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BRIEF
HISTORY AND VISION
PACIFIC NATIONAL BANK, N.A. is a Subsidiary of Banco del Pacífico S.A. It was
originally established on August 6, 1982 as Banco del Pacífico International (BPI), in
Miami, Florida. After three years of international operations, BPI became a national
association on July 22, 1985, as Pacific National Bank to carry on the business of
banking under the United States legislation.
PACIFIC NATIONAL BANK, N.A. is a full service U.S. National association, chartered
and protected under the laws of the United States of America. The bank has its own
U.S. regulatory controls and supervision by the Office of the Comptroller of the
Currency (OCC), entity ascribed to the U.S. Department of Treasury; and is a
member of the Federal Deposit Insurance Corporation (FDIC)
The foundation on which Pacific National Bank builds its strength and
sustainability is found in its core ideology:
Core Purpose (the reason to be)
To contribute to the development of the society in which we work.
To contribute to the individuals in general, and to our customers in
particular: their well being, growth, success in their lives, and particularly
in their economic and financial matters.
Core Values (what we believe in)
Net Income: is the result of our job well done to the
society in general, to our customers, shareholders, employees and suppliers, in
particular.
Truth in Service: to be explicit and clear with our customers,
employees, shareholders and suppliers. Always to tell the truth and
nothing but the truth.
Respect & Fairness: to all our customers, employees, shareholders
and suppliers. We all deserve respect and fairness. We highly
respect the privacy of the personal information of our customers, employees and
shareholders.
Focus on our business: We are a financial institution and as such we
will remain. We will not compete with our customers. We will be the best
in our business as a financial institution.
The Bank is a public good: The financial resources that we
handle/manage belong to the society in general, and to our customers in
particular, and as such must be managed. They can not and must not be
managed to the benefit of shareholders or employees.
Each employee and each shareholder must be remunerated fair and well for the
job and effort given and for the risk taken, no more.
Personal Interest: Our personal interest needs to go hand in
hand with the institutional interest, whenever a conflict of interest arises
between the two, it needs to be spelled out and handled independently.
Core Activities (The way we do)
1 Authenticity, Discipline & Coherence
The way to do is to be. We act in accordance with our values and purpose.
We apply our values and purpose throughout the Bank.
2 Earnings, Performance & Productivity
To be as fast and responsive as possible: the time the customer
spends on using a service should be the minimum possible, with the least
possible errors.
To obtain sufficient earnings to sustain our current capital needs and
self-support our future growth.
In principle, each individual product and service delivered by PNB through the
right distribution channels should be valuable to the customer and profitable
to the Bank, maintaining its quality standards.
3 Synchronicity and Synergy
Our products, services and distribution channels need all to be related to
each other in harmony and equilibrium to complete the needs of our
customers. They must synchronize.
4 Quality Standards, Reliability, Strength
To acquire high quality assets and liabilities, specially on the
investment, credit and deposit portfolios; least possible errors, strong risk
management assessment.
To deliver high quality products and services: best possible performance
and accuracy, with least possible malfunctions and constant monitoring.
To place reliable and strong distribution channels to deliver our products and
services.
To remain strong and solvent as a well capitalized institution.
5 Unity, Compatibility, Networking
To work as a team effort within the Bank: common goal.
To work as a team effort within Pacifico Group: common mission.
Responsible employer with responsible employees.
Integrate and network with customers, delivering what they need, when needed
and as needed.
6 Flexibility, Extensibility
To be prepared to market requirement changes and growth.
To offer a complete selection of banking products and services within the
Bank's line of business and responding to the Bank's customers and market needs
and changes.
7 Compliance with Laws and Regulations
Being a U.S. corporate citizen, the Bank has to comply with all applicable
laws and banking regulations.
To offer loans, qualified investments and banking services useful and
accessible to low and moderate income customers within the Bank's delineated
community.
Core Functions (Functional perspective of our business)
As an institution, and as a human conglomerate, we have chosen to
be within the financial system framework; therefore, it is imperative to define
it in order not to lose direction, focus and completeness.
The best definition of a financial system that we have found from a functional
perspective* is:
"The primary function of any financial system is to facilitate the allocation
and deployment of economic resources, both across borders and across time, in
an uncertain environment. From the most aggregate level of the single
primary function of resource allocation, we can further distinguish six basic
functions performed by the financial system:
1 Clearing and Settling Payments
A financial system provides ways of clearing and settling payments to
facilitate the exchange of goods, services and assets.
2 Pooling Resources and Subdividing Shares
A financial system provides a mechanism for the pooling of funds to undertake
large-scale indivisible enterprise or for the subdividing of shares in
enterprises to facilitate diversification.
3 Transferring Resources Across Time and Space
A financial system provides ways to transfer economic resources through time,
across geographic regions, and among industries.
4 Managing Risk
A financial system provides ways to manage uncertainty and control risk.
5 Providing Information
A financial system provides price information that helps coordinate
decentralized decision-making in various sectors of the economy.
6 Dealing with Incentive Problems
A financial system provides ways to deal with the incentive problems when one
party to a financial transaction has information that the other party does not,
or when one party is an agent for another, through the creation of financial
instruments or contracts, such as a check, a promissory note, a future
contract, etc."
* Definition from the Book by Crane, Dwight; et.al.: The Global
Financial System, A functional Perspective" Harvard Business School Press,
Boston 1995.
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