ProAmerica Bank (CA) (fka PMRA)

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PMRA: Cash merger; PMRA acquired by Pacific Commerce Bancorp (OTC: PCBA); for every 1 share of PMRA, shareholders have the right to receive $10.50 in cash

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

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PROMERICA BANK President Retiring http://www.marketwire.com/press-release/promerica-bank-president-retiring-otcqb-pmra-1561801.htm

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PROMERICA BANK Second Quarter 2011 Results Reflect Record Operating Profits, Strong Capitalization and Growth

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B. Federal Reserve Bank of San Francisco (Tracy Basinger, Director,
Regional and Community Bank Group) 101 Market Street, San Francisco,
California 94105-1579:
1. Belvedere Capital Fund II L.P., and Belvedere Capital Partners
II LLC, both of San Francisco, California; to acquire up to 15 percent
of the voting shares of Promerica Bank (in organization), Los Angeles,
California.


BELVEDERE CAPITAL FUND II L.P. * 3A3 Belvedere Capital Fund II, L.P., and Belvedere Capital Partners II LLC, both of San Francisco, California, to acquire up to 15 percent of Promerica Bank (In Organization), Los Angeles, California. Newspaper: 09/02/2006
Federal Register: 09/05/2006

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Palladium Equity Partners Announces Investment in PROMÉRICA Bank
NEW YORK (October 26, 2006) – Palladium Equity Partners, LLC today announced that it has signed a subscription agreement to invest in PROMÉRICA Bank (I.O.), the first primarily Latino-owned commercial bank to form in California in more than 30 years. This is the second investment of Palladium Fund III, which closed in March 2006 with $520 million of committed capital.

Palladium’s investment focus is on companies which are well-positioned to capitalize on the fast-growing U.S. Hispanic market, making PROMÉRICA Bank (I.O.) an ideal investment partner. Maria Contreras-Sweet, PROMÉRICA Bank (I.O.) Chairwoman and former Secretary of the Business, Transportation and Housing Agency for the State of California, explained, “While we are proud of the milestone we have achieved, we expect even greater accomplishments as the bank engages small businesses, be they Latino, Asian, non-ethnic or women-owned, in a concerted effort to expand the economic landscape of the region. Our approach to banking will provide our clients access to senior leadership in the personal, high touch environment they deserve.”

“Palladium’s investment is a tremendous addition to our business,” said Contreras-Sweet. “They will provide us with more than just capital, as the partnership will also generate synergies with the potential of offering both private equity capital and conventional loans to mutual clients.”

Marcos Rodriguez, Managing Partner of Palladium, added, “We are honored to partner with Ms. Contreras-Sweet and the distinguished founders and management of PROMÉRICA Bank in this historic endeavor. PROMÉRICA Bank demonstrates the potential of the fast-growing U.S. Hispanic market and is poised for tremendous growth given the significantly underserved market in Los Angeles. We look forward to contributing to its success,” he added.

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.

PROMÉRICA Bank was formed to serve the Los Angeles business community and ultimately to become a leading financial services provider to entrepreneurs and small to mid-sized businesses in the greater Los Angeles County area. This area boasts the highest number of Latino-owned businesses in the country with more than a third of all business being Latino owned. Together, these Latino businesses generate $23 billion in annual sales. Throughout the U.S., Latino-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.

Mr. Rodriguez and Ms. Contreras-Sweet, both members of the New America Alliance (NAA), will share insights on their partnership at the NAA Wall Street Summit taking place in New York through October 27. The formation of PROMÉRICA is a concrete example of American Latino economic empowerment which is at the center of the NAA advocacy initiatives.

Palladium Equity Partners, LLC, based in New York, is an investment firm focusing on middle market companies in sectors including financial and business services, healthcare, retail, food, manufacturing and media. Palladium has a particular focus on companies well-positioned to capitalize on the fast-growing U.S. Hispanic market. The principals have invested more than $1 billion of equity in over 30 portfolio companies during the last two decades. Formed in 1997, Palladium currently has committed equity capital in excess of $750 million.

State-chartered PROMERICA Bank (I.O.) will be headquartered at 888 S. Figueroa Street in downtown Los Angeles and will be a full-service commercial bank, offering local decision making for all the financial needs of businesses and their principals, including real estate and construction loans, lines of credit, term loans, and SBA loans as well as a full complement of deposit products and business services.

# # #

Contacts:
PROMÉRICA Bank (In Organization)
Kat Calbes / Lisa Ruiz
BLAZE
310-395-5050

Palladium Equity Partners
David Lilly / Laura Walters
Kekst
212-521-4800

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Latino-Owned Bank Exceeds Funding Goal As It Launches Business
National Mortgage News
2006-11-06

By Jennifer Harmon
Promerica Bank has surpassed its initial funding goal of $20 million to $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, Promerica Bank chairwoman and former secretary of the Business, Transportation and Housing Agency 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.

Ms. Contreras-Sweet, together with Edward P. Roski Jr., vice chairman of Promerica Bank and chairman and chief executive officer of Majestic Realty, 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 Los Angeles' largest and hugely underserved community, and only 60 days for Latino shareholders to take a vital role in making it happen,' said Ms. 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,' she added. 'Promerica 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.'

According to the company, the Los Angeles area boasts the highest number of Latino-owned businesses in the country, generating $23 billion in annual sales and more than a third of all business being Latino owned. In addition, Hispanic-owned businesses grew 31% between 1997 and 2002 - three times the national average - and generated nearly $222 billion in revenue, according to the U.S. Census Bureau.

'Promerica 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 Mr. 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.

'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.'

Promerica Bank was very deliberate in choosing its name. Ms. 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.'

(c) 2006 National Mortgage News and SourceMedia, Inc. All Rights Reserved. http://www.nationalmortgagenews.com http://www.sourcemedia.com>

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PRESS RELEASE 06-28
November 6, 2006
Contact: Alana Golden, Public Information Officer
[phone] or [phone]
www.dfi.ca.gov



Department of Financial Institutions Announces New State Bank -
Promerica Bank Will Open its Doors on November 7 in Los Angeles



San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Promerica Bank will open for business on November 7, 2006 in Los Angeles, California with an initial capital of $27.5 million. Promerica Bank will focus on serving the Hispanic business community and provide customized financial products and services to small businesses.

"I am pleased to welcome Promerica Bank -- the 19th new bank to open in 2006, and to report that state-chartered banks continue to grow and prosper in California," said Michael A. Kelley, Acting Commissioner of Financial Institutions.

"California's financial institutions are symbols of safety and soundness. Their role in business and industry are important to the economy and to our own personal well-being. Maintaining the integrity of financial services remains our primary mission as the industry continues to grow. During 2005, assets for our financial institution licensees grew from $249 billion to $290 billion," added Kelley.

During the last five years, 79 new state-chartered banks have opened with DFI approval. In addition, over 120 branches also opened their doors. Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals.

Promerica Bank will be located at 888 South Figueroa Street, Suite 100, Los Angeles, CA 90017. The bank's main phone number is [phone] and Fax is [phone]. The Web site address will be www.PromericaBank.com.

Eloy Ortega will serve as President/CEO; Frank E. Smith as Chief Financial Officer; Xavier Chaves as Chief Credit Officer; and Maria Contreras-Sweet will serve as Chairwoman of the Board.

Like all California state-chartered banks, Promerica Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.

DFI supervises over 700 financial institutions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and transmitters of money abroad. DFI reports to Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger.

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Taking stock in a new Latino-owned bank
Friday, 14 July 2006
By Elena E. Robles
Yes, there have always been the role models. Unfortunately too few of the “firsts,” the door openers, or the path breakers have been Latinos or Latinas.


On Thursday, July 6th, the Greater San Jose Hispanic Chamber of Commerce hosted a “first” at their weekly business luncheon held at Maggiano’s Restaurant. At one time, Maria Contreras-Sweet, the first Latina Secretary of the Business, Transportation and Housing Agency of the State of California, managed a $12.4 billion budget that represented the 13 departments that maintained the state’s industrial and financial infrastructure.
Maria Contreras-Sweet (center), founder of the new Latino-owned Promerica Bank, is welcomed by Richard Mac Bride, Carlos Figueroa, and Angie Cardoza, Board Members with the Greater San Jose Hispanic Chamber of Commerce. Photo by Elena E. Robles


“California is now the fifth largest economy in the world,” said Contreras-Sweet. “Diversity is its strength, both in geography and in its people and pluralities. And,” she continued, “we need to remember that the issues for Latinos are issues for all families.”


Now, Contreras-Sweet along with a select group of stockholders is opening a new bank; the first Latino-owned bank in California in 35 years.


Promerica Bank of California is being created from the investments of an initial 25 Latino families. It will be centered in Los Angeles, home to the largest Hispanic population in the United States. It’s a logical and practical move considering that Latino purchasing power nationally will top $1.08 trillion by 2010.


California already has the largest total Latino buying power in the nation, but by 2010, Latino purchasing power in the state is expected to reach $294 billion, a jump of more than 45 percent in less than four years.


In spite of the fact that U.S. Latino buying power is greater than the GDP of most countries in the world, the 2000 U.S. Census estimates that one-third of the U.S. born Hispanics and nearly half of all Mexican immigrants do not have bank accounts. Promerica Bank founders intend to create a customer service model that addresses the reasons for the Latino preference to deal primarily in cash, and will open branches beginning with the largest California communities of Latino demographics.


According to a study by the Joint Center for Housing Studies of Harvard University, Latinos are also expected to account for nearly one-third of the nation’s home buying pool by 2010. Among the various banks and institutions that currently finance Latino home ownership and family-owned businesses in California, there are over 40 Asian-oriented ones but none focused on Latinos.


When asked why anyone should be concerned as long as Latinos are getting good service, Contreras-Sweet answered: “Because its time we owned it. It is just time.”
Maria is a former member of the Federal Glass Ceiling Commission and serves as a member of the International Women’s Forum and the Women’s Leadership Board at the John F Kennedy School of Government at Harvard University. She is also on the executive committee of the Los Angeles Chamber of Commerce.