Alumna Launches First New Miami Bank in 16 Years

By Michelle Lopez

Mary Usategui (MSF '08, BBA '07) has made history by opening the first new bank in Miami in more than 16 years. BankMiami, which officially opened its doors in March of 2025, marks a significant milestone in the city's financial landscape, bringing a fresh, boutiquestyle experience to the city's rapidly growing market.

You could say Usategui was born to bank, having been deeply rooted in Miami's banking sector for nearly two decades. Her journey began when she was a parttime teller at Coconut Grove Bank while still a student at FIU. This early exposure, combined with her family background – her stepfather was CFO of SunTrust Bank and her mother was an executive recruiter for banks – helped shape her passion for finance and banking.

"I've always said I wanted to start a bank one day, but I thought it would be at 50, not now," said Usategui. "The timing, the team, the clients — everything aligned. Miami needed this."

Over time, she scaled the ranks of the industry, eventually becoming CFO at Professional Bank, where she helped it grow from $80 million to $3 billion in assets, leading to its IPO in 2020.

When Professional Bank was acquired by Seacoast Bank in 2023, Usategui saw a void in Miami's banking landscape.

"Clients kept asking for that high-touch, boutique feel," said Usategui. "There was a real demand for concierge banking, but few places still offered it."

BankMiami seeks to fill that gap. Located in South Miami, with a permanent headquarters under construction nearby, the bank offers both personal and commercial services with an emphasis on service-first, tech-forward banking.

"We're high-touch, and high-tech," said Usategui. "You won't call a 1-800 number here. Our bankers know our clients personally and make decisions based on relationships, not just credit boxes."

Currently employing 25 people, the bank emphasizes a personalized, holistic approach to banking, particularly important in cities like Miami, where many clients are small business owners or nontraditional earners with complex financial profiles.

The journey to launching BankMiami wasn't without its challenges. Regulatory delays, election-year uncertainty and the loss of both her stepfather and her father, who helped shape her business plan, made the process more difficult, but also more meaningful.

"FIU prepared me for the unexpected," said Usategui. "They taught us how to pivot, how to solve problems in real-time, and that training saved me."

For current students and aspiring entrepreneurs, Usategui offers clear advice: "Don't give up. Lean on your network. Use every opportunity you get — you never know where it will lead."