“Our bank is in a great position. We have significant liquidity and exceptionally strong capital,” stated José E. Cueto, CEO of Grove Bank & Trust.
Founded on July 12, 1926, Grove Bank & Trust is the longest running bank in Miami-Dade. It has overcome numerous challenges, including the hurricane in 1926 and the Great Depression. Today, Grove Bank & Trust remains a pillar of stability and growth, with five branches in Miami-Dade.
Grove Bank & Trust’s CEO, José E. Cueto, is a seasoned banking professional with over three decades of experience in lending, acquisitions, and asset management. He leads a team of highly skilled and motivated professionals to strategically expand the bank’s capabilities.
Hispanic Time had the opportunity to interview José E. Cueto, CEO of Grove Bank & Trust, about his strategies for the bank’s continuous growth in today’s competitive market.
Hispanic Time: Grove Bank & Trust is a bank founded in 1926, the oldest in Miami-Dade. What are your priorities now as the new CEO of Grove Bank?
Jose E. Cueto: “The key point that I am focusing on most is building the right teams for the strategic model we are trying to implement. There is a significant shift in what we are doing to transform the bank into a strong competitor in today’s market, and that requires bringing in the right teams.
We have repositioned the bank in many ways: a powerful lending team, the first international banker in the bank’s history, and the bank’s retail network and branches. Almost all the people in the branches and many departments are newcomers, working toward new objectives with a forward-thinking mindset.”
HT: You appointed new people in investment management, trusts and estate planning. All of this is achieved with a more personal relationship with the client, right?
JEC: Yes, definitely. I believe the added value of Grove Bank & Trust is the personal touch, the level of service and attention clients receive, and the holistic solutions we present to them. It’s not just about occasionally serving clients who need a specific service; we always engage in conversations about the bank’s potential and what we can offer to any client. We’re also operating in a market where many of our competitors have disappeared through sales or acquisitions or have been acquired by banks outside this market that don’t really understand the local dynamics or how to operate in Miami-Dade County, which is quite different from other markets in the U.S., or even from other markets in Florida itself.
In many ways, this is a critical point in the local banking market, and our bank is very well positioned. Moreover, we have plenty of liquidity, extremely strong capital, and we’ve managed to continue growing deposits in a challenging market. While many banks have been stalled or rethinking their strategies, we’ve had the opportunity to engage in this market more aggressively.
HT: Is Miami finally establishing itself as a financial hub in the southern United States?
JEC: My long-term vision for Miami is very optimistic. I believe that when comparing Miami to other prominent cities around the world, even though it may seem very expensive and the cost of living here has increased significantly, there is a strong desire to live in Miami and South Florida due to the combination of the climate, the businesses that have moved here, and the state’s favorable tax treatment compared to other jurisdictions in the country.
I think the banking sector is very well positioned for the next wave of growth we will see in Miami, especially with the development in construction over the past 10 to 15 years. In the last two or three years after COVID, it has been truly incredible the number of people who have moved to Florida and the number of businesses that have relocated their operations here or chosen Miami as the place to incorporate and start new ventures. There are many positive forces and movements in Miami.
Interview: Eduardo A. Hapke
Report: Sebastián Marin Jaramillo
Photos: Grove Bank & Trust.
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