The outlook for the Laredo banking industry is promising. Since 1970 when total assets only reached $102 million, the local banking industry has showed tremendous growth. Laredo bank assets rose from $102 million in 1970 to $655 million in 1979. In the mid-1980's they passed the $1 billion mark. Laredo's banks reached $1.7 billion in 1988, and by the end of 1994 the city of Laredo attained the status of a "$4 billion plus" banking center. This achievement marks another milestone in border economic development.