BANK REACHES OUT TO PACOIMA'S IMMIGRANTS.

Byline: Evan Pondel Staff Writer

PACOIMA - Wells Fargo is attempting to branch out, entering underserved communities that are in need of more banks to serve burgeoning populations.

The company recently opened a branch in Pacoima, establishing itself as the second commercial bank to enter the community. Anchored on the corner of Glenoaks and Van Nuys boulevards, a new Wells Fargo sign now rises above a strip mall once occupied by bodegas.

``Financial institutions are finally realizing there are business opportunities in these once unorthodox areas,'' said council President Alex Padilla, who represents Pacoima.

A ribbon-cutting ceremony will be held at the branch at 10 a.m. today. Wells Fargo joins Citibank, which recently acquired a building in Pacoima that housed Transworld for more than 20 years.

The banks are in an area grappling with language barriers and a 19 percent unemployment rate - two factors altering the way financial institutions do business.

``We're dealing with many laborers here who are accustomed to going to a check-cashing store where they're taken for 10 percent,'' said Carlo Fuentes, a Wells Fargo district manager. ``They don't have to do that anymore.''

For decades, Leo Miramontes drove to San Fernando for his banking needs. He would bundle his paychecks together every week and drive several miles to deposit his earnings as a machinist for Lockheed Martin.

``But my license was suspended recently, and now I have to take the bus,'' said the 97-year-old who owns a mobile home in Pacoima. ``Right now, I need a bank that's closer to me, and that's why I'm here.''

But Miramontes was still undecided as to whether Wells Fargo would capture his business. ``I saw the bank open up earlier last month and thought to myself it might be a good place to make deposits,'' he said. ``I'm just getting a sense of what's going on at this new bank. I like my bank in San Fernando. But I believe it is time to switch.''

Steven Contreraz hopes so.

Contreraz has been working for Wells Fargo since he graduated from high school. Raised in San Fernando, the 23-year-old said he now has an opportunity to give back to the community as the bank's store manager.

``It's important to help the people of Pacoima succeed financially,'' he said. ``And I think I'm finally in a position to help them achieve their dreams.''

To do that, Contreraz has employed bilingual tellers. The bank is also brimming with Latino flair. A mural that encompasses a large wall on the bank's interior draws references between Wells Fargo and Mexico. And signs behind the tellers are in Spanish and English. Contreraz said he understands the intimidation prospective customers may feel before entering a bank, especially if they are from a foreign country.

``Some people don't realize they can even open bank accounts,'' Contreraz said. ``And we hope to welcome everyone to this new branch.''

Sabrina Jimenez, 62, does not speak English very well. She said the fact that the tellers speak Spanish is certainly a bonus for her banking.

``I'm very fortunate to be able to make my deposits and withdraw cash without any hassle. There's a great need for bilingual banks in this area,'' Jimenez said.

There is also great demand for banks that will transfer money to Mexico.

``Something we do at the new Pacoima branch,'' Fuentes said.

A report by Washington's Inter-American Development Bank said ``remittance payments'' to Latin America and the Caribbean topped $32 billion in 2002, up from $23 billion in 2001.

According to The Wall Street Journal, Latin Americans remit close to a third of all cash remitted by emigrant workers - about $100 billion a year worldwide.

High fees are behind the entry of several top financial institutions into the lucrative remittance industry. Last year, Wells Fargo & Co., and U.S. Bancorp announced they would accept so-called matricula cards issued by Mexican consulates to immigrants seeking to open bank accounts, or transfer money home, the Journal reported.

CAPTION(S):

2 photos

Photo:

(1 -- color) Wells Fargo in Pacoima tries to make immigrants feel at ease by employing bilingual tellers and posting signs in Spanish.

(2) Wells Fargo and other banks have become attracted to previously neglected communities such as Pacoima, where residents once had to leave town for banking services.

Andy Holzman/Staff Photographer