New Glendale Bank to focus on Hispanic business market.

A group of veteran bankers hopes to raise between $22 million and $27.5 million to launch a bank aimed at Hispanic business owners, according to a prospectus obtained by the Business Journal.

The Glendale-based bank, Americas United Bank, is expected to focus on the growing Latino business market, but will also service the general market of small- to mid-sized businesses.

The bank, which received regulatory approval in June, is offering between 2.2 million and 2.75 million shares of common stock at $10 per share, with a minimum 1,000 share purchase requirement, according to the prospectus. After receiving the necessary funding, the organizers plan to open the doors of Americas United sometime around November.

"Being of Hispanic background, I've seen a growing need to serve the Hispanic market," said Gilbert Dalmau, proposed president and CEO of the bank in organization. "You look around and there are 31 Asian banks and there are 1.4 million Asians, versus, there's one Hispanic bank and there are 4.5 million Hispanics."

Dalmau could not comment on the details of the offering because the bank is in a "quiet period."

He said the organizers chose the Glendale location because of its proximity to the market they hope to serve, a region spanning the San Fernando and San Gabriel valleys and south to East Los Angeles.

Dalmau was most recently president of the Southern California region of First Bank, where he developed several niche businesses, including a Hispanic Banking Group.

Manuel J. Remon, who is slated to become the bank's chairman of the board, headed up First Bank's Hispanic marketing efforts until he retired earlier this year. Earlier in his career, Remon led the commercial banking unit for Banco Popular's Los Angeles district.

Other operating executives include Christopher Colella, most recently senior vice president and chief credit officer of Cedars Bank, and Jeffrey Pollard, formerly with Bank of Santa Clarita, who is slated to become CFO of the proposed bank.

Dalmau said that in recent years he had been approached by four different groups interested in opening a Hispanic bank, before deciding to take the leap himself.

"The bank is going to be built with a Hispanic culture from the teller to the chairman," Dalmau said. "These major banks can staff a branch, but once you start going up the ranks, there is no knowledge of the culture," he added, referring to efforts made by a number of regional banks to market to the Hispanic community.

Dalmau said that while the bank wants to focus on Hispanic businesses, it also sees an opportunity to capitalize on a larger market.

"We will certainly cater to and service and go after the local business community because we will be the only bank headquartered in Glendale," Dalmau said.