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Public Meeting Transcripts

Public Meeting Regarding Banc One and First Chicago

Thursday, August 13, 1998

Transcript of Panel Nineteen

          7       MR. REYES:  I'm a politician.  I was going to
          8   borrow some time from some of the panel members,
          9   but this is a full panel.  I'm not saying that to
         10   gain any more credibility.  I'm just saying that.
         11   Actually, it works against me, I think.  We're
         12   ready?
         13            Well, my name is Tony Reyes, and I am the
         14   executive director of a not-profit group called
         15   Comite De Bienestar.  Comite De Bienestar is a
         16   nonprofit that dedicates itself to providing
         17   housing opportunities for low-income minority farm
         18   workers.
         19            It's located in a city called San Luis,
         20   Arizona.  It's the border with Mexico.  So, I mean,
         21   we've got a lot of people there to help.
         22            We've been doing that for the last fifteen
         23   years.  We have developed five subdivisions so far
         24   with over 1,700 lots for the same number of
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          1   families.  There's over a thousand homes built out
          2   in that area.
          3            We have worked with Banc One over the
          4   last few years, but essentially we started a
          5   relationship with that bank when it was still Bally
          6   National Bank in Arizona.
          7            And as I was trying to get myself moved up
          8   here in the panel system here, I was thinking about
          9   the times that I was mayor and I had to testify
         10   against the bank mergers.
         11            And I remember testifying in the Senate
         12   Committee for red -- you know, in red-lining of
         13   banks.  And I was saying, maybe I'm a little
         14   confused, I should be in the other group.
         15            But, no, this time I don't want to leave
         16   any trace of doubt.  I am testifying in favor of
         17   this merger.  You know, I've had my reservations.
         18   And we can go on and bore you with details.
         19            Suffice it to say that when Bally National
         20   Bank and Banc One were going through the merger
         21   process, I was really concerned that a lot of the
         22   fears that past panel members have expressed
         23   regarding the fact that a bank becomes so big that
         24   it loses touch with its constituencies or, in this
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          1   case, with its clients, that's going to happen
          2   now and then.
          3            But I'm happy to report, it didn't happen
          4   in San Luis, Arizona.  I don't know about other
          5   areas, but in San Luis, Arizona, we've got nothing
          6   but support and help from Banc One and its
          7   officers.
          8            Over the last couple of years, they
          9   have loaned us over $10 million.  Our last
         10   subdivision is a 495-lot subdivision.  We're
         11   in construction now.
         12            They've also loaned us money to begin a
         13   multi-family development project for over a hundred
         14   families, low income and very low income people.
         15   So I'm really proud to say that that has been a
         16   very, very good working relationship.  On top of
         17   that, I've actually gotten more support now than I
         18   ever did before.
         19            So I can sum this up by telling you we're
         20   highly in support of this merger and we think and
         21   hope that this will continue to be the case when
         22   Banc One merges with First Chicago.
         23            See, that was pretty cut and dry.  And
         24   thank you very much for allowing me to go first.
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          1   I've got to catch a flight.  I love Chicago, it's
          2   been fun, but I've got to get back and it's a long
          3   ways home.  Thank you very much.
          4       MS. SMITH:  Thank you very much.
          5   Mr. Gigerich.
          6       MR. GIGERICH:  Yes.  I'd like to thank the
          7   Federal Reserve Board for today's opportunity to
          8   speak with all of you.
          9            My name is Larry Gigerich.  I'm president
         10   of Indianapolis Economic Development Corporation.
         11   We are a 501(c)6 in Indianapolis structured with a
         12   Board of Directors of about 50 members.
         13            Our primary mission in Indianapolis is to
         14   serve the residents and businesses of our region.
         15   Our primary responsibility is to foster the
         16   creation of new jobs, the retention of existing
         17   jobs and attraction of new business and, most
         18   importantly, capital investment into our area.
         19            One of the things that is important to
         20   us and has been throughout the history of our
         21   organization is the relationship that we've had
         22   with Banc One and First Chicago NBD.
         23            Previous to those organizations, their
         24   predecessors, American Fletcher National Bank and
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          1   Indiana National Bank, were also very active in our
          2   economic development efforts in Indianapolis.
          3            One of the things that has been of
          4   particular importance is their support on the
          5   Center City Economic Development projects.
          6            They have helped us finance some of the
          7   most complicated economic development projects in
          8   the Center City.  They have helped us significantly
          9   with Brownfield Redevelopment Projects in some of
         10   our most challenged neighborhoods.
         11            And they've also worked with us on a
         12   number of projects in our downtown core that have
         13   provided significant number of job opportunities
         14   for the residents of the Center City.
         15            One of the things that we've been doing
         16   with them in particular recently is looking at
         17   opportunities to bring high technology businesses
         18   into our community.  And it's important to note
         19   that both banks have been active supporters of us
         20   launching this effort.
         21            We have taken the approach in Indianapolis
         22   under the Mayor's leadership of utilizing high
         23   technology as the vehicle for our Center City
         24   residents to be able to move into jobs that provide
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          1   good pay but, most importantly, family wage jobs
          2   that they can raise their families.
          3            And we view technology as the key for the
          4   Center City residents to move up economically in
          5   our community.  And that's something that we think
          6   has been a unique approach.  And the banks have
          7   been very supportive both financially and with
          8   their volunteer and staffing efforts for this
          9   project.
         10            One of the things also that has occurred
         11   with the bank's strong support and leadership,
         12   we've reversed the trend in Indianapolis of a
         13   number of businesses fleeing our inner city, moving
         14   out to our suburbs.
         15            In fact, we have brought a number of
         16   businesses from our suburbs into our downtown and
         17   Center City area.  And that's been of particular
         18   importance to our economy.
         19            And I would note that our unemployment
         20   rate currently is about 2.4 percent, but in our
         21   Center City it is down to about 6 percent.  And
         22   just a few years ago, it was much higher.  It was
         23   close to 20 percent in our Center City.
         24            And as a result of the bank's strong
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          1   support of our efforts, we've been able to really
          2   tackle some of the most difficult areas of our
          3   community for redevelopment purposes.
          4            Just a couple other things I'd like to
          5   note.  One of Indianapolis' greatest strengths has
          6   been the public private partnership philosophy that
          7   we've had in Indianapolis.
          8            And the predecessors at Banc One and
          9   First Chicago NBD were original founders of our
         10   organization in 1983, over 15 years ago.  Since
         11   that time and even with those acquisitions, their
         12   support has been even stronger in Indianapolis.
         13            But in particular, I'd like to note two
         14   statistics.  In those 15 years, we've been able to
         15   attract $10 billion of investment to our city and
         16   create and retain over 150,000 jobs.
         17            The banks and their leaders have served as
         18   the -- on our executive committee for Indianapolis
         19   Economic Development Corporation, but have been
         20   very strong leaders with all of our initiatives
         21   and, in particular, with our organization.
         22            A couple final things I'd like to touch
         23   on.  One of them is we had a project in downtown
         24   Indianapolis, the Circle Center Mall Project, that
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          1   had been on the books for about 15 years.
          2            And four years ago, the Mayor and the
          3   leaders of Banc One and First Chicago NBD and a
          4   handful of other businesses were able to pull that
          5   complicated project and its financing together.
          6            And as a result, we now have a
          7   $300 million mall and about a thousand jobs that
          8   are there, many of which have been provided for
          9   Center City residents.
         10            So I appreciate the opportunity to be here
         11   today.  We fully believe the support will continue
         12   from these banks.  And we had the same concerns in
         13   our community fifteen years ago that have been
         14   voiced today.  And not only had those concerns been
         15   unfounded, but the support of those banks after the
         16   acquisitions of the original entities have been
         17   even stronger in our community.  Thank you very
         18   much.
         19       MS. SMITH:  Thank you.  Mr. Lewis.
         20       MR. LEWIS:  My name is Cornelius Lewis.  I'm
         21   one of the founders and the president of a company
         22   called Gulf Coast BIDCO, located in Baton Rouge,
         23   Louisiana.  The acronym, BIDCO, B-I-D-C-O, stands
         24   for Business and Industrial Development
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          1   Corporation.
          2            Some people are familiar with them.  There
          3   are not that many of us around.  BIDCO is very,
          4   very prominent in the state of Michigan.  Well,
          5   we're in Louisiana.
          6            We also happen to be a certified community
          7   development financial institution.  In fact, we're
          8   the only CDFI certified in Louisiana as of today to
          9   the best of our knowledge.
         10            Gulf Coast BIDCO is a minority-owned,
         11   for-profit financial institution, nondepository
         12   financial institution.  And we are engaged in
         13   the business of providing mezzanine or growth
         14   capital to small businesses in Louisiana in need of
         15   such financing for be it expansion, modification or
         16   growth purposes.  Periodically, we will do a
         17   start-up too.
         18            We're designed to basically fill the
         19   moderate-risk moderate-return void or capital void
         20   that exists between bank financing and what is
         21   historically high-risk high-return capital that's
         22   generally provided by venture capitalists around
         23   the country.
         24            We've been in business and began
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          1   operations in September of 19 -- I'm sorry, in
          2   January of 1995, and we've been doing quite well.
          3            The thing that makes Gulf Coast BIDCO
          4   unique -- and I'm not going to dwell too much on
          5   what we do, but I think it has a lot of bearing on
          6   how Banc One fits into this -- we are very, very
          7   flexible or have the ability to exercise a great
          8   deal of flexibility in the types of financing
          9   structures or methods that we can employ to
         10   accommodate the needs of small businesses in
         11   Louisiana, including, as I think the gentleman
         12   Mr. Reid from the Southern Dallas CDC mentioned,
         13   subordinated debt and equity that is direly needed
         14   by small businesses so that they can, in fact,
         15   become bankable in dealing with traditional
         16   lending sources.
         17            Gulf Coast BIDCO raises money, its own
         18   capital, to reinvest in small businesses through
         19   one of two means.  One is either through equity,
         20   individuals as well as institutions and others
         21   investing in Gulf Coast BIDCO by buying stock in
         22   our company or debt.
         23            In terms of our relationship with Banc
         24   One, Banc One is today the largest nongovernment
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          1   institutional investor in Gulf Coast BIDCO.
          2            We initially approached Banc One back in,
          3   I think it was 94, 1994, when its predecessor bank
          4   in Louisiana was Premier Bank.
          5            We spent the time and the money in
          6   developing a private placement memorandum or an
          7   offering and a very, very sound business plan and
          8   what we believed to be a sound management team and
          9   approached the Banc One or Premier Bank at the
         10   time.
         11            And they were our initial institutional
         12   investor and led the charge of assisting us in
         13   enticing other institutional investors.
         14            Today, as I mentioned, they are the
         15   largest nongovernmental institution investor in
         16   Gulf Coast BIDCO with approximately $1.8 million in
         17   our company.
         18            The reason they invested is because they
         19   realized that there were a substantial number of
         20   small businesses in Louisiana that have weathered
         21   the -- that had weathered the storm of the
         22   recession in the 1980s that Louisiana experienced
         23   as a result of a decline in oil prices and that
         24   these companies were still poised -- or they were
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          1   poised and mature and ready to go and were in need,
          2   dire need, of growth capital.
          3            But the bank also realized that in many
          4   instances the type of capital that these types of
          5   companies needed, banking institutions
          6   traditionally don't provide.  So, therefore,
          7   there was a need for an alternative financing
          8   vehicle to accommodate this need.  And Gulf Coast
          9   BIDCO exercised the wisdom and foresight to
         10   invest in us.
         11            I've got one minute left.  Well, I was
         12   going to cite some examples.
         13            We invest in rural as well as urban
         14   communities.  I think the problems in Louisiana
         15   have been well, well documented.  We are all --
         16   most of the time 49th and 50th in the wrong
         17   categories.
         18            But as a result of Gulf Coast BIDCO and as
         19   a result of our partnership with Banc One, we've
         20   been able to accommodate and make some serious end
         21   roads in assisting small businesses in Louisiana,
         22   which ultimately will reduce the unemployment
         23   levels and poverty levels throughout the state of
         24   Louisiana.
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          1            So with that, I'm here for the record to
          2   endorse and strongly support this merger and
          3   hopefully it will go through.  I cannot see where
          4   it can be of any harm to the state of Louisiana
          5   and, in particular, Gulf Coast BIDCO.  Thank you.
          6       MS. SMITH:  Okay.  Next, I have Ms. Vaughn.
          7       MS. VAUGHN:  Thank you.  I'm Vicky Vaughn.  I'm
          8   the vice president of Enterprise Social Investment
          9   Corporation.  I'm here today representing the
         10   Enterprise Foundation, which is our parent
         11   organization.
         12            The Enterprise Foundation is here today to
         13   testify in support of Banc One's proposed merger
         14   with First Chicago NBD.
         15            I'm pleased to have this opportunity to
         16   talk about our partnership with Banc One, which we
         17   feel has been very productive in producing
         18   thousands of units of affordable housing across the
         19   country.
         20            The Enterprise Foundation is a national
         21   nonprofit housing and community development
         22   organization launched in 1982 by Jim and Patty
         23   Rous.  Enterprise works with more than a thousand
         24   community-based organizations in more than 300
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          1   locations to make America's low-income communities
          2   a better place to live and to work.
          3            Our mission is to see that all low income
          4   people in the United States have the opportunity --
          5   can you hear me -- for fit and affordable housing
          6   and to move up and out of poverty into the
          7   mainstream of American life.
          8            Through the use of the Federal low-income
          9   housing tax credit, our subsidiary, the Enterprise
         10   Social Investment Corporation, or ESIC, has raised
         11   more than $2.5 billion in equity, which is helping
         12   to produce approximately 55,000 units of affordable
         13   housing nationwide.
         14            Besides investing directly in affordable
         15   housing through their subsidiary bank, the Banc One
         16   CDC and Banc One Capital as examples, Banc One has
         17   been an important partner of the Enterprise
         18   Foundation's work, investing nearly 37 and a half
         19   million dollars in national and regional equity
         20   funds managed by ESIC.
         21            To date, Banc One's equity commitments in
         22   their marketplace, including Texas, Illinois, Ohio,
         23   Colorado, are greater than $15 million and will
         24   play a part in producing nearly 5,000 units of
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          1   affordable housing in 61 different projects.
          2            These funds target a variety of project
          3   investments within Banc One's market, including
          4   housing for senior, for families and for persons
          5   with special needs and projects located in
          6   disadvantaged neighborhoods.
          7            Banc One has been particularly supportive
          8   of ESIC's work with nonprofit organizations that
          9   sponsor and develop special needs housing and
         10   provide innovative services to communities.
         11            For example, Banc One invested in the
         12   Renaissance at Concord Plaza Project, which is
         13   located in Lakewood, Colorado.  This is a project
         14   that was developed by a nonprofit called the
         15   Colorado Coalition for the Homeless.
         16            It will provide 25 units that are targeted
         17   as transitional housing for homeless individuals
         18   and families and 50 units to working families who
         19   earn as little as $10,000 a year.
         20            This project will provide supportive
         21   services to the tenants, including case management
         22   and access to programs such as substance abuse
         23   programs, job training programs and child care.
         24            As another example, Banc One has played an
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          1   integral part in supporting the work of the
          2   Cleveland Housing Network.  They have invested
          3   through our equity funds more than $4 million in
          4   the Cleveland Housing Network's lease purchase
          5   program.
          6            In this program, single family homes
          7   throughout the city of Cleveland are rehabbed using
          8   financing from the sale of the low-income housing
          9   tax credit.  These houses are then rented to
         10   families for as little as $175 a month.  After the
         11   tax credit compliance period, these tenants have
         12   the opportunity to buy their home.
         13            This opportunity for home ownership could
         14   be very difficult to achieve for these tenants but,
         15   otherwise, this program does provide that
         16   opportunity.
         17            In addition, there are more than a
         18   thousand units through this lease purchase program
         19   that have been rehabilitated, making a substantial
         20   difference in neighborhoods throughout the city of
         21   Cleveland.
         22            Banc One has also provided some grant
         23   support to several local offices of the Enterprise
         24   Foundation, including the Dallas -- our Dallas and
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          1   Cleveland offices.
          2            These offices work closely with local
          3   nonprofits providing training and technical
          4   assistance to nonprofits that are providing
          5   affordable housing in their communities.
          6            We greatly value our relationship with
          7   Banc One, applaud the bank's commitment to
          8   affordable housing, its creativity and approach and
          9   their outreach in their communities.
         10            We look forward to developing our
         11   partnership and building upon the positive impact
         12   the partnership between the Enterprise Foundation
         13   and Banc One has had on communities.  Thank you.
         14       MS. SMITH:  Thank you very much.
         15   Ms. Werkmeister.
         16       MS. WERKMEISTER:  Good afternoon.  My name's
         17   Wendy Werkmeister, and I'm the president of the
         18   Wisconsin Women's Business Initiative Corporation.
         19            And I learned this afternoon that -- oh,
         20   it got loud.  I learned this afternoon that I have
         21   been working in the middle of a doughnut hole for
         22   12 years that's the heart of Milwaukee.
         23            But the thing that the gentleman failed to
         24   comment upon is that now they sell those doughnut
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          1   holes individually and that they cost a lot more
          2   and the profit margins are much higher than regular
          3   doughnuts.  So just food for thought, maybe Banc
          4   One wants to jump on a little bit quicker than some
          5   of the other banks.
          6            What we do at our organization is impact
          7   lives.  And we do that on an economic basis.  We're
          8   a statewide economic development corporation.  And
          9   we started nearly ten years ago with a twofold
         10   mission.
         11            One is to provide quality business
         12   education and training, and the second is to
         13   provide access to capital.
         14            We're able to deal with anybody in the
         15   state of Wisconsin, tall people, short people, big
         16   people, little people.  However, we focused our
         17   efforts specifically on women and on people of
         18   color and on the poor.
         19            Banc One has been a partner since day
         20   one.  So in our piece of the world in Wisconsin and
         21   my work with them in terms of microenterprise
         22   development and entrepreneurship and small business
         23   development, they've been a true partner.
         24            Banks, I believe, need to do what they
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          1   need to do best and they need to do it
          2   resourcefully and then they need to partner with
          3   organizations such as ours and many others in the
          4   room to do what they do best and allow them with --
          5   to provide resources to enable them to do that.
          6            The resources that I'd like to just
          7   highlight briefly here for testimony are really
          8   three; people, time and money.
          9            In terms of money, Banc One has been very
         10   significant in helping us fund loan loss reserves
         11   that we've been required to fund through SBA
         12   microloans programs.
         13            They've also provided specific donations
         14   and sponsorships of our training programs and other
         15   pilot programs that we've tried to develop and have
         16   successfully implemented in the state of
         17   Wisconsin.
         18            More recently, they were one of the very
         19   first to become involved in a pilot program through
         20   the SBA.  We are one of the very first microlenders
         21   through the SBA program about seven years ago.
         22            Now, it's a permanent program.  We've
         23   borrowed over $2 million from the SBA.  We are one
         24   of 10 agencies to be allowed to be in a pilot
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          1   program where you could borrow this money directly
          2   from a bank and then SBA would guarantee it.  Banc
          3   One was first in line.  And last year, we closed a
          4   loan for about $720,000 with Banc One.  That was
          5   the very first deal Banc One did and we're very
          6   proud to be part of that in Wisconsin.
          7            And I think that, knock on wood, all those
          8   little deals in Milwaukee from a hundred dollars to
          9   25,000 will do well and we'll pay all that money
         10   back to Banc One.
         11            In terms of time, Banc One has really, in
         12   my mind, given unprecedented time in terms of
         13   listening to what microcredit is about and
         14   fostering programs in the state and providing
         15   advocacy on behalf of microcredit and
         16   microenterprise development and how their bank can
         17   be a part of it.  That's not only been locally, but
         18   it's been regionally.
         19            They've also listened to us and provided
         20   guidance and advice on managing our loan portfolio,
         21   on utilizing new loan portfolio management systems,
         22   and also on providing coverage of how they do
         23   things through their loan-by-phone programs and
         24   other programs that they have at Banc One.
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          1            In terms of people, they've provided
          2   individuals to be speakers at our classes, of which
          3   we have approximately 250 every single year and see
          4   over 2,500 people throughout the year in different
          5   business training classes.
          6            They've provided bankers as mentors,
          7   mentors as consultants and also loan executives for
          8   three-month periods where these individuals are on
          9   Banc One payroll but working for us for the sake of
         10   the cause.
         11            So I'd like to say that I do fully
         12   recommend Banc One's merger.  I only see with
         13   greater capacity that they'll be stronger and be
         14   able to do more of what they're already doing.
         15   Thank you for letting me share those few words.
         16       MS. SMITH:  Thank you.  And now, we will go to
         17   Mr. Pacheco.
         18       MR. PACHECO:  Thank you, Ms. Smith,
         19   Mr. Alvarez, Ms. Williams, for letting me speak
         20   today.
         21            My name is Leroy Pacheco.  I'm president
         22   and CEO of ACCION Chicago.  We're a nonprofit
         23   microlender.  We make small business loans from
         24   $500 to $25,000 throughout the Chicago area.
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          1            We are an affiliate of ACCION
          2   International, who has been lending money in Latin
          3   America for over 35 years.  Last year alone, they
          4   lent out $500 million to 340,000 people.  Average
          5   loan was $891 with a payment rate of 99 percent.
          6            Let me tell you what we're doing here in
          7   Chicago thanks to our friends at First Chicago
          8   NBD.  Since 1993, First Chicago provided the seed
          9   money to start ACCION Chicago.
         10            Since that time, we have lent close to
         11   $2 million throughout the Chicago area to over 300
         12   businesses with a payment rate of 98.5 percent.
         13            First Chicago Bank has provided us over
         14   $200,000 in grants since we began the operations in
         15   1993 and currently we have about $175,000 in lines
         16   of credit for specific initiatives.
         17            We right now have initiatives for the
         18   south and west sides of Chicago for African
         19   American loans.
         20            I can tell you today that we have almost
         21   $100,000 in African American loan businesses that
         22   are thriving and doing very well.
         23            We create jobs.  We impact communities.
         24   Banc One has also been a very important player for
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1   our ACCION office in Texas, in San Antonio, Texas.
          2            We have been taking people off welfare.
          3   We have been creating jobs.  If you all know where
          4   a little village is, La Vita on the west side, the
          5   second highest business revenue generating street
          6   in Chicago behind the Magnificent Mile is 26th
          7   Street.
          8            We are very proud to be there, and thanks
          9   to First Chicago, we are very glad that they have
         10   made a big impact in that area.
         11            We have chocolatiers, tree trimmers,
         12   contractors, store owners, medical transcription
         13   services, sculptors, artists, bookkeepers.  We lend
         14   to anybody who has a good idea and is willing to
         15   work.  And thanks to First Chicago, we've been
         16   allowed to do that.
         17            The major investment First Chicago has
         18   done, I believe, over the last four or five years
         19   helping us is their investment in people.
         20            ACCION Chicago is chaired by Mary Decker
         21   from First Chicago Bank.  Our loans are handled by
         22   Ed Jacobs from First Chicago Bank, our lines of
         23   credit.  We have four individuals who mentored in
         24   our businesses from First Chicago bank on their own
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1   time and volunteered hundreds of hours.
          2            We have another First Chicago, Dory
          3   Flores, who sits on our External Loan Committee.
          4   They do it on their own time after hours, before
          5   hours and do it because they want to.
          6            I always tell people that banks have
          7   stockholders, we have stakeholders.  And we enjoy
          8   our relationship.
          9            First Chicago bank, I believe, services
         10   the community of Chicago not just by putting up ATM
         11   machines.  They invest people and they invest
         12   money.
         13            We are very, very pleased to be a partner
         14   with First Chicago, and we think that it makes
         15   great sense, and it has attracted other lenders.
         16   We now have close to $2 million in our loan fund
         17   for small businesses throughout the Chicago area.
         18            Facts that are ignored do not cease to
         19   exist.  First Chicago has been working in this
         20   doughnut hole that you heard about for a lot of
         21   years.  We are very pleased to be a partner with
         22   them.
         23            It's everybody's job, not just the banks';
         24   community service, activists, aldermen, ourselves
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1   to donate when we have time to -- I always say
          2   healthy businesses can give.  If I can provide a
          3   business with the money that they need and their
          4   equipment isn't broken down, they don't have to
          5   worry about their employees, they can donate to the
          6   Chamber of Commerce, they can join the YMCA, they
          7   can become a mentor, they can become a part of a
          8   church.  Healthy businesses can give back to the
          9   community, and ACCION Chicago is a definite example
         10   of that.
         11            First Chicago Bank and Banc One are doing
         12   something about the business attitude and the
         13   climate in Chicago.  They're not just talking about
         14   it.  They're doing something about it.  And ACCION
         15   Chicago is here to tell you that with partners like
         16   this, it makes great sense, good financial sense
         17   and good community sense for this merger.
         18            Thank you very much.
         19       MS. SMITH:  Thank you.
         20            And I want to take this opportunity to
         21   thank you and to thank all of the witnesses who
         22   went before you for the views and perspectives that
         23   you have shared with our panel and thank you for
         24   your patience.
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1            I believe that is the final panel, unless
          2   we had any unscheduled speakers who have indicated
          3   that they would like to present testimony.  But
          4   unless I see some hands going up, I will adjourn
          5   this public meeting.  And thank you again.
          6                      (Whereupon, proceedings in
          7                      this cause were adjourned.)
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1   STATE OF ILLINOIS  )
          2                      )   SS:
          3   COUNTY OF W I L L  )
          5            JEANETTE A. SANDEI, being first duly
          6   sworn, on oath says that she is a court reporter
          7   doing business in the City of Chicago; and that she
          8   reported in shorthand the proceedings of said
          9   hearing, and that the foregoing is a true and
         10   correct transcript of her shorthand notes so taken
         11   as aforesaid, and contains the proceedings given at
         12   said hearing.
         14                 ______________________________
         15                  Certified Shorthand Reporter
         18   before me this______day
         19   of________________1998.
         22   _______________________
         23       Notary Public
                         McCORKLE COURT REPORTERS, INC.
                       CHICAGO, ILLINOIS - (312) 263-0052
          1   STATE OF ILLINOIS  )
          2                      )   SS:
          3   COUNTY OF K A N E  )
          5            BRENDA S. TANNEHILL, being first duly
          6   sworn, on oath says that she is a court reporter
          7   doing business in the City of Chicago; and that she
          8   reported in shorthand the proceedings of said
          9   hearing, and that the foregoing is a true and
         10   correct transcript of her shorthand notes so taken
         11   as aforesaid, and contains the proceedings given at
         12   said hearing.
         14                 ______________________________
         15                  Certified Shorthand Reporter
         18   before me this______day
         19   of________________1998.
         22   _______________________
         23       Notary Public
Last update: December 3, 2010