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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
September 16, 2002
#02-44 |
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E-mail:
[email protected] |
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HISPANIC BANKER CITES NEED
TO OVERCOME FINANCIAL ILLITERACY
WASHINGTON, D.C. — An Hispanic banker today cited financial illiteracy as a major barrier to economic growth and economic power for minorities and all Americans, but said he is optimistic community bankers can help overcome the problem.
Joseph M. Guerra, president and CEO, UniBank, Miami, represented America’s Community Bankers at the Congressional Hispanic Caucus Institute’s Issues Conference here. He has grown UniBank from $60 million in assets and two offices in 1993 to $409 million in assets and 10 offices today.
Guerra is the incoming chairman of ACB’s MBank Council and will join ACB’s board of directors in November. As part of its outreach efforts, ACB created the MBank Council a year ago to address the special issues and challenges that face minority and multi-cultural community banks — and the diverse needs of their customers.
The goals of ACB’s MBank Council are to understand the priorities and needs of minority and multi-cultural institutions, and to identify products and services that bring value to these members.
Guerra described the progress Hispanic families have made in becoming homeowners. The homeownership rate among Hispanic households has risen to 47 percent from 41 percent two decades ago, but it remains less than the national 68 percent homeownership rate.
“It shows both growth and opportunity,” he said. “Remember, homeownership is the beginning of wealth accumulation.”
But financial illiteracy among all Americans, including Hispanics and other minorities, is a national problem and a major barrier to wealth accumulation.
“Understanding the basic rules that govern the use of money and credit are essential to achieving the American dream of owning a home, providing a good education for our children, starting a business, and having a financially secure retirement,” he said.
Guerra noted that America’s Community Bankers has made financial literary one of its major policy priorities. To help consumers, ACB has created Money Rules, an information program to help community bankers educate their customers on the financial facts of life.
“Our goal is to help consumers understand the basics of budgeting, saving, investing, borrowing and spending wisely,” said Guerra. “These are the foundations of economic growth for an individual and for a family.”
ACB has distributed thousands of Money Rules brochures to community banks — in English and Spanish — and has encouraged bankers to make the brochures available in their offices or as statement stuffers.
ACB is also working with: Operation Hope, a non-profit organization dedicated to bringing economic self-sufficiency to the inner city through education; the Federal Deposit Insurance Corporation’s financial literacy curriculum called Money Smart; and the Jump$tart Coalition for Personal Financial Literacy, which seeks to improve the personal financial literacy of young adults.
“We are here to help every community grow and prosper,” said Guerra. “Education in every form is the key that opens the door to prosperity. It is a dream, yes, but I can assure you it is not an impossible dream. There is hope because we are tearing down the barriers of economic illiteracy to create new opportunities for economic growth.”
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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