Passing of Raúl Masvidal, Renowned Cuban-American Banker and Philanthropist

The prominent Cuban-American banker and philanthropist, Raúl Masvidal, one of Miami’s most influential figures, passed away last Tuesday at the age of 82, as reported by his colleagues from the Orange Bowl Committee, where he was a lifetime member. The cause of his death has not been disclosed.

"My heartfelt condolences during this difficult time. I will always be eternally grateful to Raúl Masvidal for his kindness, legacy, and help. His tireless efforts to make Loyola School a reality have profoundly impacted countless lives. May he rest in peace and may you find comfort in the love and cherished memories that surround you," expressed Tailleen Corujo, founder of the institution, on Facebook.

Born in Havana on November 14, 1941, Masvidal moved to Miami in 1960, one year after the rise to power of dictator Fidel Castro. His life was marked by a series of achievements in the financial and civic arenas, making him a prominent figure in the Cuban-American community and in South Florida.

Throughout his career, Masvidal was distinguished for his leadership in banking institutions and his commitment to numerous civic and artistic organizations. During the 1970s, he led the Royal Trust Bank of Miami and later acquired the Biscayne Bank, a move that solidified his status as one of the most influential Cuban-Americans in the city. He also served as president of Biscayne Bank, known for requiring a minimum deposit of $50,000 to open an account.

Activism and Community Engagement

Masvidal's influence extended beyond the financial sector. He was a fervent activist and advocate for various community causes. He participated in the creation of the Cuban American National Foundation (CANF) in 1981 alongside Jorge Mas Canosa, and he championed loans within the African-American community in downtown Miami. His activism and reach earned him entry into the exclusive Non-Group, a select group of business leaders who operated Miami from behind the scenes.

Masvidal also made his mark on local and national politics. He supported candidates from both parties, including Ronald Reagan and Senator Bob Graham. In 1985, he ran for mayor of Miami, defeating incumbent Maurice Ferré but losing in the runoff to Xavier Suárez (father of current Miami Mayor Francis Suárez), who became the first Cuban-American mayor of Miami.

His involvement in Miami's development was significant. He worked on the urbanization of Cocoplum and Bayside Marketplace and contributed to the construction of the Miami Arena, which served as the home for the Miami Heat basketball team.

Masvidal also faced challenging moments in his career. According to the Miami Herald, in the early 1990s, he faced a $2 million debt, and in 2007, he was accused of fraud and theft of $150,000, charges he always maintained were false. In 2014, a Miami-Dade judge dismissed the charges against him.

Besides his professional accomplishments, Masvidal was known for his energy and dedication. His workday began at 5:30 a.m. and often extended until 1 a.m. the next day. This relentless dedication made him stand out among his peers and earned him the respect and admiration of many.

Funeral services for Raúl Masvidal are scheduled to begin with a wake on Wednesday, May 29, from 5 to 9 p.m. at Ferdinand Funeral Homes and Crematory in Miami. A mass will follow on Thursday, May 30, at 10 a.m. at the Church of the Little Flower in Coral Gables.

With his passing, Miami loses an exemplary community leader whose influence will endure in the city's history and in the lives of those he helped throughout his career.