Beneficial State Bank and Pan American Bank have announced an acquisition agreement under which Beneficial State will acquire all outstanding shares of Pan American Bank. The transaction, which is subject to regulatory approval and approval by shareholders of Pan American and Beneficial State, is expected to close mid-2016. The combined entity will operate as Beneficial State Bank. Pan American’s current Chief Executive Officer Robert Hughes will serve as President of the consumer lending unit. The combined entity will have assets of $580 million and deposits of $465 million, comprising 12-branches across California, Oregon and Washington. “Today, our customers are one big step closer to changing the banking system for good,” said Beneficial State Co-Founders Kat Taylor and Tom Steyer.