Mary Usategui, President & CEO, BankMiami

In an interview with Invest:, Mary Usategui, President & CEO of BankMiami, talked about filling the gap left by the consolidation of boutique banks in the region. With over 20 years in community banking, she aims to provide personalized, tech-enabled services to small businesses. The bank, which will open in early 2025, will focus on tailored solutions like loans and treasury services.

What inspired you to open BankMiami in Miami-Dade County?

It was both the need and the opportunity. My background has been in the community banking sector for over 20 years. There used to be a handful of banks that operated in this boutique, white-glove space, but there was a huge wave of consolidation among those specialized banks from 2017 to 2022. Professional Bank, where I came from, was one of the last ones standing. When that bank was eventually sold, we were hopeful that some out-of-town players in Miami would pick up where we left off, but they didn’t see the opportunity for a customized, bespoke solution. So, we decided to take that opportunity to fill the void in the market. We were also listening to former clients and people in the community who wanted a better solution.

This was actually a long-term goal of mine, one I envisioned for 10 years down the line, but I don’t think there was a better time than now. We had a huge pool of available talent due to bank consolidation, and with Miami as a backdrop — probably a Top 10 market in the world right now — that really drove me to take on this venture.

What does it mean to you to have a woman-founded bank?

I’ve been fortunate in my career not to have faced significant stigma as a woman in banking. I’ve had mentors who saw me for my capabilities, not my gender, so in many ways, I didn’t start this venture with the goal of being the first woman to do so. It was more about having a team of people who supported me and wanted us all to reach the finish line together. That said, I do take pride in being the founder of the first woman-founded bank in Miami, and possibly in Florida. While I may be the first, there were plenty of pioneering women who came before me and made my career easier. Miriam Lopez at Transatlantic Bank and Adrienne Arsht at Total Bank are two female CEOs who come to mind. They were working in a much more challenging time and helped pave the way for people like me, and I hope others can follow in our footsteps.

What makes Miami a great place to live and do business?

I was born and raised here, and from a very young age, I learned that Miami is unique in how relationships truly matter. There’s a lot of Latin American influence, which creates a different business environment. When I reached college, I saw a shift, with more businesses incorporating here and larger investment companies starting to build a presence in the city. This gave people opportunities to stay in Florida rather than travel to other major financial capitals.

A pivotal moment came during the financial crisis when companies stuck around, did what was right, and helped get the economy back on track. That experience helped shape the future of Miami. And, of course, the pandemic was a game-changer. Florida stayed open while much of the country remained shut down, and that decision paid off in dividends for Miami. Now, we’re seeing growing influence not just from across the United States but internationally. After researching the demographics of Miami, it was astounding to see how much things have changed. We’re now a financial focal point in the United States.

What are some key business opportunities in Miami?

Our bank is focused on serving the small-business community by offering lending and treasury management services. We’re seeing a lot of people establish their roots or transition to Miami. A good example is Citadel. When it moved, not only its financial subsidiaries but also its non-financial divisions were relocated here.

The way Miamians do business creates an environment where newcomers feel comfortable doing business here as well. We’re seeing expansion across multiple industries, driven by people moving here from other parts of the country, all seeing the opportunities Miami has to offer. It’s truly a transformation across sectors, with companies setting roots here and propelling the city forward.

What services and client base are you prioritizing during this initial phase of the bank?

BankMiami was founded with the goal of filling a void in the market by offering bespoke, tailored solutions to our clients. We provide commercial and industrial loans, commercial real estate lending, and residential lending. We offer a full range of products, which allows us to serve many different industries in the community. While we cater to entrepreneurs, this can cover anyone from attorneys and doctors to construction companies and more.

On the deposit side, we compete with regional and larger banks by offering a full suite of treasury management services, supported by advanced technology. This allows clients to focus on their business rather than on banking logistics.

How do you see technology shaping the banking sector?

I have a unique perspective because I started in banking over 20 years ago, at a time when technology wasn’t as integrated as it is now. Over the years, I’ve watched that evolution. Our goal is to adopt a hybrid model, where clients who prefer a personal touch can still visit a physical location while benefiting from the technology we offer. We have an omnichannel platform that lets clients complete transactions from almost anywhere, using any device. Our bankers are trained to understand our full product set and can bring the bank to the client if needed. If a client requires a solution, we’re happy to visit their office to ensure they can get things done. We like to say that we’re not just high-touch, we’re also high-tech, which is something you don’t typically see in banking.

What sets you apart from other players in the sector?

BankMiami’s primary differentiator is our commitment to personalized service. Unlike larger banks that often require high minimum balances for tailored services, we focus on building relationships. Our bankers truly care about understanding our clients’ needs and anticipating them, so clients can concentrate on growing their businesses without worrying about banking logistics.

What are your top priorities for the next few years?

I left my previous bank in August of 2023 to start this venture, completed the application process that same year, and received FDIC approval in April 2024. Our immediate goal is to serve individuals whose needs aren’t being met by current banks. The longer-term goal is to continue to refine our “secret sauce” and make sure people understand how we can help them. 

Ultimately, we want to grow the bank so that the community can be proud of it. My executive team and I were all born and raised here, and we are committed to supporting the fabric and DNA that makes Miami successful.

To reiterate, BankMiami was founded to fill a void in the market and meet the needs of the community. In 2008, there were 42 banks headquartered in Miami, with a population likely a quarter of what it is today. Today, there are 19 banks headquartered in the city, ranging from $200 million to over $30 billion in assets.

Community banks like BankMiami offer a unique perspective. We’re nimble, provide comprehensive support to clients, and contribute to the city’s development. Our unique opportunity to help Miami grow lies in focusing on small businesses and fostering local success.