Pan American Bank, a Hispanic-owned thrift, is gearing up to expand its subprime mortgage lending.
It has hired David A. Powers, a 16-year veteran of the mortgage business as senior vice president and national wholesale manager. Mr. Powers was formerly an executive at Fleet Mortgage Group and Plaza Home Mortgage Corp.
The thrift also promoted Bill Malbon to senior vice president and national retail manager. He joined the bank last year, supervising the opening of retail offices in California, Arizona, and Colorado.
A 10-year veteran of subprime lending, he was previously with Long Beach Mortgage Corp.
In addition to subprime mortgage lending, the company does auto financing and auto insurance premium financing.