City of Philadelphia - File #: 010548

• File #: 010548
• Version: 0
• Type: Resolution
• Status: ADOPTED
• File created: 9/13/2001
• In control: CITY COUNCIL
• Final action: 9/13/2001
• Title: Calling upon the Philadelphia Community Reinvestment Commission to establish Community Reinvestment Agreements with banks and other financial institutions entering the Philadelphia market through mergers with, or acquisitions of , local banks to better service all of their customers after consolidation.
• Sponsors: Councilmember Goode, Councilmember Reynolds Brown, Councilmember Nutter, Councilmember Ortiz, Councilmember Mariano, Councilmember Cohen, Councilmember Kenney, Councilmember DiCicco, Councilmember Blackwell, Councilmember Clarke, Councilmember Miller, Councilmember Tasco
• Indexes: COMMUNITY REINVESTMENT COMMISSION

Date	Ver.	Action By	Action	Result	Tally
9/13/2001	0	CITY COUNCIL	READ
9/13/2001	0	CITY COUNCIL	Introduced	Pass
9/13/2001	0	CITY COUNCIL	ADOPTED

Title
Calling upon the Philadelphia Community Reinvestment Commission to establish Community Reinvestment Agreements with banks and other financial institutions entering the Philadelphia market through mergers with, or acquisitions of , local banks to better service all of their customers after consolidation.
Body
WHEREAS, The behavior of financial institutions has a measurable impact on the City's tax base, quality of life, and overall economic viability and competitiveness; and

WHEREAS, The Greater Philadelphia Capital Access Report has shown that disparities in lending exist by neighborhood income level and neighborhood racial composition within the Philadelphia metropolitan area and, furthermore, that consolidation in Philadelphia's banking community has led many borrowers into relationships with large, unfamiliar financial institutions, often at higher costs; and

WHEREAS, In response, the Council of the City of Philadelphia established the Philadelphia Community Reinvestment Commission to plan and implement community reinvestment strategies for the City of Philadelphia including, but not limited to, reviewing strategies for leveraging private investment from city depositories; and

WHEREAS, Six of the nine private sector members of this Commission are members of the banking community; and

WHEREAS, Since the creation of the Commission in 2000, three of the members have merged, been acquired, or have sold portions of their operations to financial institutions outside of Philadelphia, illustrating the continuing trend of consolidation in the banking industry both nationally and locally; and

WHEREAS, Commission member First Union has merged with Wachovia; and

WHEREAS, Commission member Summit Bancorp has been acquired by FleetBoston Financial; and

WHEREAS, Commission member Mellon Bank has sold its Philadelphia area branches to Citizens Financial; and

WHEREAS, The impact of bank consolidation has potentially negative consequences for P...