St. Pete Bank sells SBA loans for $103 million
September 29, 2025 - St. Petersburg-based BayFirst Bank will sell its Small Business Administration 7(a) loans for $103 million, about 97% of the combined unpaid principal balance, and exit the business. South Florida-based bank Banesco USA will also acquire the servicing rights for the purchased loans. BayFirst, one of the nation's most prolific SBA lenders, encountered a sharp rise in payment delinquencies and defaults earlier this year.