Editors Note: While banks across the nation continue to merge at levels not seen since the 2008 financial crisis, Pan American Bank and Trust is proud to stay rooted in the community that has been pivotal to our growth for the past 15 years.
While we continue to create new, adaptable solutions for your business banking needs, we relish our old-school, people-first approach that makes us a standout institution in Chicagoland and beyond.
Learn more about who we are and how we approach business banking below.
The road to $430 million.
As the great recession prepared to rip across America, Frank Cerrone and Management approached Pan American Bank and Trust in 2007 with a vision to grow the humble bank into a flourishing resource for small businesses. Before this, he served as the Executive Vice President of the International Bank of Chicago, aiding in the expansion of its assets from $30 million to $200 million. In search of a new challenge, he ventured out to replicate this success in another $30 million institution and settled in as Pan American’s new President.
Despite financial unrest, the timing proved beneficial to Pan American’s growth model. While big banks spent the next two years putting out massive fires, Cerrone and his business partner Nick Giuliano (now Pan American’s Chairman) focused on implementing practical yet useful services that would attract local entrepreneurs frustrated with cookie-cutter banks.
“We only had maybe $25 million in loans at the time, which was nothing compared to the other guys,” says Cerrone. “We had the opportunity to concentrate on building our brand within the community.”
What started as one bank in Little Village eventually grew to five locations, with its headquarters in Melrose Park – Cerrone’s hometown. Not only has Cerrone replicated his success, but he exceeded it with the support of Giuliano and the Board – a diverse group of mission-driven entrepreneurs. Pan American Bank now has more than $400 million in assets and is still growing.
“When someone walks into your home, you greet them; you make them feel welcome, you offer them something. That’s how I was raised.”
Growth is a two-way street
Cerrone and Giuliano, both first-generation Italians, fuse the traditional values they grew up with into their approach to business banking–but with a modern twist. The goal? To make everyone who walks through Pan American’s doors, both employees and clients, feel valued.
“When someone walks into your home, you greet them; you make them feel welcome, you offer them something,” says Cerrone. “That’s how I was raised.”
Finding a business bank, especially for newer entrepreneurs, can be daunting. That’s why Pan American places great emphasis on being hospitable and accommodating. Both Cerrone and Giuliano draw on their own entrepreneurial journeys to help those beginning their own.
“It’s just the simple things. Just listening to someone and being available 24/7 means a lot to small businesses.”
While mega banks race to put out new apps with bells and whistles (that, quite often, nobody asked for), Pan American aims to be a reflection of its communities – down in the entrepreneurial trenches coming up with smart business solutions, together.
With options like concierge banking (a banker will travel to your office or home to assist with your account) and direct access to decision-makers, clients can focus on growing their business on their own schedule. Because of these unique differentiators, they’ve built long last relationships with their clients.
Since Cerrone became President & CEO 10 years ago, he’s empowered his hiring managers to bring on staff who understand how these principles of adaptability and flexibility play a role in the bank’s longevity. In return, he ensures everyone who works for the bank feels entrusted to make informed, autonomous decisions.
“It’s about taking ownership,” says Cerrone. “Ownership turns into accountability which turns into passion, and [employees] feel like they’re running their own business, too. They feel valued.”
What’s ahead: bringing along the old with the new
While reports show more than $50 billion in bank acquisition and merger deals since 2021, Pan American is laser-focused on its next big goal: hitting $500 million in assets. And though new banking features and benefits are underway (stay tuned), Cerrone and his team will stick to what’s been working for the past 15 years:
“We’re going to continue to exceed our client’s expectations and think outside of the box to help people grow.”
Being accessible to business and personal banking clients has always been important, but it’s exceptionally crucial now–with economic anxiety at an all-time high for many Americans.
“This is not my job; it’s my life. When I put my head on my pillow every night, I want to feel like I’m doing something valuable and making a difference. That’s what keeps me going,” Cerrone says.