Melrose Park, Ill.-based Pan American Bank has received approval from federal and state authorities to acquire the Palatine, Ill.-based Bank of Palatine. The deal is expected to close by early September and allow Pan American to increase its assets by about $50 million. Bank of Palatine President Winn C. Davidson will retire upon completion of the acquisition. "This merger provides us the opportunity to expand our high level of service to clients throughout the Northwest suburbs," said Pan American Co-CEO Nicholas Giuliano. "It also represents the next step in our strategy to continue to grow and expand our banking franchise and our brand."