Pan American Bank is a U.S. Federal Deposit Insurance Corporation-insured, privately held bank based in Melrose Park, Illinois with $289 million in assets and $267 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 five branches in and around Chicago, IL: Melrose Park, Bellwood, Palatine, and Little Village and Sauganash in Chicago.
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.
Pan American Chairman and Co-CEO Nicholas S. Giuliano, formerly of The PrivateBank, and Vice Chairman, Co-CEO and President Frank C. Cerrone, formerly of the International Bank of Chicago, lead Pan American Bank.
Pan American Bank’s board is composed of Nicholas V. Dizonno, Julius W. (“Wes”) Becton III, Anthony A. Casaccio, Timothy D. Hutchison, Roberta S. Matlin, Richard Pellegrino, and Roberto Ramirez.
Pan American Bank was established in 1996 as Chicago’s second locally owned Hispanic-owned bank. Originally headquartered in the largely Hispanic Little Village neighborhood, the bank raised $3.5 million from local investors. The bank was purchased by American Bancorp. of Illinois, Inc. in 2007.
Pan American Bank has been designated as a Community Development Financial Institution (“CDFI”). This designation means that Pan American Bank 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 has received an award from the CDFI Fund in the years 2008 through 2014.
Since 2007 the bank’s total assets have increased from $33 million to $289 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 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 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.
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 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.