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There were no banking institutions in Vallarta in 1940. As a result, all merchants did their transactions through companies that offered correspondent assignment services. The first company to offer this type of service was José Carranza and Company. As I mentioned before, Señor Carranza was an important capitalist in this town.
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City Hall 1940 |
Carranza's company ran all the correspondent jobs for Banco de Jalisco, Banco Refaccionario, and Banco Mercantil de Guadalajara, which later changed the name to Banco de Comercio. Señor José Baumgarten Escudero was the first correspondent for Banco Nacional de México in 1940.
El Banco de Comercio de Guadalajara opened doors in Vallarta in 1950 marking a step toward progress. The new bank crated jobs for many local young men. At that time, there were not too many choices of jobs for young men in this town. The first location of El Banco de Comercio de Guadalajara was where Aeroméxico Airline offices became later. A few years later, Banco de Comercio de Guadalajara bought the land on Juárez Avenue at the intersection with Mina Street to build their new facility there. The new offices were inaugurated in 1977. The project was a design of Engineer Eugenio Torres Ramírez. The bank changed the name to Bancomer, S. A.
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