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Charter One (Expired) |
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Community Reinvestment Agreement
Charter One Bank and the Chicago CRA Coalition
upon the Acquisition of St. Paul Federal
January 1, 2003 through December 31, 2005
Enacted February 27, 2003 Residential Lending
- Charter One Bank Illinois continuing our success will attempt to achieve a LMI-to-MUI market share ratio (MSR) of at least 1.0 for home purchase/refinance lending.
- Charter One Bank Illinois continuing our success will attempt to achieve a 1.0 MSR for the African-American and Hispanic consumers/borrowers (the two major minority groups for Chicago land) in our assessment area for home purchase/refinance lending.
- Charter One Bank Illinois continuing our success will attempt to achieve a 20 percent per year increase in CRA-related multifamily lending.
- Charter One Bank Illinois will continue our successful second review of loans for LMI lending.
- Charter One Bank Illinois will suggest LMI customers who have been denied home mortgage credit will have information provided or will be suggested to seek appropriate counseling.
- Charter One Bank Illinois will continue to provide a direct origination team of community lenders to support LMI lending. In addition, Charter One Bank Illinois will further enhance this team by two which will further our success to the underserved.
- Charter One Bank Illinois will invite feedback from the Coalition in the event that Charter One Bank actively enters the exclusive home improvement lending market.
Subprime Residential Lending - Charter One Bank Illinois will not include subprime loans in its market share calculations.
- Charter One Bank Illinois will invite feedback of the Coalition relative to this program(s) in the event that Charter One Bank will actively enter the subprime market, i.e., to lend to individuals with significantly tarnished credit.
Small Business Lending
- Charter One Bank Illinois with the Chicago CRA Coalition will determine small business lending goals by December 2003/first quarter 2004.
Financial Services
- Charter One Bank Illinois will support that each branch in a LMI community will conduct at least three workshops each per year or in conjunction with a community partner, supported or facilitated by the Bank. The Bank will continue to provide feedback to the Coalition on successes.
- Charter One Bank Illinois will support (while available) ready cash checking benefits as appropriate be incorporated into our successful financial literacy training program to benefit LMI customers.
- Charter One Bank Illinois will maintain branch distribution and, in addition, Charter One Bank Illinois will provide its best effort to continue its branch expansion in/near LMI communities by building at least two new full service branches (including the forthcoming Humboldt Park branch) over the term of the agreements as well as two to be added through acquisition. The Coalition agrees to provide its full support in assisting Charter One Bank Illinois in the accomplishment of this best efforts initiative. The Coalition will not advocate for any specific community area, but will hold training sessions for and provide technical assistance to interested communities regarding topics such as identification of appropriate sites and developing community demographic profiles.
- Charter One Bank Illinois will provide its best efforts to add additional ATMs to LMI communities if feasible at all newly established LMI banking centers. The ATM will be bilingual where appropriate.
Grants and Investments
- Charter One Bank Illinois will continue to update the Coalition on its grants, investments and community development loans on a semi-annual basis
Grants Investments 2003 $200,000 $3 million annually 2004 $220,000 2005 $242,000 - Charter One Bank Illinois continuing our success will have an informational exchange with the Coalition's Investment Task Force to consider direct investments in community development projects.
Meetings with the Chicago CRA Coalition
- Charter One Bank Illinois will provide timely progress reports twice a year. Progress report meetings will be scheduled in January/February and July/August or mutually agreed upon dates.
- Charter One Bank Illinois will be invited to attend Coalition task force meetings as needed for informational/exchange purposes, i.e., best practices.
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| 29 E. Madison, Suite 1710 | Chicago, Illinois 60602-4566 | (312) 368-0310 tel | (312)
368-0316 fax |
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