According to this CNN Article, Emigrant Savings Bank has launched a Spanish language bank in an attempt to enter the Hispanic/Spanish market. “BancoFortuna.com will initially provide only savings accounts but will eventually expand its line to include credit cards and other offerings, according to CEO Howard Milstein.”

Banco Fortuna is looking to capitalize on the success of Hispanic owned businesses through this new venture as well as the success of EmigrantDirect.com, launched in January 2005. Because Emigrant is a smaller bank compared to the larger industry players, they are able to move quickly and adapt to consumer needs faster. For example, the larger banks’ contracts are in English, but BancoFortuna.com contracts in both English and Spanish.

While the 5.05% APY yield on the Fortuna Savings Account isn’t necessarily the best savings rate available (especially with new players like FNBODirect), it seems that the Hispanic market is still largely untapped. It should be interesting to see how this new venture fares.