PROMÉRICA first LA Latino majority-owned bank.

PROMÉRICA Bank recently announced that it has surpassed its initial funding goal of $20 – 25 million and is now ready to move forward and open its doors as the first majority Latino-owned commercial bank to form in Los Angeles in 30 years.

According to Maria Contreras-Sweet, PROMÉRICA Bank Chairwoman and former Secretary of the Business, Transportation and Housing Agency for the State of California, the majority of the funding was secured from Latino families and entities in the first 60 days of the public offering period, ensuring the bank’s position as primarily Hispanic-owned. The closing date was extended one month to accommodate the overwhelming interest in the venture and allow as many families and individuals as possible to become involved.

Contreras-Sweet, together with Edward P. Roski Jr., Vice Chairman of PROMÉRICA Bank and Chairman and Chief Executive Officer of Majestic Realty, one of the oldest and largest privately held real estate companies in the United States, is credited with identifying the bank’s organizers and leading the effort to raise the initial organizational and operating capital.

“It’s taken 30 years to form a bank that addresses the business ventures of LA’s largest and hugely underserved community, and only 60 days for Latino shareholders to take a vital role in making it happen,” said Contreras-Sweet. “Our customers will be able to call on us like family to be a trusted financial partner to provide critical services like cash-management support, commercial lines of credit and the competitive financing that’s necessary for success among small to medium-sized businesses. Equally as important, we will provide a gateway to facilitate business relations between Latino and non-Latino businesses. PROMÉRICA will be family legacy-driven in direct contrast to other banks that are generally corporate, formulaic institutions. We are poised to achieve that standing within the community and are prepared to make that vision a reality once our doors open in November.”

PROMÉRICA Bank was formed to serve the Los Angeles business community and ultimately to become the leading financial services provider of Latino entrepreneurs. The Los Angeles area boasts the highest number of Latino-owned businesses in the country with Latino businesses generating $23 billion in annual sales and more than a third of all business being Latino owned. In addition, Hispanic-owned businesses grew 31 percent between 1997 and 2002 – three times the national average – and generated nearly $222 billion in revenue, according to the U.S. Census

“PROMÉRICA Bank is primed for tremendous growth and success to deliver personalized attention by qualified bankers – including its executive officers – in not just a bilingual environment, but a bicultural, high-tech and high-touch service environment,” said Roski. “To achieve this goal, we’ve hired a highly qualified team of banking veterans because they possess a close understanding of our strategy and have a proven track record of success in the marketplace.” Roski added, “We are very confident that this experience and in-depth knowledge of banking operations will support a seamless transition as we pursue our long-term strategic initiatives. We have a commitment to the Los Angeles market that combined with the critical mass, quality staff and business strategy in place gives us confidence in our growth and ability to deliver superior solutions to our clients.”

PROMÉRICA Bank was very deliberate in choosing its name. Contreras-Sweet explained, “We wanted to convey the three key tenets of the Bank: Entrepreneurial success that represents the promise of America, which in turn helps spur progress in America and serves the professionals of America.”