[Congressional Record Volume 141, Number 102 (Wednesday, June 21, 1995)]
[Senate]
[Page S8837]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  BANKING PARTNERSHIP WITH COMMUNITIES

 Mr. SIMON. Mr. President, I would like to tell my colleagues 
about four banks in Illinois that have joined with nonprofit firms in a 
partnership that creates community service projects to serve 
underdeveloped communities. I am pleased to recognize South Shore Bank, 
Uptown National Bank of Chicago, AMCORE, N.A., Rockford, and Magna Bank 
of Illinois for their investment in vulnerable neighborhoods. These 
four banks have recently been recognized by the Social Compact, an 
organization that promotes private sector firms working with nonprofit 
organizations to relieve impoverished neighborhoods.
  South Shore Bank has worked in conjunction with The Neighborhood 
Institute [TNI]. This partnership has allowed South Shore Bank to 
contribute to the 71st Street Commercial Revitalization Project, an 
economic development strategy that targets a distressed, one mile 
commercial strip. The project includes restoring to use three abandoned 
properties, and assisting 34 small businesses with start up and 
development expenses. This project funded by South Shore has also 
created 70 jobs for local residents.
  Uptown National Bank of Chicago has worked in conjunction with the 
Voice of the People in Uptown, Inc. This partnership has made the dream 
of home owning a reality for 28 lower income immigrant and minority 
families in the urban Chicago land area. This $2.7 million project has 
allowed new construction as well as rehabilitation of existing sites.
  AMCORE, N.A., Rockford, has worked very closely with Zion Development 
Corp. [ZDC]. Through their partnership, AMCORE has construction and 
permanent financial loans with flexible terms available, enabling 
construction of 21 affordable housing units and added commercial space.
  Magna Bank of Illinois has worked in conjunction with Winstantley/
Industry Park Neighborhood Organization [WIPNO] to provide the capacity 
to meet the needs of the local residents.
  These four banks have provided something to these communities that 
was once a dream, but now is reality. They have provided their industry 
with an example that I hope the rest of the banking industry will 
follow.


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