Security Pacific to Unveil Huge Community Lending Plan
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Security Pacific National Bank is expected to announce today a huge community lending plan that surpasses rival Wells Fargo Bank’s $1-billion, seven-year commitment, sources said Wednesday.
Details of the plan will be released at a press conference today.
The announcement comes exactly a month after a coalition of community groups asked the Federal Reserve Board to reject Los Angeles-based Security Pacific’s purchase of 20% of Mitsui Manufacturers Bank.
The groups charged that Security Pacific, Mitsui Manufacturers and its parent, Mitsui Ltd. of Japan, had violated the 1977 Community Reinvestment Act by neglecting to offer affordable home and other consumer loans to minorities and the poor. The federal law requires bank regulators to examine whether a bank is fulfilling community credit needs when it seeks to acquire another bank.
Robert Gnaizda, an attorney for the Greenlining Coalition, one of several organizations that challenged the merger, said Security Pacific’s new commitment “could revolutionize banking.”
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