EAST LOS ANGELES, Calif.--(BUSINESS WIRE)--Pan American Bank today encouraged Los Angeles and Orange County legal permanent residents (“LPR”) to participate in Pan American Bank’s Path to Citizenship Program. The Pan American Bank Path to Citizenship Program is comprised of a Citizenship Application Microloan, free checking or savings account, and financial literacy education.
“For a great number of legal permanent residents the only obstacle between them and United States citizenship is the application fee. Across the country there are over eight million legal permanent residents that are currently eligible for citizenship,” said Pan American Bank CEO Jesse Torres. “Citizenship provides legal permanent residents with many benefits, including the ability to vote, run for office, and apply for certain jobs. In addition, citizenship deepens these individuals’ commitment to our country and their community, increasing the level of community service and improving the country’s overall standard of living.”
Pan American Bank offers a $1,000 Citizenship Application Microloan. The loan provides the $680 citizenship application fee as well as an additional $320 to apply towards fees associated with supportive services such as application assistance or English language/citizenship preparation classes. The loan can be obtained for a term of 12, 18, or 24 months. Loan program details are available at http://bit.ly/citizenshiploan.
The Path to Citizenship Program provides every applicant with an optional free checking or savings account. The account is free of maintenance fees and minimum balance requirement and requires only $25 to open. A box of 200 standard checks is provided free of charge at the time the account is opened. The Path to Citizenship Program encourages applicants to participate in Pan American Bank’s financial literacy education program. The program is provided free of charge.
“Pan American Bank bundled the loan, bank account and financial literacy education in an effort to assist future U.S. citizens in the prudent management of their financial lives. The segment served by the Path to Citizenship Program is largely under-served and in many cases, underbanked. Pan American Bank seeks to empower and transform this community not only with citizenship loans, but with a full suite of financial products and services to ensure a long-lasting benefit to the communities served,” said CEO Torres.
About the Path to Citizenship Program
A $50 loan application processing fee will be assessed for administration, processing and ordering of credit and employment reports. The $50 processing fee will be added to the $1,000 loan amount (applicant may choose to pay the processing fee outside of the loan). All loan and deposit account applications are subject to credit approval and qualification. The citizenship loan interest Rate is fixed at 12% and the Annual Percentage Rate (“APR”) varies between 17%, 18%, and 21% and monthly payment amount varies between $93.29, $64.03, and $49.43, depending on the term of the loan (12 months, 18 months, and 24 months, respectively). The savings account earns an Annual Percentage Yield (“APY”) of 0.20%. The APY is subject to change. The APY is accurate as of April 1, 2013. An opening deposit of $25 is required to obtain the APY. Fees can reduce earnings. All applicants must be at least 18 years of age and eligible for U.S. citizenship. Terms and conditions are subject to change without notice. Complete terms and conditions for loan and deposit accounts can be obtained by visiting Pan American Bank at 3626 East First Street, Los Angeles, CA 90063 or by calling (323) 264-3310.
About Pan American Bank
Established in 1964, Pan American Bank is California’s oldest Latino-owned bank and the second-oldest Latino-owned bank in the United States. Pan American Bank is also certified by the U.S. Treasury as a Community Development Financial Institution (“CDFI”). Headquartered in East Los Angeles, Pan American Bank has served the needs of the Latino communities in Los Angeles and Orange counties for nearly a half-century. Founded by the first Latina United States 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 is Member FDIC and an Equal Housing Lender.
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