Complex sentence: For Latin Americans/Hispanics there is no greater honor than to be asked to be a Padrino or a Compadre, and with it the Godfather (i.e. Padrino) becomes an integral part of the family, and a Compadre of the natural parents.
Split into simpler sentences: For Latin Americans/Hispanics there is no greater honor than to be asked to be a Padrino or a Compadre. With it the Godfather (i.e. Padrino) becomes an integral part of the family, and a Compadre of the natural parents.