Pan American Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1995 |
| Headquarters | Melrose Park , United States |
Area served | Chicago metropolitan area |
Key people | Nicholas S. Giuliano (Chairman), Frank C. Cerrone (President and CEO) |
| Products | Deposit and lending services |
| Owner | American Bancorp of Illinois, Inc. |
| Parent | American Bancorp of Illinois, Inc. |
Pan American Bank & Trust is a privately owned financial institution insured by the U.S. Federal Deposit Insurance Corporation, headquartered in Melrose Park, Illinois. It manages assets totaling $316 million and holds deposits amounting to $288 million. The bank is entirely owned by American Bancorp of Illinois, Inc., a bank holding company registered under the Federal Reserve System. Its operations include six branches located throughout the Chicago metropolitan area: Melrose Park, Bellwood, Bloomingdale, Palatine, Little Village, and Sauganash.
Functioning as a comprehensive community bank, Pan American Bank & Trust provides a variety of deposit and lending services designed to meet the needs of its local clientele. The FDIC has commended the bank for its exemplary performance in fulfilling community credit requirements, particularly through loans to small businesses and home mortgage financing in low- and moderate-income neighborhoods—earning an “outstanding” rating that fewer than 7% of U.S. banks achieve.
Leadership
The institution’s leadership comprises Chairman Nicholas S. Giuliano, who previously served at The PrivateBank, alongside President and CEO Frank C. Cerrone, formerly affiliated with the International Bank of Chicago.
History
Established in 1995, Pan American Bank & Trust joined American Bancorp of Illinois, Inc. in 2007. It holds the status of a Community Development Financial Institution (CDFI), underscoring its dedication to promoting economic growth, affordable housing initiatives, and accessible financial services within communities. The bank was honored with annual CDFI Fund awards from 2008 through 2014 as acknowledgment of this commitment.
Growth
Since its acquisition in 2007, the bank’s total assets have expanded from $33 million to $316 million. Deposits originating from state entities and political subdivisions rose from $229,000 in 2007 to $49 million by mid-2014, constituting 20% of overall deposits.
In September 2014, Pan American Bank & Trust broadened its footprint by acquiring Bank of Palatine, which held $49 million in assets.
In 2018, American Banker recognized the bank as one of the Best Banks To Work For across the United States.
Politics
Between 2008 and 2014, Pan American Bank & Trust made contributions totaling $124,178 to 50 politicians and political committees within Illinois. Beneficiaries included groups such as the Mexican American PAC, West Central Municipal Conference, Italian-American Political Coalition, Bellwood First Party, Independent Citizens Action Party of Franklin Park, and the Illinois Bankers Association PAC.
Ethics
In September 2010, Robin Kelly, then a Democratic candidate for State Treasurer, accused her Republican opponent Dan Rutherford of breaching state regulations by accepting a $500 campaign donation from Pan American Bank & Trust while the bank was competing for a contract exceeding the $50,000 legal threshold. Rutherford later returned all contributions received from Pan American Bank & Trust.