ProAmerica Bank (CA) (fka PMRA)

[mAjOr dAmAgE]

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.'

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