Los Angeles entrepreneurs to open Latino focused federal savings & loan bank
Posted by Elena del Valle on February 13, 2007
Entrepreneur Francisco Martin
Photo: Francisco Martin
Woodland Hills, California – Azure Group, Inc. founders and Los Angeles entrepreneurs Bill Anz and Francisco Martin plan to open a Latin-focused federal savings and loan bank, Banco Unido FSB, August 2007. Although Banco Unido, FSB has not yet been granted its charter by the Office of Trade Supervisions, Anz and Martin have been working on a banking venture for the last three years and are confident of their success. The first branch, to be located in North Hollywood (Los Angeles), is expected to be capitalized with $20 million.
Following the launch of the Encino based mortgage bank, Mortgage Capital Corporation of America, the entrepreneurs are ready for the next step. The future bank founders are former MAM Group, Inc. founders.
“The idea was to create an infrastructure to originate and fund Mortgage Loans, with the ultimate intent to either merge the operation into a commercial bank or savings and loans institution. The Mortgage Operation offers many benefits to us. We have instant access to all the pertinent information, which allows us to target our clients with more relevant financial products,” said Anz.
“Latinos who become banking customers for the first time may gain access to one key element of the ‘American dream,’ credit. Through personal loans, credit cards, and home mortgages, previously unbanked Latinos may improve their economic status and begin to accumulate assets,” said Martin.
He indicated they endorse passive investments (indexing) and a method based on the efficient market theory, completely opposite to active investments, stock picking and market timing. They pick sectors and countries by selecting specific indexes. The results are based on highly diversified investment vehicles. Then they scale the method to small investment accounts of less than $5,000.
“This gives the smaller investor the access to sophisticated investment diversification that one would only see open to multimillion dollar portfolios. You can expect Banco Unido to be the universal banker to the Latin Community. From mortgage loans, investments, personal loans to checking and savings accounts, Banco Unido will serve this community to an extend that was only privy to the well-heeled of our society.”
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