EAST LOS ANGELES, Calif. - (Business Wire) Pan American Bank (Los Angeles) today announced its support for the Cityhood for East Los Angeles initiative (www.CityhoodForEastLA.org) that is being coordinated through the East Los Angeles Residents Association (“ELARA”). “Unincorporated East Los Angeles and its 140,000 residents is considered by many as the cultural, social, and political focal point of the Mexican-American community in the United States. The East Los Angeles economy is developing, the political landscape has changed, and the community is ready to move forward,” said Pan American Bank CEO Jesse Torres. “With cityhood, residents will be able to identify and directly influence decisions on local priorities, such as the need for more parks, enhanced social services, and safer streets.”
According to the CityhoodForEastLA.org Web site, an Initial Fiscal Analysis was conducted that shows that an incorporated East Los Angeles can sustain itself financially as a city. According to the site, forming a city will bring more local tax revenue to the East Los Angeles community, including property taxes, sales taxes, and utility users’ taxes.
“Pan American Bank was founded in East Los Angeles 45 years ago. Our Bank’s founders saw so much promise in East Los Angeles that they decided to make East Los Angeles its home. No other bank since has made such a commitment to the East Los Angeles community,” said CEO Torres. “Pan American Bank looks forward to the prospect of cityhood for East Los Angeles and continuing to serve its residents.”
According to CityhoodForEastLA.org, the East Los Angeles community is carved into several congressional, state legislative, and school districts, making government accountability difficult. Cityhood will create a local City Council, whose members would directly represent their neighborhoods.
Originally established in East Los Angeles in 1964 as Pan American National Bank, the mission of Pan American Bank is to transform and empower Latino communities through banking relationships built on trust, service, respect, communication, and guidance. Founded by former U.S. Treasurer Romana Acosta Banuelos, the Bank is California's oldest Latino-owned bank. Pan American Bank can be found on Twitter @PanAmericanBank.
Pan American Bank
Jesse Torres, 323-264-3310
JTorres@PanAmericanBank.US
