In the world of bank names that are mundane and commonplace, TomatoBank, which recently opened an office in Chula Vista, stands out.

The Alhambra-based commercial bank was formerly known as InterBusiness Bank until last year when it rebranded itself.

Chief Operating Officer Jesse Torres said the bank’s board and executives decided the bank needed a new name that would stick in customers’ minds to replace one that was forgettable.

“It was difficult to get any traction in our community because our name was not one that anyone would remember,” Torres said. “We needed something to give us some brand name recognition.”

Stephen Liu, the bank’s chairman and chief executive and a former orthopedic surgeon, decided on naming the bank after one of the world’s most prevalent fruits, and one that’s used in many international cuisines. And finally, it’s a name that many won’t forget, Torres said.

Name Change Working

The change appears to be working as Tomato’s total assets sprouted up 26 percent over the year ended June 30 to $445 million, while its loans increased 36 percent over the same period to $341 million.

“We’ve had some great success with the name,” said Torres. “It’s brought us a lot of attention.”

Maybe almost as much attention as Phil Spector brought to Alhambra, a sleepy little burg just east of downtown Los Angeles. The famous music producer is awaiting the outcome of a five-month-old trial in which he was tried for the murder of a former actress.

Buoyed by the bank’s growth, it decided to open a branch in the San Diego area, the first branch outside Los Angeles County.

“We have a number of clients there, and investors, too,” Torres said. “It’s a market that fits nicely with our mission, which is to serve the ethnic markets.”

Specifically, TomatoBank is targeting Spanish speakers, the nation’s largest ethnic minority, many of whom have shunned banks in favor of check-cashing outlets.

Torres said some of the reasons Hispanics avoid doing business with banks is a distrust of these institutions, a lack of history of using banks and the language barrier.

To break into the Spanish-speaking market, companies have to earn the trust of would-be customers and the best way to do that is by working with entities that they already trust, Torres said.

To attract its targeted customers, TomatoBank’s first branch is housed inside an El Tigre Supermarket, a supermarket chain based in Escondido that caters to Latinos.

After a month, the results have exceeded the bank’s expectations, said Torres, who declined to reveal numbers.

The bank doesn’t require proof of U.S. citizenship to open an account, but this is not required of any bank.

“We’re trying to get them to take their money out of their mattresses and bring it to our bank,” Torres said.

Effective Strategy

Hans Ganz, chief executive of Chula Vista-based Pacific Trust Bank with some $770 million in assets, had not heard of TomatoBank, but said their strategy could be effective.

Ganz said other banks have been successful at targeting specific minority groups, such as Nara Bank in Los Angeles, which targets Korean Americans.

“It works if you have a clearly defined niche and you are serving these people better than anyone else,” he said.

As for the distrust held by many Mexicans about banks, Ganz said it wasn’t limited to that group, but shared by many recent immigrants who have had bad experiences with banks in their home countries.

“They don’t trust their money will be there when they want to get it out,” Ganz said. “It’s not the banks so much as it’s the government’s influence over the banks that’s feared.”

TomatoBank may be targeting Latinos, but the bank’s founders and main owners are Taiwanese Americans, Torres said.

The new branch at 1058 Third Ave. in Chula Vista is managed by Jenny Yang and has four staffers.

TomatoBank (www.tomatobank.com) is Los Angeles' dynamic, leading multi-ethnic bank.