South Florida Banks Continue Rapid Growth
By: Ismael Rodriguez
Local banks in South Florida have received improved ratings vouching for their reliability and service since the market crash in 2008. Now, nearly 70 percent of these banks have earned a high rating from Bauer Financial.
The tri-county area, which is comprised of Miami-Dade, Broward and Palm Beach counties, has 48-based banks currently operating. Most of these banks, which include BankUnited, Home BancShares and Seacoast Bank, exceed regulatory guidelines and loan quality, according to the South Florida Business Journal.
BankUnited, the Miami-Lakes-based bank, which reported profits of $66.2 million in the first quarter of 2017, currently sits with $27.8 billion in assets, making it the most profitable bank in the Florida.
Even the fairly new institutions like Florida Community Bank, City National Bank of Florida, Apollo Bank and Banco do Brasil Americas in Brickell have been rapidly growing at an impressive rate.
The SFBJ also reported that institutions like IberiaBank and Sabadell United Bank are merging assets in attempts to supersize its South Florida presence.