Plaza Bank Achieves Milestone

FOR IMMEDIATE RELEASE

MILESTONE ACHIEVED AS

SEATTLE’S PLAZA BANK

CELEBRATES THREE YEARS

SEATTLE (July 9, 2009) - Plaza Bank, based in Seattle, Washington, announces that it surpassed $100 million in assets one month before its third anniversary. The Bank was founded on the principles of serving business and individual customers with a focus on the Latino community.

"This is quite an achievement for any bank during these troubled times," President and CEO Carlos Guangorena admits. "I'm proud of the team we've assembled and appreciative of the businesses and individuals who have put their trust in Plaza Bank. We are doing everything we can to continue to earn their trust and provide a world-class banking experience."

Significantly, this accomplishment was reached while operating from two locations, unusual for a de novo bank. As Plaza Bank enters its fourth year of business, Guangorena cautions that there is still work to do. “The Bank achieved this milestone in a challenging environment. We have to stay focused on credit quality and service during these tough times."

Meanwhile, Plaza Bank continues to reach out to minorities:

• Its total loans to women and minorities were over 40 percent of total loan balances outstanding at the close of 2008.


• Approximately 70 percent of its consumer loans are to Hispanics.


• About 23 percent of its commercial loans are to Latinos.

Plaza Bank is a locally-owned community commercial bank serving the Seattle Metropolitan area and offering quality services and products to businesses, non-profit organizations and consumers with a focus on Hispanic businesses and consumers. The Bank is one of only three which have been designated as FDIC Minority Depository Institutions in the Pacific Northwest. The Kent Station branch in Kent is open Monday through Thursday, 9:30 am - 5 pm; Fridays 9:30 am - 6 pm. The Downtown Seattle office is open 9 am - 5pm weekdays. For more information about Plaza Bank, call 206-436-7600 or visit http://www.plazabankwa.com./

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Hispanic Business: 4Word Design

I met Dan Vargas a couple of weeks' back at a Seattle Latino Professional meetup, and learned a little about his business. He came by the office yesterday to tell us more about what he does and what differentiates 4Word Design from other signage companies.

First of all, Dan's a lifelong sales guy--but the kind you *want* to work with. He learns about the customers' needs, and delivers. In this case, he and his team at 4Word Design deliver quality signage of all types. And their in-house graphic design team is not only great at creating designs that fit the client's target, but seasoned in large-format. The above image is the postcard he gave me yesterday, which depicts some of the kinds of signage orders his business fulfills.

What makes 4Word Design different? They answer their phones, they return calls, they're responsive to customer needs. Clients have told Dan that this is exactly why he got the work and the "big guys" didn't.

If you or someone you know is in the position of ordering signage, think of Dan and 4Word Design. Check 'em out!

Plaza Bank in the NEWS

See the story in the June Seattle Business magazine:

"Fiscally prudent, and the results bear testimony," reads the headline.

I just received our office copy of Seattle Business magazine, and on p14 is a story on Plaza Bank. Get your copy and take a read!

In the meantime...some fun facts about the Bank we love:

Plaza Bank launched in 2006 with a commercial lending office in downtown Seattle and a retail branch at Kent Station; today it stands strong with $89 million in total assets. In a climate that has witnessed most banks’ assets fall, this bank has even seen a small increase. While other banks are conserving capital by stopping loan growth and reducing their existing portfolio, Plaza Bank is still in growth mode and is continuing to lend. It shows a 17 percent capital ratio—twice the level of an adequately capitalized bank at 8 percent.

What’s its secret? To start, the bank never took on mortgage lending nor did it invest in mortgage interests. Additionally, Plaza Bank was founded on reaching out to Latinos and other minorities in a way that is meaningful.

In fact, its total loans to women and minorities were over 40 percent of total loan balances outstanding at the end of 2008. Approximately 70 percent of its consumer loans are to Hispanics. Its consumer loans generally pay much better than their commercial counterparts based on a lower default rate; the difference may be due to customers choosing to consolidate higher-interest debt into more palatable payments, or because the loan is a home equity or auto loan. Says President and CEO Carlos Guangorena, “People don’t want to default because they need their cars and homes. They’re a part of your everyday life, and the last two things you want to lose.” Though the sheer number of consumer loans is larger than the number of commercial loans, approximately 90% of its lending is on the commercial side. About 23 percent of its commercial loans are to Latinos; a total of 40 percent to combined minorities and women. Examples of the types of commercial lending Plaza Bank sees include loans for a business secured by commercial real estate, or a revolving line of credit to help with cash flow.

Guangorena sees the future growth of Plaza Bank coming mostly from the business side but also from the consumer group, as the bank matures and increases its consumer product offerings. Commercial lending will grow as well in the short run. “We have capital, so we want to lend. Of course, we’ll be wary of real estate construction and residential development, but we’ll be looking at deals the other banks can’t or don’t want to be involved in right now.”

Poised to weather the storm and rebound with the economy, this is one bank whose future could be described as brillante.

King County Latino Entrepreneurs: Your Input is Appreciated!

Here's a request from one of our readers. Are you a Latino entrepreneur in the King County area? If so, please help by taking the survey (links below)!

I’m currently conducting an independent research study that focuses on Latino micro-entrepreneurs throughout King County.

The main objective for the study is to better understand the needs, and potential obstacles, that these entrepreneurs might have in terms of business development, sales, and operations management. At the same time, the results from the study will help us develop a curriculum that will be use to teach a series of free business development training seminars in the fall.

This academic research is part of my entrepreneurship degree at the Michael G. Foster School of Business at UW. I’m also working with the Business and Economic Development Center, as they are providing mentorship and act as the supervising source for the study.

Basically, at this point we are trying to reach out to the community and let people know about our survey that is available online and hard copies as well.

English: https://catalysttools.washington.edu/webq/survey/jesus9/77070

Spanish: https://catalysttools.washington.edu/webq/survey/jesus9/77301

Minority Business Executive Program

The Minority Business Executive Program assists minority business leaders and business owners to grow their companies

Enrollment for the 2009 Minority Business Executive Program (MBEP) is now open.

In this accelerated one-week intensive program participants will learn to utilize financial tools to make more effective decisions, develop and understand long-term strategic plans for growth and sustainability, market their products and services more effectively, manage their processes and projects more efficiently and develop their leadership skills. This program will utilize interactivity through a combination of lectures, discussions, guest speakers, panels, interactive simulations, team exercises, and self-assessments. Participants will gain knowledge, tools, and a valuable network to help them achieve their business goals.

Learn more about the MBEP by attending the May 6 information session (details on website), or enroll today by visiting the MBEP homepage.

Hispanic MBAs - OPPORTUNITIES

The National Society of Hispanic MBAs (NSHMBA) has a couple of exciting updates:

• The NSHMBA Scholarship Program awarded more than $1.4M in education assistance in 2008 and they're looking to reward Hispanic MBA students in 2009. Application deadline is April 30th. Register and apply online.
• Networking and Recruitment Events sponsored by our local sponsor companies, such as Microsoft, Starbucks, and Amazon
• The National NSHMBA Conference and Case Competitions to be held in Minneapolis, MN in 2009

For more information please visit the NSHMBA Seattle Chapter site or contact:

Anthony M. Garcia
National Society of Hispanic MBAs (NSHMBA)
VP of Education, Seattle Chapter
415.515.6452

Did you hear about the Hispanic tienda burglaries?

There are two armed guys out burglarizing tiendas in King and Snohomish Counties. So these Latino business owners have spent years building a clientele for their shops and now have become targets. The saddest thing is that these perps are Latinos themselves! How could they do that?

The business owners are wisely stepping up their security measures as a result. This is just a reminder that banks, whether you own a business or not, are the best place for your cash.

For more see King 5.

Friday pm at Neptune Coffee in Greenwood

Valentina Vitols, a supreme photographer and lovely lady from Venezuela, is celebrating the closing reception of her showing, Vagabunda por el Mundo.

Please join her!

Friday, January 30

6-8pm
at
Neptune Coffee

8415 Greenwood Ave N

Seattle WA 98103

She's got a cool SODO studio and a wonderful spirit! For more info on Valentina and her art, visit her site.

Beto Yarce officially joins Washington CASH

Our friend and colleague, Beto Yarce, has a terrific business based in Pike Place Market. Have you been to Cintli? Check it out sometime, downstairs from Rachel the Pig. We are frequent customers because his designs and selection are quite unique!

Well now Beto has become even more involved with an organization close to his heart: Washington CASH. By working with this organization Beto's helping others achieve their dreams of business ownership and success. Now he's been named Latino Community Based Business Trainer. Congratulations to Beto, and enhorabuena to the people he's going to help in this new post!

See the latest on Beto's new responsibilities with the organization at the Washington CASH website. Also, check out his artistry at Cintli or right in our own Market.

Caoba Salon Open at La Plaza Shopping Center

Hello and Happy Monday -

I visited Caoba Salon on Saturday for their Grand Opening. This is one classy place! The owners, Jack Gamero (of the Lake City Way Caoba Salon), Mauricio Ayón and Jaime Méndez, have created an ambience much like the original Caoba Salon right in La Plaza Shopping Center in Kent-Des Moines. It's a terrific brand--these guys are really onto something!

Caoba Salon is spacious and beautifully decorated. They have private rooms for waxing, facials and massage. A really nice ambience. Jessica, the technician who performed my waxing service, was professional and caring--and we laughed a lot! Surprisingly, however, Jessica does not speak Spanish, so I'm hoping others they're bringing in will be able to converse with Latino clients in Spanish.

Unfortunately, I had another engagement so had to take off before the real party began, but I can tell you that this business is poised for big success.

Readers: If you've visited Caoba Salon during the Grand Opening or anytime in the future, feel free to comment with your experiences.

Congrats to Mauricio, Jaime and Jack on opening their new salon! We wish you the best of success!

Hispanic Business: Salon Grand Opening

Caoba Salon is now open in the La Plaza Shopping Center in Kent at 23229 Pacific Highway S. (Pac. Highway S& Kent-Des Moines Rd). Phone is (206) 824-1434.

This is another venture by the team from Nuevodirectorio.com--Jaime Méndez (yes the Univisión newscaster/Ke Buena DJ!) and our friend Mauricio Ayón, as well as Jack Gamero, seasoned stylist.

Come and check out the new salon at its Grand Opening event this Saturday, January 10th from noon until around 7 pm. The Caoba Salon team invites you to come by (bring a guest!) and say "hello," have a drink and eat some hors d'oeuvres with them!

Enhorabuena, Mauricio, Jaime and Jack!

More Ag News! (free farm ed!)

Another discovery today in the world of Washington State Agriculture: business resources for the Spanish-speaking farmer! The Washington State Department of Agriculture has produced a five-disc set of audio CDs - (10) 30-minute segments on business and financial planning, marketing, crop insurance, good farm practices, safe use of pesticides, food safety, alternative energy, and state and federal farm projects.

These were produced with assistance from Washington State University (previously known as Washington College of Agriculture, if I recall correctly!).

The set, called Risk Management Strategies for Farm Businesses: Information for Latino Farmers in Washington State, can be ordered FREE by contacting Patrice Barrentine at smallfarms@agr.wa.gov or by phone at (360) 902-2057. Also try Malaquias Flores, Latino outreach coordinator for the WSU Small Farms Project, at (866) 978-9165.