2010-08-24 15:24:04 -

Pan American Bank (Los Angeles) ( www.PanAmericanBank.us : ) today announced that on August 14, 2010, Pan American Bank and the East Los Angeles Financial Literacy Task Force successfully hosted the first East Los Angeles Financial Literacy Conference. The conference, attended by hundreds of local residents, provided members of the local community with a series of financial literacy workshops aimed at improving local households' ability to successfully manage their finances.

“In December 2009 the FDIC released a report stating that Latino communities in Los Angeles and Orange counties were 40% unbanked or underbanked. The release of these data prompted management and our board of directors to act quickly. A multipronged approach was created that included the formation of the East

Los Angeles Financial Literacy Task Force, the East Los Angeles Financial Literacy Conference and a financial literacy program that provides youth with savings accounts free of monthly fees and minimum balance requirements and an incentive to participating local schools, churches and nonprofits in the form of opening deposits funded by Pan American Bank. Pan American Bank has set a goal of funding 14,000 youth savings accounts by 2014,” said Pan American Bank CEO Jesse Torres. “Our three-year goal is to have the Country’s lowest percentage of unbanked/underbanked households and 100% of our youth participating in the asset building process through savings accounts.”

The East Los Angeles Financial Literacy Conference featured speakers from government and community-based organizations, including California’s Office of the Controller, Legal Aid Foundation, East Los Angeles Community Corporation, Montebello Housing Development, Operation HOPE, and National Council of La Raza. The speakers addressed banking basics, money management, credit, financial challenges and solutions for the underdocumented and children’s financial literacy. Also present was children’s author Kelly Rogers (Something for Savvy).

Established in 1964, Pan American Bank ( www.PanAmericanBank.us : ) is California’s oldest Latino-owned bank. Headquartered in East Los Angeles, Pan American Bank serves the needs of the Latino communities in Los Angeles and Santa Ana. Founded by former U.S. Treasurer Romana Acosta Banuelos, the Bank has stayed true to its mission of transforming and empowering Latino communities through banking relationships built on trust, service, respect, communication, and guidance. Pan American Bank's Facebook page can be found at bit.ly/pab-facebook : .
The Bank’s blog is found at PanAmericanBank.blogspot.com : .
Pan American Bank can be followed on Twitter as @PanAmericanBank.



Pan American BankTony Ramirez, 323-264-3310 TRamirez@PanAmericanBank.US : mailto:TRamirez@PanAmericanBank.US