Pan American Bank

Last updated
Pan American Bank
Company type Private corporation
Industry Banking
Founded1995
Headquarters Melrose Park, Illinois
Website http://www.panamerbank.com

Pan American Bank & Trust [1] 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. [2] The bank is wholly owned by American Bancorp of Illinois, Inc., a bank holding company duly registered with the Federal Reserve System. [3] It has six offices in and around Chicago, IL: Melrose Park, Bellwood, Bloomingdale, Palatine, Little Village and Sauganash in Chicago. [4]

Contents

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. [5] 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. [6]

Leadership

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. [7]

History

Pan American Bank & Trust was established in 1995 and was acquired by American Bancorp. of Illinois, Inc. in 2007. [8]

Pan American Bank & Trust has been designated as a Community Development Financial Institution (“CDFI”). [9] 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. [10] 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. [11]

Growth

Since 2007 the bank's total assets have increased from $33 million to $316 million. [12] 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. [13]

Pan American Bank & Trust acquired the $49 million Bank of Palatine in September 2014. [14]

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. [15]

Politics

Pan American Bank & Trust has contributed $124,178 to 50 Illinois politicians or political committees from 2008 through 2014. [16] 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. [17]

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. [18] Rutherford later returned contributions from Pan American Bank & Trust. [19]

Notes

  1. ↑ "Pan American Bank". www.panamerbank.com. Retrieved 2017-07-27.
  2. ↑ FDIC_ BankFind. Pan American Bank. Financials. Fdic.gov. July 27, 2017. Retrieved July 27, 2017.
  3. ↑ Annual Report of Holding Companies—FR Y-6 for American Bancorp of Illinois, Inc. (PDF). Chicagofed.org. December 31, 2013. Retrieved October 2, 2014.
  4. ↑ Locations & Hours. Panamerbank.com. Retrieved October 3, 2014.
  5. ↑ FFIEC Interagency CRA Rating Search. Retrieved January 28, 2015.
  6. ↑ FFIEC CRA Examinations. Retrieved January 28, 2015.
  7. ↑ Bank Directors. Panamerbank.com. Retrieved October 3, 2014.
  8. ↑ Daniels, Steve. “After hit from regulators, Goodwin’s Inland Bank is growing again.” September 6, 2014. Retrieved October 2, 2014
  9. ↑ Community Development Financial Institutions Fund, United States Department of the Treasury, Awardees/Allocatees.
  10. ↑ Community Development Financial Institutions Fund, United States Department of Treasury, CDFI Certification. Archived 2009-04-22 at the Wayback Machine
  11. ↑ Community Development Financial Institutions Fund, United States Department of the Treasury, Awardees/Allocatees.
  12. ↑ FDIC Key Demographic Information. Pan American Bank. ID Report Selections: Assets and Liabilities. Report Date: June 30, 2014 and June 30, 2007. Dollars. Fdic.gov. September 30, 2014. Retrieved January 15, 2015.
  13. ↑ FDIC Key Demographic Information. Pan American Bank. ID Report Selections: Total Deposits. Report Date: June 30, 2014 and June 30, 2007. Dollars and Ratios. Fdic.gov. June 30, 2014. Retrieved October 3, 2014.
  14. ↑ Daniels, Steve. “After hit from regulators, Goodwin’s Inland Bank is growing again.” September 6, 2014. Chicagobusiness.com. Retrieved October 2, 2014.
  15. ↑ "Best Banks to Work For". American Banker. Retrieved 2018-09-20.
  16. ↑ Illinois State Board of Elections. Pan American Bank. Elections.il.gov. Retrieved October 3, 2014.
  17. ↑ Illinois State Board of Elections. Pan American Bank. Elections.il.gov. Retrieved October 3, 2014.
  18. ↑ “Bloomington bank's campaign contributions at center of political dust-up.” Pantagraph.com. September 9, 2010. Retrieved October 6, 2014.
  19. ↑ “Democrats keep Quinn out of the picture.” Herald-review.com. September 26, 2010. Retrieved October 3, 2014.

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