A group of West Coast banks have banded together to save community development bank Pan American Bank in Los Angeles (not to be confused with Illinois-based CDBA member Pan American Bank). Pan American was facing a potential failure after the collapse of a capital raise in May. The $41 million-asset bank has now been recapitalized after raising $6.3 million from 16 banks. None of the banks will hold more than a 4.9% stake in Pan American, and the Hispanic-focused bank is expected to maintain its MDI status. Pan American also named Robb Evans as interim chairman and chief executive, filling the vacancy left by Jesse Torres, who left the bank earlier this year.