Panama is a village located in Bond County, in the state of Illinois (IL), United States. Nestled in the East North Central division of the Midwest region, it covers an area of 0.3 square miles (1.0 km²) and sits at an elevation of 596 ft. With a population of approximately 323 residents, Panama offers a peaceful, rural atmosphere.
The town's population is composed of about 46.75% males and 53.25% females, and it has a population density of 950.00 people per square mile (366.80/km²). Panama lies at a latitude of 39.03 and a longitude of -89.52, operating in the UTC-6.
Locals reflect a blend of American ancestry, with roots primarily in United States (4.3%), followed by English (16.4%), German (30.3%), and Scotch-Irish (0%) heritage. The town is identified by the ZIP code 62077.