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Posted on: October 27th, 2006
Filed Under: [ Business ] [ Hispanic News ] [ Press Releases ]
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“Palladium Equity Partners, LLC today announced that it has signed a definitive agreement to invest in PROMERICA Bank (I.O.), the first 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 PROMERICA Bank (I.O.) an ideal investment partner. Maria Contreras-Sweet, PROMERICA 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.”"
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