Northern Trust Branch Sale Letter of Opposition (1)
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Transcript of Northern Trust Branch Sale Letter of Opposition (1)
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August 7, 2012
Ms. Angelisa HarrisCommunity Affairs Officer Federal Deposit Insurance Corporation-Chicago Regional Office300 South Riverside Plaza - Suite 1700Chicago, Illinois 60606
RE: OPPOSITION TO THE SALE OF NORTHERN TRUST SOUTHSIDE BRANCH
Dear Ms. Harris
The Monroe Foundation, a 21 year-old community advocacy coalition of 100 community and faith- based groups working to improve the economic quality of life within communities of color through theformation of community reinvestment and investment collaborations with financial institutions, opposesthe pending sale of the 79 thand State Street community branch of the Northern Trust Company to UrbanPartnership Bank without benefit of a public hearing.
The 79 thand State Street community branch location of the Northern Trust Company was opened inresult from the many years this institution neglected to have an urban market presence serving thisconstituency of clientele, and as a result of a history of adverse lending issues in which federalregulators and community groups have long held (greatly attributed to the lack of a communityreinvestment (CRA) commitment to low- to moderate income (LMI)_residents of the Southside,
primarily, African American communities).
Respectfully, the members of the Monroe Foundation express the following concerns:
1.) Sale of the 79 thand State Street branch will eliminate any Northern Trust Company physical branch commitment to LMI communities and qualifying CRA activity through any of its branchlocations on the Southside of Chicago .
2.) If regulatory approval is granted, the Northern Trust Companys CRA qualifying marketpresence will be limited to providing access to transactional services through eight ATMs
placed primarily in McDonalds restaurants on the Southside of Chicago (assuming NorthernTrust will continue to have control of the ATMs albeit the potential reality that thesemachines could become controlled by Urban Partnership Bank).
The Monroe Foundation1547 South Wolf Road, Hillside, IL60162
(t) 773.315.9720 (e) [email protected]
mailto:[email protected]:[email protected]:[email protected] -
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3.) In light of the above stated potential reality, that if the ATMs become Urban Partnership Bank ATMs, then, again, the Northern Trust Companys commitment to Southside communities iseffectively eliminated.
The Monroe Foundations extreme concern is summed in a simple question: Now, 20 years later, mustthe LMI African American community relive the nightmare brought on by the potential sale of this
branch location, which once was a victory for community reinvestment to ensure that an institution thatformerly had little history of such on the Southside of Chicago will potentially become nonexistentagain, should regulators approve this sale?
We urge regulators to hold a public hearing for the constituents most adversely affectedon theSouthside of Chicago, and require Northern Trust Company officials to offer its recommendations as tohow selling its only Southside LMI branch location will still allow the institution to demonstrate acommitment to banking, lending and CRA qualifying investments on the Southside of Chicago, and
through which strategies it will engage to continue a commitment to community reinvestment, absent a physical branch. Further, we ask you to help save this very important Northern Trust community bank branch!
Respectfully,
Otis C. Monroe, III, CEO
cc: Federal Regulators
The Monroe Foundation1547 South Wolf Road, Hillside, IL60162
(t) 773.315.9720 (e) [email protected]
