EAST LOS ANGELES, Calif.--(BUSINESS WIRE)--Pan American Bank (OTCBB: PAMB) today announced that it has been certified as a Community Development Financial Institution (“CDFI”) by the Community Development Financial Institution Fund (“CDFI Fund”) – a program of the United States Treasury Department.
"For nearly fifty years Pan American Bank has served the underserved and underbanked communities of Los Angeles. The CDFI designation provided by the CDFI Fund and the United States Treasury Department speaks to the commitment of Pan American Bank and its Board of Directors in meeting the needs of the local community,” said Pan American Bank CEO Jesse Torres. “Pan American Bank is a great leader within the community bank industry. Many banks are larger and possess greater resources but few have made Pan American Bank’s impact within the community. The CDFI designation is an attestation of Pan American Bank’s commitment to the community through its role as a community leader and community bank.”
The CDFI Fund promotes economic revitalization and community development in low-income and rural communities across America. Through funding to community-based organizations, called CDFIs, the CDFI Fund supports programs focused on improving the quality of life of people who live in economically distressed communities or areas that are underserved by mainstream financial institutions.
CDFI certification makes Pan American Bank eligible to apply for technical and financial assistance grants for the purpose of increasing institutional capacity to provide access to affordable financial services and loans for low-income consumers and underserved communities. CDFI Funds have been used to create and expand programs such as mortgage financing for low-income and first-time homebuyers, loans for micro and small businesses, and financial education programs.
Established in 1964, Pan American Bank is California’s oldest Latino-owned bank and the second-oldest Latino-owned bank in the United States. Headquartered in East Los Angeles, Pan American Bank has served the needs of the Latino communities in Los Angeles and Orange counties for nearly a half-century. Founded by the first Latina United States Treasurer, Romana Acosta Banuelos, the Bank has stayed true to its mission of transforming and empowering Latino communities through banking relationships built on trust, service, respect, communication, and guidance. Pan American Bank is a member of the FDIC. Pan American Bank is located at 3626 East First Street, Los Angeles, CA 90063.