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Table 14. Announced CRA Commitments in Connection
with a Merger or Acquisition by Four Largest Banks and Th eir Predecessors
Final bank Acquired or merged bank/entity CRA commitment (year
with a corresponding announced and dollar amount)
announcement of a CRA commitment
Wells Fargo First Union acquired by Wachovia 2001 ($35 b.)
SouthTrust acquired by 2004 ($75 b.)
Wachovia
JPMorgan Chemical merges with 1991 ($72.5 m.)
Chase Manufacturers Hanover
NBD acquired by First Chicago 1995 ($2 b.)
Home Savings acquired by 1998 ($120 b.)
Washington Mutual
Dime acquired by 2001 ($375 b.)
Washington Mutual
Bank One acquired by JPMorgan Chase 2004 ($800 b.)
Bank of Continental acquired by Bank of America 1994 ($1 b.)
America
Bank of America (acquired by NationsBank, 1998 ($350 b.)
which kept the Bank of America name).
Bank of Boston 1999 ($14.6 b.)
acquired by Fleet
Fleet 2004 ($750 b.)
Citibank Travelers 1998 ($115 b.)
1998 ($115 b.)
Cal Fed 2002 ($120 b.)
Compiled by Edward Pinto from the NCRC 2007 report CRA Commitments, found at http://www.
community-wealth.org/_pdfs/articles-publications/cdfi s/report-silver-brown.pdf , NCRC testimony
regarding Bank of America’s $1.5 trillion in CRA agreements and commitments in conjunction with its
2008 acquisition of Countrywide found at http://www.house.gov/apps/list/hearing/fi nancialsvcs_dem/
taylor_testimony_-_4.15.10.pdf.
Given the enormous size of the commitments reported by NCRC, the key
questions are: (i) how many of these commitments were actually fulfi lled by the
banks that made them, (ii) where are these loans today, and (iii) how are these loans
performing?
Currently, in light of the severely limited Commission investigation of this
issue, there are only partial answers to these questions.
Were the loans actually made? Th e banks that made these commitments
apparently came under pressure from community groups to fulfi ll them. In an
interview by Brad Bondi of the Commission’s staff , Josh Silver of the NCRC noted
that community groups did follow up these commitments.
Bondi: Who follows up…to make sure that these banks honor their voluntary
agreements or their unilateral commitments?