesco USA President and CEO Calixto (Cali) García-Vélez, the SBA expansion reflects the Bank’s long-term strategy to grow responsibly while meeting the needs of small and mid-sized businesses across its geographic footprint and nationwide. “By acquiring this SBA lending business and portfolio, Banesco gains the infrastructure and expertise to deliver SBA financing on a national scale,” García-Vélez said. “It deepens our ability to support entrepreneurs and strengthens the Bank’s presence not only in Florida and Puerto Rico, but across the continental United States as well.”

President and SBA Market Executive. Gray, who has spent more than two decades in specialized SBA lending roles, will oversee the integration of the new platform and lead the expansion of the SBA division at Banesco. Gray noted the acquisition represents a natural next step for the Bank as it continues to scale its operations. “This enhanced SBA platform allows Banesco to support small businesses at every stage of growth,” Gray said. “Our expanded team brings deep familiarity with SBA programs, and we are focused on ensuring a smooth transition for borrowers and a strong foundation for future lending.” The SBA platform adds to a year of significant milestones for Banesco. In addition to passing the $5 billion asset threshold, the Bank has expanded its commercial and industrial lending, strengthened its presence in South Florida with a new office in Broward County, and continued its upward momentum in Puerto Rico, where deposits recently reached the $1 billion mark. Enhanced Treasury Management services, including deposit products offering higher FDIC insurance coverage limits and new Cash Vault services, have rounded out its product enhancements. As Banesco integrates its newly acquired SBA infrastructure, the Bank will continue focusing on operational efficiency and relationship-driven banking, priorities that have anchored its growth over the past several years.

The transaction also marks the hiring of SBA banking executive Elijiah Gray as Senior Vice