News (Noticias) for Banking

Founded in 2006 by some of the Washington area’s most prominent Hispanic business leaders, Security One Bank of Baileys Crossroads sought to carve out a niche serving the fast-growing Latino community.

But the bank struggled to grow in the midst of the housing downturn and weakening economy, banking analysts said. Now, Security One, which has only one branch, plans to broaden its base beyond the Hispanic market with a new management team, new investors and a new name.

Security One is being renamed John Marshall Bank, after the fourth chief justice of the U.S. Supreme Court who grew up in what is now Fauquier County. The bank’s new chief executive, John Maxwell, said he chose the name to help the bank sound more local and community-oriented.”*

*From: http://www.washingtonpost.com
Traducido: usando Google o Altavista/Babel Fish

The recently refurbished Mid-City strip shopping center that is home to Rock ‘n’ Bowl is about to get another unique tenant: an “all Latino” credit union office where every employee speaks Spanish and English and all documents are printed in both languages.

The first venture of its kind in the state, the ASI Federal Credit Union office expected to open early this summer near the busy intersection of Tulane and Carrollton avenues is aimed at meeting the financial needs of the area’s growing Hispanic population, its officials say.”*

*From: http://www.nola.com
Traducido: usando Google o Altavista/Babel Fish

Latino Community Credit Union is renovating a building at 658 Waughtown St. near Jordan’s Paint & Body Shop for its new Winston-Salem branch.”*

*From: http://www.journalnow.com
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Wealth managers at leading banks in the market estimate that approximately 20% of their business comes from foreign nationals and another 50% from U.S. citizens with close ties to other countries.

Most of the money from abroad, of course, comes from Latin America, and Miami’s large Cuban-American population accounts for the market’s extremely close ties to that Caribbean island, still ruled by Fidel Castro’s Communist dictatorship.”*

*From: http://www.investmentnews.com
Traducido: usando Google o Altavista/Babel Fish

Today Anita Santiago Advertising (ASA) announced that it has been appointed Hispanic Advertising Agency of Record by Compass Bank, providing several advertising campaigns for the bank’s Hispanic outreach initiatives in the seven states included in Compass’ footprint.

“The outstanding results of the work developed for the bank, along with ASA’s extensive history of Latino consumer insights and knowledge of the Hispanic financial services category, prompted us to officially award the entire Spanish-language marketing account to ASA,” said Liliana Salas-Grip, senior vice president, Hispanic marketing for Compass Bank.

ASA’s assignment in 2007 included creative development and production, media planning and buying, as well as select public relations efforts, all of which will continue in 2008. ASA recently completed Compass Bank’s first ever Spanish –language TV campaign promoting the bank’s Build-to-OrderSM Free Checking account. Compass Bank also entrusted ASA with shooting the same campaign in English to run in markets where the Hispanic audience is consuming general market media. The TV spots, directed by Allen Martinez of Darma Productions in Los Angeles, started airing throughout Texas, New Mexico and Arizona on Jan. 21, 2008, and include buys on Univision, Telemundo, Telefutura, Azteca America and cable. The Spanish-language Build-to-Order campaign also includes radio and print media buys, as well as the development of out-of-home, online and collateral materials.

“We are thrilled to continue working with Compass Bank,” said Ingrid Otero-Smart, president, Anita Santiago Advertising. “We have developed a wonderful working relationship with the bank and look forward to this new challenge.”

About ASA:

Founded twenty years ago and based in Santa Monica, California, Anita Santiago Advertising is a full-service marketing agency specializing in the ever-changing U.S. Latino market. Clients in the ASA roster include IKEA, Nielsen Media Research, United HealthCare, Picturehouse and See’s Candies.”*

*From: http://www.hispanicprwire.com
Traducido: usando Google o Altavista/Babel Fish

Everyone has something to say (don’t you?): Read more quotes

Source of quote: http://www.iht.com
Traducido: usando Google o Altavista/Babel Fish

The Banco Popular Dominicano’s net earnings last year rose to RD$2.94 billion, and paid RD$999.6 million in taxes. Its holdings at the close of 2007 were RD$13.6 billion, for a growth of 4.78 billion from a year earlier, the Popular bank said.”*

*From: http://www.dominicantoday.com
Traducido: usando Google o Altavista/Babel Fish

Víctor Vargas is a polo-playing banker who zips between his six homes in a fleet of luxury jets. So you might expect him to be struggling in today’s Venezuela, where President Hugo Chávez has vowed to build a classless society.But Mr. Vargas, 55 years old, hasn’t missed a beat. His Banco Occidental de Descuento is expanding amid an oil-fueled economic surge. Like other bankers, he snares profits dealing in a flood of government-issued debt. And the Chávez years have done little to damp Mr. Vargas’s exuberance for the trappings of wealth.

“People write stories about me saying I have a Ferrari, a plane, a yacht,” he said during an interview at one of his homes, in the posh Country Club neighborhood of Caracas. “But it’s not true. I’ve got three planes, two yachts, six houses. I’ve been rich all my life!”"*

*From: http://online.wsj.com requires paid registration
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Organizers of the proposed Georgia Family Credit Union will continue to meet with federal regulators in coming months to discuss the plan.

The Latino community in metro Atlanta has reached a size where it can support a credit union offering a bilingual and bicultural staff, said Paola Diaz-Torres, organizer for the proposal.”*

*From: http://www.statesman.com
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Banco Bilbao Vizcaya Argentaria SA on Thursday said net profit for the fourth quarter of 2007 rose 12.5 percent to 1.44 billion euros ($2.1 billion), compared with euro1.28 billion a year earlier.

Both figures included a series of extraordinary charges and gains from asset sales.

For the year, BBVA said net profit rose 29 percent to euro6.13 billion ($8.93 billion), compared with euro4.74 billion in 2006, driven by strong growth at its core Spanish and Mexican operations.”*

*From: http://www.chron.com
Traducido: usando Google o Altavista/Babel Fish

Although company executives insist the bank’s official headquarters will remain in Birmingham, the bank’s Spanish parent Monday said that its top Houston executive will take over as chairman to oversee U.S. operations.

Jose Maria Garcia Meyer-Dohner, general manager of BBVA USA Bancshares Inc., based in The Woodlands near Houston, became Compass chairman effective Jan. 7 to help speed up the integration of BBVA’s four U.S. bank brands under the Compass banner.”*

*From: http://www.bizjournals.com
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More than 3,900 people have participated in free bilingual financial and academic education classes since Centro Latino de Educacion Financiera opened its doors in 2005, according to Deborah Keating, vice president and director of community development. The center operated by First National Bank in South Omaha has also processed more than 225 home loans for low to moderate income borrowers, Keating reported.

“The Centro Latino makes the process comfortable for immigrants to learn the American banking system and the importance of establishing healthy financial habits,” Keating noted. “We walk through every component of the banking relationship so the entire process is understood.”

First National Bank’s Centro Latino offers Spanish language financial education classes that cover the essentials of savings and checking accounts, budgeting, online banking, borrowing, home loans and small business loans. High school equivalency (GED) and college preparatory classes are available through a partnership with Creighton University. In partnership with Omaha Public Schools, The Centro Latino provides academic English instruction at no cost.

“Many immigrant customers need help identifying the elements needed to establish credit and get approved for a home loan,” said Keating. “We offer banking materials in Spanish and English and help people through the financial process so that they feel comfortable with home ownership and banking in general.”

“The Centro Latino walked me through the mortgage process and helped me buy my first home,” said Antonio Jimenez, a 27-year-old Omaha resident who purchased his home last October. “They teach you how to gather the right forms and information needed to apply for a mortgage and work with you to get the best rate. I wouldn’t be in my home today if it were not for their support.”

In addition to financial services, the Centro Latino is highly involved in the community, offering meeting space to non-profits and partnerships with the Latino Chamber of Commerce, Latino Center of the Midlands, Guadalupe Festival, Juan Diego Center, St. Vincent de Paul Church and others.

“Being involved in the Omaha community helps First National Bank identify the needs of our customers,” added Keating. “The Centro Latino has become a welcoming place to congregate, learn and be a part of the community as a whole.”

For more information on First National Bank’s Centro Latino de Educacion Financiera, contact (402) 633-3541 or log on to www.firstnational.com.

About First National Bank
First National Bank is a subsidiary of First National of Nebraska, Inc. First National of Nebraska, Inc., has grown into the largest private banking company in the United States. First National of Nebraska and its affiliates have nearly $20 billion in managed assets and more than 7,500 employee associates located in 35 states. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. “*

*From: http://www.hispanicprwire.com
Traducido: usando Google o Altavista/Babel Fish

bidnow.com inc.(other:BDNW:PK) announces that its has signed a Letter of Intent (LOI) with Frontera International Inc, a leading provider to the Hispanic “Self Banked” community.

Frontera International provides a unique “one stop shop” approach for it’s target customer via carefully crafted store fronts and in-store kiosks,
offering check cashing, wire transfer, payday advance loans, pawn loans as well as other ancillary financial services.

Following the completion of the due diligence, the company will finalize and sign a definitive agreement. The definitive agreement is being developed concurrently with the due diligence process.”*

*From: http://www.prurgent.com
Traducido: usando Google o Altavista/Babel Fish

Latino Community Credit Union said yesterday that it has started an online service called Latino DirectNet at www.latinoccu.org. The service is available in English and Spanish.

The credit union, based in Durham, is one of the nation’s largest minority credit unions, with more than $55 million in total assets and 51,000 members at five branches.”*

*From: http://www.journalnow.com
Traducido: usando Google o Altavista/Babel Fish

TransAtlantic Bank’s parent company, Banco Sabadell has reached an agreement with BBVA to acquire their private banking division in Miami.

This transaction demonstrates Banco Sabadell’s commitment to growth and expansion in Miami and strengthens its position for future development in the local and international banking market where it has operated since 1993. Banco Sabadell has a full international branch banking license in Florida, which allows the institution to operate with residents and non residents alike.

Through its Miami office, Banco Sabadell conducts private banking and corporate banking business focusing on individuals and corporations operating in the US and Latin-American countries. With this Transaction with BBVA, Banco Sabadell’s business volume in Miami will surpass 3 billion dollars of which approximately 2.600 billion correspond to client relationships and 400 million to loans.

Fernando Perez-Hickman, Managing Director of Banco Sabadell in America, commented about the transaction: “We are very excited with the opportunity to welcome BBVA’s private banking clients to our Bank and we are committed to continue providing them with the highest level of service and quality of investment advice. We are also pleased to welcome the professionals of BBVA in Miami to our group as this is a team of talented and experienced professionals whose capabilities are fundamental to the success of the acquired business”.

In Florida Banco Sabadell also maintains another local investment with the purchase of TransAtlantic Bank, an entity rooted in Miami’s metropolitan area and focused on serving small and medium sized business and medium to high net worth individuals.

Banco Sabadell is Spain’s 4th largest banking group and an institution known to be a leader in quality and service. With assets in excess of 100,000 million US$ and capitalization in the stock market which surpasses 9000 million euros, Banco Sabadell employs over 10,000 professionals who place special attention to detail in the banking needs of small and medium sized businesses, individuals of medium to high net worth and professionals through a wide array of products and services. The bank has been known historically for being at the forefront of innovation and intensive use of technology and information in banking.

Banco Sabadell’s commercial banking network spans more than 1200 offices which allow the bank presence throughout Spain and in 20 other countries among which are the United States, Mexico, Chile, Dominican Republic, Venezuela and Brazil. For more information, please visit

*From: http://www.hispanicprwire.com
Traducido: usando Google o Altavista/Babel Fish

A move by a prominent Nashville banker has set the stage for changes in the local Hispanic banking market.

Tatia Cummings, former assistant vice president/emerging market coordinator for SunTrust Bank, has accepted a new role as business development officer for Brentwood-based Reliant Bank.”*

The Latino Community Credit Union has won a $5.5 million award to expand its business, it said Thursday.

The nonprofit credit union, based in Durham, said the money from the Wachovia Foundation and the John D. and Catherine T. MacArthur Foundation will enable it to open three new branches. It already has locations in Durham, Charlotte, Raleigh, Greensboro and Fayetteville.”*

ank of America has expanded its Online Banking service to include many features in Spanish, making online banking and financial management more accessible to U.S. Hispanic families. Customers now have the option to view account information, transfer funds between accounts, receive alerts and locate ATMs and banking centers - all en espanol.”*

In early November 2007, CheckSpring Bank opened its flagship branch on 167 Street in the South Bronx neighborhood of New York City, a few blocks north of the new Yankee Stadium. According to a bank representative, it is the first new bank headquartered in the neighborhood in 25 years. The new bank will target under-served and under-banked Latinos in the community.

“The opening of CheckSpring Bank is certainly representative of the continued and needed economic development that is now occurring in our Bronx community,” said Rita Di Martino, chair of the Board of the Bronx Lebanon Hospital Center.”*

A bank founded by political and business leaders to serve Hispanic small businesses celebrated its grand opening this week, becoming the first bank headquartered here in decades.

The Santa Ana Business Bank represents “a new beginning… a new day” in the city, Mayor Miguel Pulido told a crowd of dignitaries, politicians and business people. “This is such a beautiful, beautiful day, and such a beautiful thing to see,” he said.

The bank aims to tap into a need for banking services that a 2006 study found was badly lacking in Santa Ana’s downtown. The study found that three out of every four households in a swath of downtown and eastern Santa Ana had no relationship with a bank.”*

Four families who bought homes in a new Salinas development two years ago are suing a host of companies in federal court, claiming they were victimized by predatory real estate practices preying on non-English speaking Latinos.

The plaintiffs, who bought homes for prices ranging from $713,815 to $786,498 in the Tuscany at Monte Bella tract in East Salinas, are teetering on the edge of financial ruin and foreclosure because of the discriminatory practices, their suit alleges.

“They are all hardworking people who were trying to reach their part of the American dream,” said their Salinas attorney, Sergio Parra, on Wednesday.”*

Charter Capital, recognized as one of the most flexible providers of working capital to small and mid-sized businesses, announced today acceptance of its membership to the Houston Hispanic Chamber of Commerce.

This affiliation will provide Charter Capital with even greater opportunity to help shape the landscape of Houston’s small business community. Hispanic-owned businesses are one of the fastest growing business groups in Houston, and one of the most financially underserved, as well.

“It is without a doubt that the Houston Hispanic Chamber of Commerce is central to Hispanic business and cultural affairs and we are glad to give our support,” says Keith Mabe, Director of Operations for Charter Capital.

“By working with the Houston Hispanic Chamber of Commerce we are inspired by true professionals that are dedicated in their perseverance of success for Hispanic business owners and the community at large,” Mr. Mabe added.

Headquartered in Houston, Texas, Charter Capital (www.chartercapitalusa.com) provides working capital funding via a process commonly referred to as “factoring of accounts receivable”, asset-based lending, and cash flow solutions for businesses nation-wide including: freight delivery and transportation, repair, maintenance and inspection service providers, consulting firms, most other service providers, staffing firms, distributors, wholesalers and manufacturers. Charter Capital also serves business in Dallas, TX; San Antonio, TX; Austin, TX; Atlanta, GA; Albuquerque, NM; Phoenix, AZ; Nashville, TN; Indianapolis, IN; Oklahoma City, OK; and cities nationwide.

###”*

San Francisco’s Bank on San Francisco program to pull city residents without bank accounts into the banking system has signed up 11,110 participants.

That exceeds the program’s initial goal of having 10,000 residents open bank accounts over two years.”*

Stuffed in the bottom of a sock, or between the folds of clean clothes, or in the back of a drawer: There are dozens of places undocumented immigrants find to stash their savings. Surprisingly few of them, however, involve a bank.

There is no regulation that requires proof of legal status to open a bank account in the United States, and an increasing number of small banks are pursuing immigrant and Hispanic customers. Yet finance professionals and immigrant advocates say millions of undocumented men and women still opt to keep their cash on hand, or else wire it home a little at a time, paying for each transaction as they go.

Advocates say the problem largely lies in gaping cultural divides, and fear among the undocumented that bank accounts would make them more visible to authorities. The result is an increased risk of theft, especially on payday, when workers head home with their money in their pockets. As an undocumented Guatemalan dishwasher recently found out, cash also can be confiscated by customs officials for violations of currency laws.”*

While big financial institutions are flinching at serving illegal immigrants, a wave of new small banks have emerged to serve Hispanics, regardless of their immigration status.

The political debate over illegal immigration has forced some institutions to tread carefully as they tackle the Hispanic market. Bank of America Corp., for one, lost longtime customers and attracted protesters when it launched a credit-card for undocumented immigrants early this year.”*