August 19, 2010
In December 2009, the FDIC released a report stating that households in Latino communities in Los Angeles and Orange counties were more than 40 percent unbanked or underbanked.
For Pan American Bank President and CEO Jesse Torres, this percentage is not only unacceptable but also understated.
In an effort to enact change, the only East Los Angeles-based bank has decided to focus significant energy and resources on youth by eliminating the barriers to entry for local children. The goal is for the next generation living in East Los Angeles and Santa Ana to have a record of saving as good as that of any community in the United States...one child at a time.
Through its Child Savings Account, the Bank hopes to eliminate barriers to entry by allowing parents and guardians to open the account with only $5.00. Also, until the child turns 18 there are no fees or minimum balance requirement. With the account the youth will also receive VIP invitations to financial literacy programs hosted by the Bank. The idea is to make it as easy as possible for parents to open accounts and for kids to begin saving for their future.
With its focus primary on the communities of East Los Angeles and Santa Ana, this program is available to everyone.
Pan American Bank has three branches. Two in East Los Angeles located on 2326 E 1st St and one on 4631 Whittier Blvd. A third branch in Santa Ana is located at 1107 N Main St.