DOC chief to lead Hispanic bank - Phoenix Business Journal:

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Gilbert Jimenez became director of the Arizona Departmenr of Commerce in 2003 and stepped down inJanuarg 2007. Now he will served as presidentof , at 3033 N. Central Ave. The Hispani c population in Phoenix is accounting for more than 42 percenrt ofthe city's population, according to the latest U.S. Censusa Bureau statistics. "It's a growing market, and one we want to be a part said Jimenez, who for yearws has heard local small-busineses owners and residents criticize the lack of financial institutions with a multiculturaol focus. Hispanic purchasing power in the region is nearly doublingfrom $3.6 billion in 2000 to $6.
4 billiomn in 2006, according to a November 2007 report releaserd by and the of Commerce. The "Datos 2007: Focus on Arizona's Hispanic Market," founx the number of Hispanic-owned businesses in Phoenixc grew three times faster than the national averagew from 1997to 2002. Colonia Bank, a subsidiary of , beganj its $8 million capital campaign this week after receiving approval to organize fromthe . Jimenez will lean on his extensivee contacts in the Valley and onthe bank's directorsz -- including Manny C. founder of the Molina Medisa Group; attorney Ernest Calderon; and retiring executive Armandol B. Flores -- to help raisde startup capital.
The bank is looking to buildd a base of250 investors. The state-chartered Colonia Bank will offer traditionalbanking services, a wealth management division, consulting and financial literacyu initiatives, and small-business lending -- typically less than $1 officials said. Colonia, which means "community" in will have nine staffers when it opena inlate February. It will be the second locap bank to cater toHispanic businesses. opened at 3877 N. Seventn Ave. in June 2006. Harry director of the Arizona Hispanic Chamberof Commerce, said Hispanicsw and other minority groups have been underservedx by financial institutions, but Sonoran and Colonia are changinf that.
Historically, he said, Phoenix banke have not specifically targeted Hispanicsbecause "there weren't people in leadershipo or in executive positionas to start these banks."