Los Angeles Bank to Honor California IOUs

“Pan American Bank was founded over 40 years ago for the purpose of supporting the working class Latino communities of East Los Angeles and Santa Ana. We have managed to thrive for over four decades due to our customers’ support of our institution. We could not have made it without them,” said Pan American Bank President and CEO Jesse Torres. “Today we have an opportunity to support our customers. In a period of falling home prices and growing unemployment, households already have enough on their plate. The addition of State-issued IOUs only exacerbates an already dire situation.”

California is preparing to issue warrants or IOUs, beginning Thursday, July 2, 2009, unless a last minute agreement is signed. According to media reports, the warrants will be issued initially to contractors and some of California’s neediest citizens, including the elderly, the disabled and the poor. California last issued IOUs in 1992.

“As a community bank, Pan American Bank has a responsibility to the communities it serves. We take this responsibility very seriously. The current economic environment has created great stress. By honoring our customers’ warrants we hope to eliminate at least one source of stress,” said Torres. “Apart from our customers, the Bank seeks to speak with affected nonprofits that serve our communities to determine how we can together deal with this crisis.”

Originally established in 1964 as Pan American National Bank, Pan American Bank, a minority-owned bank headquartered in East Los Angeles, serves the needs of the low- and moderate-income Latino community in Los Angeles and Santa Ana. Founded by former U.S. Treasurer Romana Acosta Banuelos, the Bank has stayed true to its mission of serving the working class Latino community.

Pan American Bank
Jesse Torres, 323-264-3310
JTorres@PanAmericanBank.US