Walk through Coral Gables or the Brickell financial district and you’ll see the shiny glass towers of global giants. But for decades, if you were doing business between Miami and Latin America, one name stood above the rest: BAC Bank of Florida. It wasn’t just a place to park cash. It was a bridge.
Banking in Florida is weird. Honestly, it’s always been a bit of a frontier, especially when you mix in the massive capital flows from Central and South America. BAC Florida Bank—as it was officially known for the bulk of its life—carved out a niche that most "Big Four" banks couldn’t touch. They understood the nuances of high-net-worth individuals from Nicaragua, El Salvador, and beyond. They knew how to handle the "transnational" lifestyle before that was even a buzzword in wealth management circles.
But things changed. Big time.
If you’re looking for the branch today, you won’t find the BAC logo on the door. In 2020, a massive shift occurred that fundamentally altered the private banking landscape in South Florida. It’s a story of globalization, massive acquisitions, and the reality of how "boutique" banking is slowly being swallowed by the behemoths.
The Pellas Family Legacy and the Roots of BAC Florida Bank
You can't talk about this bank without talking about the Pellas family. Based in Nicaragua, the Pellas Group is a dynasty. We are talking about a conglomerate with interests in everything from sugar and ethanol to the famous Flor de Caña rum. They founded BAC Credomatic in the 1950s, which eventually became one of the most powerful financial forces in Central America.
BAC Bank of Florida was their U.S. foothold.
It started small. For 45 years, it operated as a gateway for Latin American wealth entering the U.S. markets. If you were a business owner in Managua or San José and you wanted to buy a condo in Key Biscayne or finance a commercial warehouse in Doral, BAC was your first call. They didn't treat you like a "high-risk international client" just because your passport was from a developing nation. They knew the players. They were the players.
This expertise made them incredibly profitable. By the time the 2010s were wrapping up, the bank had roughly $2.2 billion in total assets. That’s not "too big to fail" size, but in the world of specialized private banking, it’s a heavyweight. They had a lean operation—just one main office in Coral Gables—but their reach was thousands of miles long.
Why Bradesco Dropped $500 Million
In 2019, the news broke. Banco Bradesco, the Brazilian banking titan, announced they were buying BAC Florida Bank. The price tag? Roughly $500 million.
🔗 Read more: 801 Cherry Street Fort Worth TX 76102: What You’re Actually Looking at When You See the Burnett Plaza
Why would a Brazilian giant want a boutique Florida bank?
Expansion. Simple as that. Brazilian investors are obsessed with Florida real estate. It’s basically their second home. Bradesco realized that their wealthiest clients in São Paulo were already moving money to Miami, but they were losing that business to U.S.-based banks once the money crossed the border.
By acquiring BAC, Bradesco didn't have to build a U.S. presence from scratch. They bought a turnkey operation with a pristine reputation and an existing license to operate in the States. It was a surgical move. It allowed them to offer brokerage, credit cards, and mortgages to their Brazilian clients directly in the U.S.
The deal closed in 2020. Almost overnight, the "BAC" name started to fade. It was rebranded as Bradesco Bank, effectively ending the era of the Pellas family’s direct control over that specific Miami institution.
📖 Related: When Does IRS Accept Tax: What Most People Get Wrong
What Most People Get Wrong About the Transition
People often think that when a big bank buys a small one, the service goes to trash. Sometimes that's true. But with the shift from BAC Bank of Florida to Bradesco, the goal wasn't to "cut costs" by firing everyone. It was about "upscaling."
The bank's focus shifted slightly. While BAC was very Central American-centric, the new entity leaned heavily into the Brazilian market. If you were a legacy client from the old BAC days, you probably noticed more digital tools and a much larger balance sheet backing your loans. Bradesco has over $200 billion in assets globally. That’s a lot of "firepower" for a small private bank in Coral Gables to suddenly have access to.
However, the "kinda" small-town feel of a family-owned international bank disappeared. You traded the personal connection to the Pellas empire for the institutional reliability of a global Top 50 bank.
The Compliance Headache (A Reality Check)
Let's be real for a second. Banking in Miami for international clients is a nightmare today. Between "Know Your Customer" (KYC) rules and Anti-Money Laundering (AML) regulations, it’s harder than ever to move money.
BAC Bank of Florida succeeded because they were masters of compliance in a high-risk region. They knew how to vet "Politically Exposed Persons" (PEPs) without offending them. When Bradesco took over, they inherited that compliance infrastructure. This is actually the "secret sauce" of why the bank was worth half a billion dollars. It wasn’t just the deposits; it was the fact that they had a proven system for navigating the legal minefield of Latin American-US cross-border finance.
The Current State of the "Old" BAC Services
If you are looking for what used to be BAC Bank of Florida, you are looking for Bradesco Bank. They still operate out of the same general hub in Coral Gables. They still focus on:
📖 Related: Huda Kattan and Louis Sanson: What Really Happened Behind the Scenes of the Huda Beauty CEO Shift
- Private Banking: Managing the wealth of families who live between two worlds.
- Real Estate Financing: Helping foreigners get mortgages for U.S. property, which is notoriously difficult at standard retail banks like Chase or Bank of America.
- Investment Services: Access to U.S. capital markets for international investors.
The Pellas family didn't just disappear, though. They still hold massive influence across Central America. But their "Florida Experiment" is now a Brazilian powerhouse.
Actionable Insights for International Banking
If you’re looking to manage wealth or do business in the Florida/LatAm corridor, the story of BAC Bank of Florida offers a few lessons you can actually use.
- Don't go to a "Big Box" bank first. If you are a non-resident alien (NRA) or have complex international income, a bank like the former BAC (now Bradesco) or other international boutiques in Miami (like Amerant or City National) will understand your tax returns better than a suburban branch manager will.
- Understand the "Acquisition Risk." Your boutique bank might get bought. When it does, your personal banker might leave. Always maintain a relationship with the person, not just the institution. Many of the original BAC staff migrated to other private wealth firms in the Gables.
- Real Estate remains the anchor. Most people used BAC for the "Miami Condo" play. If you're looking for financing as a foreign national, look for banks that specifically advertise "Foreign National Mortgage Programs." These are the spiritual successors to the original BAC business model.
- Verify the Branding. If you see old checks or documents with the "BAC Florida Bank" logo, remember they are now Bradesco. Check your routing numbers. Most were updated during the 2020/2021 migration.
The era of the small, family-owned international bank in Miami is closing. It's a game of scale now. BAC Bank of Florida was one of the last great examples of a niche player that did one thing—connecting the Americas—better than anyone else. Now, it's just one part of a much larger, global machine.