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| Bank One to Invest $3.1 Billion More in Detroit Homes, Families, Businesses | |
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| June 01, 2004 |
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DETROIT -- Bank One and the Detroit Alliance for Fair Banking today announced plans for the bank to invest an additional $3.1 billion in Detroit between 2005 and 2007. This extends the previous three-year commitment, which expires this year. The bank has been making commitments in Detroit with the Detroit Alliance for Fair Banking since 1990.
"Our bank wants to support Detroit's rebirth by providing lending and investment tools its residents and businesses need," said Dick Wade, president of Bank One in Michigan. "We can achieve the best results by partnering with community leaders like the Detroit Alliance for Fair Banking." Bank One plans initiatives in the following areas: Workforce diversity: Bank One will continue to enhance diversity initiatives in Detroit as it works to attract and retain minorities and women. Small business lending: Bank One will continue to work with the U.S. Small Business Administration to maximize opportunities to increase small-business lending in Detroit. Supplier diversity: Bank One will provide procurement opportunities for minority businesses in Detroit. Philanthropy and education: Bank One will continue to support the city through charitable contributions to non-profit groups and money-management educational initiatives. "We are pleased with Bank One's lending and service commitment to the residents and small businesses within the city of Detroit," stated Bernard Parker, Wayne County commissioner and chairman of the Detroit Alliance for Fair Banking. "With the anticipated merger between Bank One and JP Morgan Chase, this investment pledge demonstrates and establishes the bank's continued commitment to the city of Detroit." Bank One's lending goals under the plan include: -- $2.7 billion for businesses -- $100 million for home mortgages -- $215 million for consumers -- $120 million for commercial real estate In Michigan, Bank One operates a network of 240 branches -- including 24 Detroit locations -- and 370 ATMs. Bank One Corp. is the nation's sixth- largest bank holding company, with assets of more than $320 billion. Bank One can be found on the Internet at http://www.bankone.com . Source: Bank One |
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