The prominent Cuban-American banker and philanthropist Raúl Masvidal, one of the most influential figures in Miami, died last Tuesday at the age of 82, as reported by his colleagues from the Orange Bowl Committee, of which he was a lifelong member. The cause of his death was not disclosed.
"My deepest condolences at 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 had a profound impact on countless lives. May he rest in peace and may they find solace in the love and cherished memories that surround them," expressed Tailleen Corujo, founder of the institution, on Facebook.
Masvidal, born in Havana on November 14, 1941, moved to Miami in 1960, a year after the arrival to power of the dictator Fidel Castro. His life was marked by a series of achievements in the financial and civic sphere, which made him a prominent figure in the Cuban-American community and in South Florida.
Throughout his career, Masvidal stood out 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 the president of Biscayne Bank, known for requiring a minimum deposit of $50,000 to open an account.
His influence was not limited to the financial sector. Masvidal 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 advocated for loans in the African-American community in downtown Miami. His activism and reach earned him entry into the exclusive Non-Group, a select group of businessmen who controlled Miami behind the scenes.
Masvidal also left 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, a contest in which he defeated the incumbent Maurice Ferré but lost in the runoff against Xavier Suárez (father of the current mayor of Miami, Francis Suárez), who became the first Cuban-American mayor of Miami.
His participation in the development of Miami 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 had difficult moments in his career. According to the Miami Herald, in the early 1990s, he faced a $2 million debt and in 2007 was accused of fraud and theft of $150,000, accusations he always maintained were false. In 2014, a judge in Miami-Dade dismissed the charges against him.
In addition to his professional achievements, 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 tireless dedication made him stand out among his peers and earned him the respect and admiration of many.
The 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 La Pequeña Flor Church 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.
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