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Pan American Bank & Trust is a U.S. Federal Deposit Insurance Corporation-insured, privately held bank based in Melrose Park, Illinois with $316 million in assets and $288 million in deposits. The bank is wholly owned by American Bancorp of Illinois, Inc., a bank holding company duly registered with the Federal Reserve System. It has six offices in and around Chicago, IL: Melrose Park, Bellwood, Bloomingdale, Palatine, Little Village and Sauganash in Chicago. More specifically, they believed that ethnic banks would be able to address the gaps in political power, stimulate economic independence, and raise the overall standard of living for previously disenfranchised racial groups.

The bank is a full service community bank offering deposit and loan services to the communities it serves. According to the FDIC, in CRA Evaluations released on January 1, 2013 and March 1, 2007, the bank has done an “outstanding” job of meeting the credit needs of its communities, a recognition received by less than 7% of the nation’s banks in 2014. The evaluation by the FDIC was based on the bank’s record of lending to small businesses and providing home mortgages and took into consideration the bank’s record of lending in low and moderate income areas and loans to persons of low and moderate income.

Early Leadership
After the successful launch of Ramona’s Mexican Food Products, Romana Acosta Banuelos and her local business partners founded Pan American Nation Bank as a way to assist Latino and other racial minorities in the community to overcome some of the logistical challenges that were prevalent among minority business owners nationwide. More specifically, they believed that ethnic banks would be able to address the gaps in political power, stimulate economic independence, and raise the overall standard of living for previously disenfranchised racial groups. This community oriented approach was integrated within all of the positions of the bank, with the bank’s first board of directors being composed of six Mexican-Americans, three Jews, two Japanese and one caucasian. Romana Acosta Banuelos would eventually be appointed as Treasurer of the United States by President Richard M. Nixon, the first Latino to ever serve in that post.

2001 to Present
Chairman, Nicholas S. Giuliano, formerly of The PrivateBank, and President and CEO, Frank C. Cerrone, formerly of the International Bank of Chicago, lead Pan American Bank & Trust.

History
The roots of Pan-American Bank & Trust can be traced back to the formation of Pan-American National Bank in 1964. The Pan-American National Bank represents one of many examples in the emergence of ethnic banks under the increasingly progressive policies of James Sexon, the 21st Comptroller of the Currency for the United States Department of the Treasury.

Pan-American National Bank
Chartered in 1964, the Pan-American National Bank would open officially on May 5th, 1965 in the greater East Los Angeles area. Founded under the ownership of Romana Acosta Banuelos, The Pan-American National Bank would operate primarily as a community-based bank, offering bilingual banking products and services to minority clients who did not have access to basic financial services previously. The Pan-American National Bank location in Boyle Heights currently stands as the oldest Latinx-owned bank in California.

Pan American Bank & Trust
Pan American Bank & Trust was established in 1995 and was acquired by American Bancorp. of Illinois, Inc. in 2007.

Pan American Bank & Trust has been designated as a Community Development Financial Institution (“CDFI”). This designation means that Pan American Bank & Trust has been recognized by the Community Development Financial Institution Fund, administered through the U.S. Department of Treasury, as being committed to the goals of economic development, affordable housing, and community development financial services. In recognition of its commitment to these goals, Pan American Bank & Trust has received an award from the CDFI Fund in the years 2008 through 2014.

Acquisition by Beneficial State Bank
On January 13th 2016, Beneficial State Bank purchased all outstanding shares of Pan American Bank in an all-cash transaction. While the exact financial terms were not disclosed, the combined entity has assets worth $580 million and deposits of approximately $465 million.

Growth
Since 2007 the bank’s total assets have increased from $33 million to $316 million. In 2007, the bank held $229,000 in deposits from states and political subdivisions, but as of June 30, 2014 it held $49 million, or 20% of total deposits.

Pan American Bank & Trust acquired the $49 million Bank of Palatine in September 2014. At the time, Chairman and Co-Chief Executive Officer Nicholas S. Giuliano said: “We are excited to partner with a bank that has such a long history of building strong relationships in serving its customers and the Palatine community. This merger provides us the opportunity to expand our high level of service to clients throughout the northwest suburbs.”

Pan American Bank & Trust was selected by the nationally renowned industry publication, American Banker, as one of the Best Banks To Work For in 2018 nationwide.

Politics
Pan American Bank & Trust has contributed $124,178 to 50 Illinois politicians or political committees from 2008 through 2014. Recipients include the Mexican American PAC, the West Central Municipal Conference, the Italian-American Political Coalition, the Bellwood First Party, the Independent Citizens Action Party of Franklin Park, and the Illinois Bankers Association PAC.

Ethics
In September 2010,Democratic State Treasurer candidate Robin Kelly accused her opponent, then-Republican state Sen. Dan Rutherford, of violating state law by receiving a campaign contribution from Pan American Bank & Trust worth $500 while Pan American bid on a contract worth more than the law's $50,000 cap. Rutherford later returned contributions from Pan American Bank & Trust.

Awards and Nominations
In 2016, the Conservancy nominated Pan American Bank for listing in the National Register of Historic Places. The building was successfully designated in April 2017, making it the second property in East Los Angeles to be awarded this honor.