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On a warm Friday in August, Stephen Galvan proudly stands outside his bank’s headquarters in a Latino neighborhood in Kansas City, Kan. The place is teeming with Argentine immigrants ready to deposit their paychecks. Industrial State Bank, the financial institution that hired Galvan 30 years ago, does a healthy business in this thriving Latino enclave. With four branches in inner city Kansas City, the bank is ideally located to serve Latino immigrants.
When attorney Michael Veve moved to Washington from Puerto Rico in 1973, most Hispanics worked in civil service jobs or for the World Bank, Inter-Development Bank or embassies. Hispanic-owned businesses were a rarity, he said.
"Now you can do banking in Spanish with Hispanic tellers in the major banks. You can buy your food in bodegas, have your landscaping done by Hispanic landscaping companies. There are home-improvement contractors who are Hispanic. And you can do business with a variety of [Hispanic] white-collar businesses from lawyers to accountants to architects throughout the city," Veve said.
"The biggest local company in 2003, according to the magazine: Force 3 of Crofton, which designs and upgrades hospital computer systems, with $168 million in sales and 250 employees . . ."
The purchasing power of the Hispanic market is already strong and growing, and an assessment of the future potential of this market points to continued expansion. The financial needs of the Hispanic population are categorized into stages as they gain wealth and their demand for services evolves. In addition, analysis of demographic data and bank activity in this area shows that high-growth Hispanic areas experienced substantially faster growth in both deposits and branch formation than did either highly concentrated Hispanic areas or the nation as a whole. Large banks and community banks alike will find new and welcome sources of revenue if they can customize their products to the unique needs of the Hispanic marketplace.
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