Home > Banking Information & Regulation > Public Meeting Transcripts > PMT - Agendas August 13, 1998
Public Meeting Transcripts
Public Meeting Regarding Banc One and First Chicago
Thursday, August 13, 1998
Transcript of Panel Four
5 MS. COLEMAN: Good morning. My name is Cora 6 Coleman, and I am a Board member of Local 880 of 7 the Service Employees International Union. 8 I am here to talk about what things could 9 be like for minorities here in Chicago when 10 Banc One takes over the local control of 11 First Chicago. 12 If it's anything like what went on in 13 Akron, Ohio, it could get ugly. In the early 90s, 14 Banc One took over the Local Central Trust in 15 Akron. Soon after, minority job applicants filed 16 employment discrimination complaints with the 17 Department of Labor. 18 After a two-year investigation, the 19 Department found that 31 qualified minority job 20 applicants were unfairly turned down for jobs at 21 Banc One, a clear-cut case of employment 22 discrimination. 23 For five years, Banc One fought the 24 Department of Labor's attempts to reform the bank's 66 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 hiring practices. 2 Finally, just last year, the bank was 3 forced to hire 12 of the complainants and to 4 provide financial compensation to those minority 5 applicants it had refused to hire. 6 First Chicago NBD is a larger operation 7 than Central Trust. And squeezing the two 8 companies together is going to involve all sorts of 9 job changes, all sorts of chances for Banc One's 10 record in the lending office of turning down 11 minority applicants to come shining out in the job 12 interview. 13 We know the Federal Reserve is not 14 sympathetic to this issue since they themselves are 15 facing a large class action lawsuit from its 16 minority employees, but Banc One should be careful 17 because we will be watching with our trial 18 lawyers. 19 Banc One also has violated lending 20 discrimination laws. In March of this year, 21 Banc One Mortgage Corporation signed a lending 22 discrimination settlement with HUD after their Fort 23 Worth Humans Relation Commission filed their 24 lending complaints. They found that Banc One 67 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 offered African Americans and Latinos loans at 2 worse terms than offered to whites by steering them 3 to inferior and more expensive products than their 4 conventional loan product. 5 As a result of this case, Banc One 6 Mortgage committed to provide 10 million in 7 mortgages to low and moderate income and minority 8 borrowers. 9 This pattern of discrimination continued 10 in Arizona where Banc One recently settled a case 11 with the Attorney General by agreeing to provide 12 5 million in mortgages to low and moderate income 13 residents of Yuma County. This agreement came only 14 after the state investigated complaints from five 15 Latino families who claimed they were denied 16 mortgages because of their ethnicity. Banc One 17 denied these claims, citing internal processing 18 problems. 19 One family said they received the run 20 around from Banc One Mortgage until their 21 application was delayed long enough that they lost 22 their house to another buyer. 23 When a second attempt with Banc One 24 mortgage met similar delays, they took their 68 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 application to another bank and were approved 2 within a week. 3 In another instance that is strikingly 4 similar to the Phoenix example, a Dallas homeowner 5 who applied for a Banc One home improvement loan in 6 1996 cannot get his loan processed or even his 7 application rejection. 8 This practice of deterring applications of 9 prospective minority borrowers at the outset helps 10 understate the minority rejection rates. 11 These cases indicate a pattern of 12 discrimination through a series of delays and 13 deceptions that help Banc One pad their humble 14 reporting. 15 They also show us that under the threat of 16 a lawsuit, Banc One seems able to provide 17 alternative financing to meet the needs of low 18 income and minority borrowers. 19 Banc One clearly has a problem when it 20 comes to serving the banking and employment needs 21 of African Americans and Latinos. They don't seem 22 to understand that discrimination is against the 23 law. 24 The burning issue of today is does the 69 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 Federal Reserve Board understand that 2 discrimination is against the law, does the Federal 3 Reserve Board have the guts to finally say no to a 4 renegade like Banc One. 5 On behalf of my union's 10,000 members, I 6 implore you to do the right thing. 7 Thank you. 8 MS. SMITH: Thank you very much. 9 Mr. Shea. 10 MR. SHEA: Ted Thomas is going to speak next. 11 MS. SMITH: Okay. 12 MR. THOMAS: Good morning. My name is Ted 13 Thomas. I'm the president of Illinois ACORN. 14 Banc One has a history of refusing to 15 negotiate lending agreements to meet the needs of 16 the low income communities. The only time Banc One 17 has quantifably made a lending commitment to a city 18 was when it was forced to do so by Michael White, 19 the Mayor of Cleveland. 20 Mayor White was so disturbed by Banc One's 21 unwillingness to help him rebuild the central city, 22 he actually filed a CRA protest against the bank 23 and forced the bank to set CRA lending goals for 24 his city. 70 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 ACORN has negotiated lending agreements 2 and partnership with scores of banks throughout the 3 nation. For example, we worked with Nations Bank 4 in 12 cities and with Chase Bank in ten cities. 5 Our partnerships have a proven track 6 record of performance. Since 1987, we have helped 7 over 10,000 low income families, mostly African 8 American and Latino heritage, achieve the American 9 dream of home ownership. 10 We were amazed at Banc One's flat-out 11 refusal to even discuss the formation of a 12 partnership or a corporate-wide CRA lending 13 commitment. 14 Banc One's Senior Vice President, Julie 15 Johnson, sent a rejection letter to several ACORN 16 officers. She said we do not believe in negotiated 17 CRA programs. 18 In Denver, Banc One officials have 19 canceled and postponed every meeting that has been 20 scheduled with ACORN members. To this day, 21 Banc One has not set CRA lending goals or made 22 commitments to Denver. 23 In Milwaukee, Banc One's met with ACORN 24 members. They said that they were unwilling to 71 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 negotiate a lending agreement and pulled out 2 Mrs. Johnson's letter to justify their position. 3 They told the same thing to the city's Fair Lending 4 Coalition. Today, Banc One has not set CRA lending 5 goals or made a commitment to Milwaukee. 6 In Louisiana, Banc One officials have also 7 refused to enter into a partnership discussion. 8 Instead, they sent a letter saying that they 9 already do enough. To this day, Banc One has not 10 set CRA lending goals of any kind in New Orleans, 11 Baton Rouge, Shreveport or anywhere else in the 12 State of Louisiana even though they are by far the 13 largest bank in the state. 14 Unlike other bigger mergers this year, 15 Banc One has refused to make corporate-wide lending 16 CRA commitments. What Banc One has done is allow 17 the First Chicago NBD CRA team to promise a lot of 18 grants to non-profits here in Chicago and in 19 Detroit. 20 Four weeks ago, ACORN thought it had a 21 commitment from First Chicago NBD. This commitment 22 was personally given to me by the CEO of 23 First Chicago, Mr. Verne Istock. He looked me 24 right in the eye and said Ted, we value the 72 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 partnership with ACORN. He said that they wanted 2 to keep it going in Detroit and Chicago and 3 possibly expand it to other cities. 4 Following that meeting, his staff told us 5 that we could expand our partnerships to Milwaukee 6 and perhaps to a couple of the bank's other 7 cities. They told us that they would value the 8 ACORN mortgage counseling program because it helped 9 them to make mortgages in places like Ingallwood, 10 North Lawndale, places where for years, banks had 11 not been able to make a single loan on its own. 12 I left the meeting feeling like things 13 were going to work out. After all, I had received 14 the word of the top dog, so I thought. Can you 15 imagine to my surprise just three days later, 16 Banc One suddenly terminated our negotiation with 17 no notice or explanation of any kind. 18 The First Chicago CRA team were very 19 apologetic and said that they would still be 20 willing to continue our program in Detroit and 21 Chicago but that they were not allowed to form CRA 22 partnerships in any additional cities. 23 When we asked what had happened to the 24 commitment from Verne Istock, they sheepishly 73 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 explained that Mr. Istock had been overruled by 2 John McCoy, the CEO of Banc One. They reminded us 3 John McCoy, and not Verne Istock, was going to be 4 the CEO, the new top dog. 5 Thank you. 6 MS. SMITH: Thank you very much. 7 MR. SOZA: Hello. Good morning. 8 My name is Nelson Soza. I'm an organizer 9 with Chicago ACORN, and I want to thank the Federal 10 Reserve Bank for having reopened this comment 11 period. I think it's key for our community such as 12 the one I work in. I also want to thank the 13 members of ACORN and Local 880 that come from 14 everywhere. 15 There is justice to be made, and we think 16 that this is one of those cases, red lining. 17 People in our community understand it that way so I 18 thank everybody for being here today. 19 I proceed to read the statement. 20 The merger between Banc One and 21 First Chicago NBD poses very serious issues for the 22 residents of Chicago. It represents a loss of one 23 of the last local major banks in Chicago, one of 24 the last major banks rooted in our communities. 74 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 Not that there isn't room for improvement 2 at First Chicago. Banks in Chicago reject African 3 Americans and Latinos for home loans more 4 frequently than banks in other cities, and 5 First Chicago is worse than the rest of the banks 6 here. 7 First Chicago NBD rejected African 8 Americans nearly four times as frequently as whites 9 for home loans, and Latinos were denied home loans 10 more than twice often as whites. This is far 11 higher than the citywide averages for all lenders. 12 This performance is unacceptable from a 13 bank that touts its hometown image. Incredibly, 14 even the wealthiest African Americans and Latinos 15 are rejected at the same high rates. 16 The Woodstock Institute found similar 17 patterns when looking at lower income borrowers. 18 First Chicago has much larger shares of the Chicago 19 small business and mortgage lending market for 20 wealthy borrowers than lower income borrowers. 21 Yes, First Chicago has some cracks in 22 their record, but they are nothing compared to the 23 problems of Banc One. They seem small. 24 Banc One is already in the Chicagoland 75 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 area, but as you can see from the map behind me or 2 on the side over there if you look in the corner, 3 there is a map. If you look at the map there, as 4 you can see, it just isn't in Chicago. 5 Banc One isn't in Chicago really in fact 6 with exception of its branch on LaSalle Street in 7 the Loop across the street, Banc One has avoided 8 the City of Chicago as if it were the plague. 9 Its branches are located in wealthier 10 suburban neighborhoods like Schaumburg, Winnetka 11 and Highland Park. So if people from the West Side 12 want to open an account, they have to go all the 13 way there, for instance. 14 We know if past track record is any 15 indicator, then it is very likely that once 16 Banc One takes over First Chicago, it will close 17 the few First Chicago NBD branches that are in our 18 neighborhoods. 19 Banc One has always closed branches 20 following mergers no matter what the overlap in the 21 merging bank's service areas. In fact, Banc One 22 has recently announced that it will close between 23 200 and 500 branches, and somehow, I don't think 24 that it would be the branches in Winnetka and 76 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 DuPage County that will be closed. 2 Banc One is planning on replacing the 3 branches with ATMs in regional outlets and 4 convenience stores where Banc One already charges 5 its own customers one dollar for each use. Compare 6 this to First Chicago, which provides unlimited ATM 7 use to its own customers for free. 8 Banc One is also teaming up with 9 Texas-based Mr. Payroll to install check cashing 10 stores across the country. These operations will 11 cash a check for you but only if you submit to 12 video identification or fingerprinting. After 13 treating you as if you were a common criminal, they 14 will then charge you one percent for payroll and 15 government checks, two percent for money orders and 16 three percent for personal checks. 17 Sadly enough, even these high rates may be 18 cheaper than the flat $8 fee Banc One charges to 19 cash a government check at its own branches, $8 for 20 a government check. 21 Again, compare this to First Chicago where 22 government checks are oftentimes cashed for free by 23 tellers who get to know their customers who have 24 government checks, many of whom are older and 77 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 disabled. 2 Given the choice between locally-based 3 First Chicago and notoriously customer unfriendly 4 Banc One, we'll keep what we've got. 5 I urge you to reject this merger and the 6 high cost, low volume customer services that come 7 with it. 8 Thank you very much. 9 MS. SMITH: Ms. Vargas. 10 MR. VARGAS: Good morning. My name is Shirley 11 Vargas. I live in Pleasant Grove, Dallas, Texas. 12 Me and my fiancee went to Banc One to get 13 a home loan, and when we went in there, my fiancee 14 had worked for his job -- he started in '91 and the 15 company changed over. He was a regular employee, 16 and they changed over to independent contractors so 17 he had already filed for that independent 18 contractor, and we hadn't been there -- he hadn't 19 filed very long. 20 After that, we went there, and they said 21 that he had to have at least four years tax returns 22 for an independent contractor before we could even 23 consider a loan. 24 The money I was making, he said that I 78 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 didn't qualify for the $65,000 home that we wanted 2 to purchase. We had $4,200 to put down on it, and 3 they didn't even consider that. They said that I 4 didn't make enough money and that for us to come 5 back in two years for us to get a loan. And that 6 was just unfair. 7 We didn't go anywhere else after that 8 because we thought we couldn't get a loan, we 9 couldn't get a loan from any other bank. 10 Because I had an account there, I thought 11 that Banc One would be able to help me out, and 12 they didn't. They said no, and that was it, and I 13 think it was very unfair. 14 And they didn't even look at our 15 application, they didn't even do a credit check. 16 They just said no, that we needed to come back in 17 two years after we had tax returns, we had all the 18 information that they asked us for. 19 They didn't even consider it. They just 20 said no, you need to come back. And I just think 21 that's really unfair. 22 MS. SMITH: Thank you very much. Mr. Shea. 23 MR. SHEA: Good morning. My name's Mike Shea 24 I'm Executive Director of ACORN Housing 79 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 Corporation. 2 The merger of First Chicago NBD and 3 Banc One is not a merger of equals, so let's get 4 that straight, it's an acquisition. 5 We are losing First Chicago and a more 6 open and efficient cosmopolitan culture that it has 7 developed. It has been replaced by the arrogant 8 big fish in a small pond approach by Banc One, an 9 approach that is both inefficient and racially 10 prejudiced. 11 And in case anyone here still has any 12 doubts about which bank's culture will survive, 13 consider the remarks made by John McCoy to the 14 Arkansas Business Journal during another merger. 15 He he said, "I don't believe in a merger of 16 equals. We want to be sure it is the Banc One 17 culture that survives." 18 And what happened with the golden 19 parachutes recently provided to First Chicago's 20 senior management? They are very unusual in that 21 Verne Istock, David Pitalle and others must leave 22 the new bank in order to get the money. If they 23 stay, they get nothing. 24 And finally, why wasn't the outstanding 80 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 First Chicago CRA team headed by Mary Decker and Ed 2 Jacob appointed to be the national CRA directors 3 for the new bank? We like Mary. She understands 4 our communities and how to make workable 5 partnerships with the community. 6 We have supported other candidates for 7 appointment to the Board of Governors of the 8 Federal Reserve. Why is it that McCoy has hired 9 someone who has never negotiated a single CRA 10 agreement in his life to hold this key position? 11 So let's look at the Banc One culture 12 starting with politics. So Banc One is one bad 13 bank unless you are a right-wing Republican trying 14 to kill the CRA, cut the guts out of federal 15 programs that feed children and women and house the 16 poor. Then Banc One is your friend and will reward 17 you with lots of campaign money. But if you are a 18 Democrat, then this merger is very bad news 19 indeed. 20 First Chicago has always divided its 21 political contributions fairly evenly between 22 Democrats and Republicans, for example, they hosted 23 a dinner to help U.S. Senator Carol Mosely-Brown 24 retire her campaign debt from the last election, 81 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 but not so with Banc One. 2 The Banc One PAC gives four times more 3 campaign money to Republicans than the Democrats. 4 Banc One is buying First Chicago. Guess which 5 political party stands to gain. Banc One PAC's 6 largest political donations just don't go to 7 Republicans, they go to the most extreme 8 Republicans who are trying to cut the CRA, for 9 example, Exhibit A, Representative Bill McCullom of 10 Florida received $17,000 from Banc One. 11 Representative McCullom is the guy that supported 12 the amendment that passed the House Subcommittee 13 this week that would exempt 85 percent of all banks 14 in the Community Reinvestment Act. 15 Exhibit B, Senator Lloyd Faircloth, Jesse 16 Helms, heir apparent in North Carolina, gets 17 $15,000 from Banc One, Exhibit C. Congressman 18 Casich, Chair of the House Budget Committee and 19 architect of many of the Republicans Urban 20 Transportation and Children's Nutrition Programs, 21 he gets $17,000. 22 The Banc One PAC is very large. This is a 23 very politically active bank. In the 1996 election 24 cycle, Banc One PAC was the seventh largest PAC 82 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 contributing more money than the American Medical 2 Association, American Bankers Association or 3 Phillip Morris. In the '98 cycle, they have 4 already given more $535,000 with reactionary 5 Republicans again enjoying a four-to-one edge in 6 contributions over Democrats. So when Banc One 7 grows, so does the Republican Party. 8 Secondly, Banc One is one bad bank for 9 Chicago shareholders. Banc One's market value has 10 collapsed since the merger was announced in April, 11 and it's pulled down First Chicago with it. 12 The stock price on the date of the merger 13 announcement in April, First Chicago closed at 14 96.25. Banc One closed unchanged at 61.70. At the 15 close of trading on August 11th, First Chicago was 16 at $72, a decrease of 25 percent. Banc One was 17 also a decrease of 26 percent. 18 Compare this to Citibank. Citibank's 19 stock has actually increased one percent since the 20 announcement of their deal with Travelers in spite 21 of the downturn in financial stocks. 22 With this merger, we have an extremely 23 efficient bank being bought out by an extremely 24 inefficient one. According to the Wall Street 83 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 Journal two weeks ago, First Chicago is the most 2 efficient bank in the country. Banc One, on of the 3 top ten, was rated eighth or ninth. 4 The track of Banc One's other mergers 5 reflects the fact that they are not efficient. 6 They have had tremendous cost overruns in every 7 other merger. 8 So to wrap up, I would say that our 9 opposition of Banc One will not stop this merger. 10 Make no mistake about it, we know that the Fed is 11 going to approve this merger like they have every 12 other single merger. Doesn't matter how bad the 13 bank is, we know the Fed's going to approve it. 14 However, we're just putting Banc One on notice at 15 this meeting that we will take our case to other 16 more impartial venues, we will take our case to 17 shareholders, take our case to the labor movement, 18 we will take our case to the community, and we will 19 take our case to the courts. We will not stop 20 until we have forced this bank to change. 21 Thank you. 22 MS. SMITH: Mr. Williams. 23 MR. WILLIAMS: Madam Chairperson and 24 distinguished members of the Federal Reserve Panel, 84 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 the Coalition of Neighborhoods is a non-profit 2 coalition of six racially and economically 3 integrated communities. 4 The Coalition, in keeping with our mission 5 to maintain, expand and promote healthy, integrated 6 communities, have trained our leadership to 7 integrate the compliance requirements of HMDA, CRA, 8 ECOA, RESPA, EEO and the Fair Housing Act. 9 It is our belief that the Federal Reserve 10 System which has contributed significantly to the 11 establishment of these laws and regulations must 12 now contribute more significantly to their 13 enforcement. 14 The coalition stands behind all of the 15 statements in our July 13th, 1998 challenge of this 16 merger. Banc One's July 22nd, 1998 response to our 17 challenge may have some slightly different numbers 18 than we submitted, but the conclusions are the 19 same. 20 Their weak mortgage loan production is not 21 responsive to the need of a 38 percent home 22 ownership rate in Cincinnati. The unresponsive 23 business lending speaks for itself, but I have 24 attached to this testimony a couple of antidotal 85 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 situations that we believe illuminate what some 2 black and white businesses experienced with 3 Banc One Cincinnati. 4 We believe that a public hearing at the 5 Cincinnati Federal Reserve Bank, comparison of the 6 '96, '97 HMDA data and residential mortgage and 7 business loan file review will support what we have 8 alleged. 9 Our challenge and the bank's responses 10 adequately describes a needs to improve performance 11 based or our prospective of the lack of innovation, 12 no complexities solved and the unresponsiveness of 13 Banc One relative to the overall needs in the 14 Cincinnati area. 15 This hearing today and the subsequent 16 merger decision has more to do with the credibility 17 of the regulatory agencies than that of the two 18 banks involved. 19 Renowned HMDA, CRA and financial experts 20 from all over the country in independent 21 assessments of Banc One's performance have 22 condcluded that the bank's approval and patterns in 23 Black, Hispanic and LMI census tracts suggest 24 violation of fair lending and consumer protection 86 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 laws, and therefore, non-compliance with CRA. 2 And First Chicago NBD's 1996 data shows 3 that the bank only originated a total of 29 loans 4 in MSA 1640. All 29 went to white borrowers. 5 We find it odd that as the government, 6 regulatory and financial industries move to 7 implement direct deposit programs under the EFT 99 8 that Banc One would close one of only three 9 branches it has in Cincinnati's Black community, 10 thereby reducing access. 11 The Roselawn branch closure which is in a 12 middle class Black neighborhood closed and reduced 13 competition which may lead to overpricing of loans 14 and services by the one remaining bank in that 15 community. 16 We also find it odd that the OCC nor the 17 Federal Reserve found issue with the isolated North 18 Fairmount location and the fact that it has no ATM 19 or drive-through window. How does this meet the 20 convenience and needs of that community? 21 Banc One's poor record in the appointment 22 of Blacks its Board and officer positions and its 23 poor record in procuresment of services from Black 24 providers in comparison to whites, especially in 87 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 the area of marketing and advertisement was ignored 2 on the basis that they don't fall under CRA. 3 This is a form of unsophisticated denial 4 and a sense of certainty that the Federal Reserve 5 won't integrate the analyses of these concepts in 6 context of their relationship to discriminatory 7 lending. 8 We strongly believe that a mentality and 9 culture that refuses to properly serve Blacks in 10 the areas above will have no problem in 11 rationalizing away the indications of underserving 12 and discrimination. 13 In addition, you cannot penetrate a market 14 if you don't advertise and through it and to it. 15 Since Banc One does very little in this area, the 16 low number of Black applications to Banc One from 17 Black borrowers is the result. 18 Finally, with respect to partnership, we 19 know that many NDC/CDC type organizations have and 20 will provide honest testimony as to how Banc One 21 partnered to help them achieve certain projects, 22 but projects should not substitute for a broader 23 economic substitute for a broader economic 24 development strategy and plan to address 88 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 comprehensive reinvestment needs. 2 Banc One has a business plan with a 3 budget. The Federal Reserve is deeply involved in 4 the development of its year 2000 plan and the 5 budget to get it done. 6 Given this insight, we encourage the 7 Federal Reserve to push the envelope on performance 8 and partnerships by giving the proposed Banc One/ 9 First Chicago merger a conditional approval until 10 market level negotiated agreements substitute 11 agreements similar to the agreement between 12 First Chicago NBD and the Chicago CRA Coalition 13 have been established with budgets. 14 Finally, Madam Chair, I bring this 15 testimony that was handed to me on my way out of 16 town by Ms. Lavera Kosin, a businesswoman, and we 17 will resubmit it in a typed form. 18 MS. SMITH: We will be glad to have it for the 19 record. 20 I also wanted to ask Mr. Soza, are those 21 exhibits we saw part of our testimony? Did you 22 include that in your testimony? 23 MR. SOZA: We can get copies before the end of 24 the hearings today. 89 McCORKLE COURT REPORTERS, INC. CHICAGO, ILLINOIS - (312) 263-0052 1 MS. SMITH: That would be great, and then we 2 will incorporate them. 3 Any questions? 4 Thank you very much for coming this 5 morning. We appreciate your comments. 6 We're up to Panel 5, and we're going to 7 start with Mr. Bush.
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