The State of Yucatan was distinct in the Mexican republic due to its immense concentrated wealth, making it one of the few regions capable of supporting multiple banks of issue simultaneously. The banking landscape was dominated by two primary, competing institutions: El Banco Yucateco and El Banco Mercantil de Yucatán.

El Banco Mercantil de Yucatán was established by a coalition of traditional Yucatecan businessmen and landowners. The financial backbone of this institution was the powerful regional trading house, Eusebio Escalante é Hijo. The founding board of directors was headed by Eulogio Duarte and included prominent regional figures such as Eusebio Escalante Bates, Rafael Otero Dondé, Raimundo Cámara Luján, and Joaquín Peón. Eulogio Duarte secured the official government concession to establish the bank in the state capital o ...