East L.A.’s Pan American Bank is to be acquired by Beneficial State Bank, founded by Democrat donor and environmental activist Tom Steyer and his wife, it was announced Wednesday.

Pan American, founded in 1964, has long served the Latino community. Beneficial, founded in 2007 in Oakland, calls itself a social enterprise bank “with a triple bottom-line focus of social justice, environmental resilience and economic sustainability.”

Steyer, a San Francisco hedge fund billionaire, has become a top political donor to environmental-minded candidates.

“The combination of Beneficial State Bank and Pan American Bank brings us closer to a complete suite of beneficial banking products and an aligned lending practice for our most important stakeholders,” read a statement issued by Steyer and his wife, Kat Taylor. “We are very excited to merge banks of such high reputation and excellent employees.”

Beneficial State will have assets of approximately $580 million and deposits of approximately $465 million after the acquisition. Pan American had $165 million in assets as of the third quarter, according to the FDIC.

Financial terms of the buyout were not disclosed, other than it will be an all-cash purchase. The transaction is expected to close in mid-2016.