FOR IMMEDIATE RELEASE
Tuesday, September 1, 2009
MEDIA CONTACT
Daniel Moran, Jr.
O: 480.706-6880 x122
M: 617.304.0064
dmoran@prfectmedia.com
PHOENIX-BASED SONORAN BANK ANNOUNCES ECONOMIC FORECAST PREDICTION CONTEST WINNERS
Contest Results in TIE; Winners Split $500 Grand Prize for their Near Accurate Prediction of the U.S. Economy
PHOENIX, Ariz. (September 1, 2009)—In February 2009 Phoenix, Arizona-based Sonoran Bank (www.sonoranbank.com), challenged Valley residents to stump economists and forecast how healthy the US economy would be on June 30, 2009. The community bank asked participants to estimate what the nation's unemployment, inflation and GDP rate would be at the end of June—and the results are in. Sonoran Bank has announced Phoenix's Chuck Emerling and Lupe Carbajal this year's winners of the Economic Forecast contest, splitting the $500 grand prize.
The winners of the contest predicted an economic projection that was most accurate for the figures of June 30, 2009, with their guess that averaged closest to the actual rates. The numbers for June were: 9.5% unemployment rate, -1.0% GDP and an inflation rate of -1.4%. In addition to competing for $500, the contest was also a valuable opportunity for participants to share their opinion on the direction the U.S. economy would take—something Sonoran Bank continues to monitor.
"Every day we hear from news media and economists about their opinions on where America's economy is headed," said Jim Vigars, president and CEO of Sonoran Bank. "We created this contest to hear our customer's outlook and we received a wide range of insightful, exciting results. Many of them predicted a healthier economy, which is a good sign for consumer spending as we continue to forge through the recession."
Sonoran Bank values the opinion of each customer. The community bank continues to support the Valley through tough economic times by providing business loans, strategic advice and personalized financial solutions.
For more information about Sonoran Bank or to schedule an interview with Jim Vigars, president of Sonoran Bank contact Daniel Moran, Jr. with PRfect Media at dmoran@prfectmedia.com or by phone at 602.706.6880 x122.
ABOUT SONORAN BANK
Founded in 2006, Sonoran Bank is a true community bank that quickly became the premier banking institution for Hispanic and minority small-to-medium sized businesses in Arizona. Named the only Minority Depository Institution in Arizona by the FDIC, Sonoran Bank provides sound banking options for consumers, for profit and nonprofit businesses in the Phoenix metro area. Sonoran was approved to bid on failing banks in Arizona, Nevada, New Mexico and Utah. Despite the collapse of the banking industry in 2008, Sonoran has continued to operate normally and provide qualified businesses and consumers with access to loans. As a community bank, Sonoran actively raises monies and awareness for local nonprofit organizations and encourages its employees and customers to get involved. For more information about Sonoran Bank visit www.sonoranbank.com.
