Amid a Floridian financial services market that has historically been dominated by large institutions, BankMiami has redefined local banking. Having officially opened on March 17, 2025, the woman-founded bank marks Miami’s first de novo banking institution in over 15 years, reports South Florida Business and Wealth.
BankMiami aims to fill a crucial gap in the region’s financial landscape by offering a customized approach designed to meet the evolving needs of its clients. “Our mission is to provide tailored banking solutions that truly meet the needs of our community,” says Mary Usategui, President & CEO of BankMiami. “We believe that every client deserves a banking experience that is as unique as they are. We are proud to be the bank that our clients have been asking for.”
Responding to South Florida’s Banking Needs
Usategui has structured BankMiami to cater to both businesses and individual clients in South Florida. She previously held executive roles at Coconut Grove Bank and Professional Bank, Miami, and has long recognized the growing demand for a local institution that prioritizes client relationships over transactional banking, according to Global Women Leader.
Identifying the Market Opportunity: BankMiami’s Strategic Launch
The establishment of BankMiami comes at a time when the area’s banking landscape has been reshaped by mergers and acquisitions, leaving a gap for a community-focused institution. Recognizing this shift, Usategui sought to establish a bank that provides a more customized and individualized approach to financial services.
“As Miami continues to grow and attract new businesses and residents, there’s a clear need for a community bank that offers a more personalized, tailored approach to banking across all interaction points,” Usategui states in a press release. “BankMiami is dedicated to becoming more than simply a bank—we want to be a devoted partner, assisting clients in navigating their financial path through customized solutions.”
Regulatory Approval and Operational Plans
BankMiami has filed applications with the Federal Deposit Insurance Corporation and the Florida Office of Financial Regulation, securing its place as a state-chartered full-service commercial bank. It is set to become Miami-Dade County’s first new bank since 2008.
In its initial phase, BankMiami will operate out of the Buro Coworking Offices in South Miami (5966 South Dixie Highway) before moving to its permanent location at 1515 Sunset Drive, Coral Gables, in the summer. A grand opening event is anticipated following the transition to its permanent headquarters.
This story has been sourced from South Florida Business and Wealth and Global Women Leader.
