Beneficial State and Pan American Bank Merge
Combined entity has over $630 million in assets
June 20, 2016 | Press Release
FOR IMMEDIATE RELEASE
Oakland, CA, June 20, 2016 (PR WEB) -- Beneficial State Bank (“Beneficial State”) today announced the completion of its merger with Pan American Bank (“Pan Am”) effective as of the close of business on June 17, 2016. The combined entity is now operating as Beneficial State Bank.
Kat Taylor, Co-Founder and Co-CEO of Beneficial State, stated, "This partnership brings us significantly closer to changing the banking system for good by extending beneficial banking services that are fair, transparent and relevant to customers throughout California, Oregon and Washington. Banking, which belongs to all of us, should provide benefit to all and harm to none and that's what we try to do every single day." Tom Steyer, Co-Founder and Chairman added, “Kat and I founded Beneficial State Bank to fix a broken system that denies far too many Californians basic access to fair banking and financial services. This merger builds on our commitment to economic justice and opportunity, and it allows us to reach more communities throughout California."
On a pro forma consolidated basis, the combined entity will have assets of approximately $630 million and deposits of approximately $490 million. The combined 12-branch network will serve the California communities of Oakland, Santa Rosa, Sacramento, Los Angeles, Bakersfield, Fresno, Porterville, Visalia, Modesto and additionally Portland, Oregon and Seattle, Washington. Dan Skaff, Co-CEO, added, “Our goal is to balance organic growth and mission-aligned mergers in order to be resilient under modern bank economics while we serve our communities more deeply. The merger with Pan Am is an important step in fulfilling our five year goal of becoming a $3-5 billion bank serving local communities, providing growth opportunities for our colleagues, and delivering on our social and environmental impact goals.”
Robert Hughes, former CEO of Pan Am, will be a Director at Beneficial State and President of a new consumer banking unit upon completion of the merger. Mr. Hughes commented, "We are so happy to be joining our nearly 100 year history of service to our communities in the Central Valley and Los Angeles areas of California with the leading, forward thinking mission-based bank in California. Combined, we have both the history and the resources to greatly expand our beneficial banking throughout the combined West Coast territory.”
Pan Am’s senior management team and all employees will join the Beneficial State team. The headquarters of the combined company will remain in Oakland. To celebrate the merger, Beneficial State will host family-friendly neighborhood block parties in each of the newly acquired branches in the Central Valley and Los Angeles this summer to empower people to better banking.
About Beneficial State Bank
Beneficial State, a community development financial institution, has been a certified B Corporation since 2013, and has been honored as “Best for the World,” a designation reserved for the top 10% of all B Corps based on environmental, community and worker impact. Overall, Beneficial State is the #3 B Corp worldwide on the B Corp impact assessment. For additional information, please visit www.beneficialstate.com.
About Pan American Bank