Florida Banking May 2024

Honoring Heritage and Shaping Futures Interamerican Bank:

I nteramerican Bank is a family-owned institution based in Miami, committed to serving its community and making a difference in people’s lives. While rooted in Cuban American heritage, Interamerican Bank’s commitment extends to serving everyone in its diverse clientele. The bank takes pride in ensuring that every individual who walks through its doors receives the highest standard of care and attention. The bank was founded in 1976 by Agustin C. Velasco and continues under the leadership of his son, Agustin Velasco, Jr., who currently serves as a board member, president and CEO. “It is a significant weight and responsibility that I carry,” Velasco Jr. said, speaking of his father’s legacy. “Our resilience is evident in our ability to navigate through challenging economic situations, including

he would receive the same services he was getting in the other town. Months later, he went to cash a check, and the manager informed him that he could not give him the money immediately, as he had to wait several days to cash it. And so his search to establish another institution in San Nicolas began. Velasco Sr. discussed the opportunity of opening a branch with the executives of Banco Formento Agricola who took an interest in the project, and they wanted Velasco Sr. to take charge of the new bank. Therefore, Banco Formento Agricola opened a branch in San Nicolas de Bari, and Velasco Sr. began his illustrious career as a banker. Velasco Sr. fled communist Cuba in 1961 and moved to South Florida. In Miami, he was first employed at the Florida Pipe Company where he earned 90 cents an hour and eventually transitioned

to having his own boxed lunch truck route. It took many years to realize his dream of opening a bank in Miami, as he faced challenges like the language barrier and raising the necessary capital. However, he continued to work hard and would have discussions with a fellow banker from Cuba about opening a bank in Miami. Together they began the necessary process, getting the paperwork and permission to open it, and on September 10, 1976, Interamerican Bank opened its doors to the public. “My father always stressed that customer

the Great Recession, and even surviving the savings and loan crisis of the 1980s and 1990s, which greatly impacted the banking industry in the United States. I understood the importance of taking every necessary measure to ensure the bank remained operational and secure.” Today, as the bank approaches its 50th anniversary, Interamerican Bank has $260 million in assets and five banking locations. Velasco Jr. has the privilege of working alongside two of his daughters, Christie and Lindsie Velasco, as well as his

“WE ARE ALL ABOUT IMPROVING THE CUSTOMER’S EXPERIENCE WITH US. WE GO OUT OF OUR WAY FOR OUR CUSTOMERS.”

- AGUSTIN VELASCO, JR.

service is the key to everything,” Velasco Jr. said. “Community is at the heart of everything we do at Interamerican Bank. We know our customers by name… and now, they are proudly bringing their sons and daughters to join our banking community as well.” Velasco Jr. joined his father at the bank in 1988. He was an electrical engineer at the time earning his bachelor’s degree from the University of Miami, but he took on special projects at the bank, grew his knowledge, and earned his MBA from Nova Southeastern University. With the support of the Board of Directors, Velasco Jr. spearheaded the bank’s expansion, establishing three additional branches and opening a loan servicing center in West Palm Beach, which has since developed into a fully-fledged branch. Interamerican Bank, Continued on page 10

niece Isis Pacheco Velasco, daughter of his brother-in law Ibrahim Pacheco, who serves as Chairman of the Board. A portrait of the esteemed founder Agustin C. Velasco is displayed in the lobby of the main branch, symbolizing his widespread recognition and respect within the community. Velasco Sr. was a hardworking entrepreneur and Cuban exile. The idea of becoming a banker was sown in his hometown of San Nicolas de Bari, Cuba, where the absence of more than one bank spurred his determination to become a banker. Velasco Sr., as the executive distributor of Polar Beer in San Nicolas, maintained his bank account in another town. However, the manager of the bank in his hometown convinced him to bring his account over and guaranteed him that

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