Full Text of SJR0081 96th General Assembly
SJ0081 96TH GENERAL ASSEMBLY
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| SENATE JOINT RESOLUTION
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| WHEREAS, Illinois' community financial institutions | 3 |
| provide the local support our communities need to prosper and | 4 |
| grow; and
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| WHEREAS, With more than $130 billion in assets, community | 6 |
| banks know that when money stays in communities it becomes a | 7 |
| renewable resource, creating an economic cycle that constantly | 8 |
| revitalizes and stimulates local communities; and
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| WHEREAS, These banks have made significant contributions | 10 |
| to the economic well-being of the communities they serve | 11 |
| through their financial support, their dedication as good | 12 |
| neighbors, and above all, their service as financially sound | 13 |
| and reliable sources of economic lifeblood in our communities; | 14 |
| and
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| WHEREAS, Park National Bank was a model community bank that | 16 |
| successfully provided the quality services, access to capital, | 17 |
| and commitment to community reinvestment that all financial | 18 |
| institutions should provide, such as creating jobs for local | 19 |
| residents; investing in new schools, start-up businesses, and | 20 |
| affordable housing; supporting the work of local non-profit and | 21 |
| cultural organizations; and exemplifying innovation, fairness, | 22 |
| and flexibility; and
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| WHEREAS, On October 30, 2009, after denying FBOP Corp.'s | 2 |
| request for $500 million in Troubled Asset Relief Program | 3 |
| assistance, the Federal Deposit Insurance Corporation seized | 4 |
| the assets of FBOP Corp. and its Chicago-metro-area banking | 5 |
| facilities known locally as Park National Bank, and sold them | 6 |
| to U.S. Bank; and
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| WHEREAS, The closure of this profitable bank came hours | 8 |
| after Treasury Secretary Timothy Geithner attended a ceremony | 9 |
| in Chicago that awarded Park National Bank $50 million in tax | 10 |
| credits to help spur community-development projects in | 11 |
| low-income communities; and
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| WHEREAS, the rules of the FDIC create a double standard | 13 |
| that harms our communities because community banks get seized | 14 |
| and sold, even though the Treasury Secretary says Park National | 15 |
| Bank is doing all the right things to help turn itself around; | 16 |
| and
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| WHEREAS, Other community banks that make the spirit and | 18 |
| letter of the Community Reinvestment Act their core mission, | 19 |
| such as ShoreBank, Highland Bank, and Second Federal Savings, | 20 |
| may be in jeopardy; and
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| WHEREAS, A coalition of church and community leaders from |
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| across Chicago's neighborhoods have taken the initiative to | 2 |
| raise awareness about the FDIC's actions against Park National | 3 |
| Bank; the Coalition's initial steps have included conducting | 4 |
| research on U.S. Bank's minority lending and mortgage | 5 |
| foreclosure track record; developing a petition drive calling | 6 |
| for a Congressional Hearing investigating the FDIC's actions | 7 |
| and the apparent lack of federal aid for a model community | 8 |
| bank, and holding a Community Town Hall Meeting; and
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| WHEREAS, For community banks to continue being an integral | 10 |
| part in the development of our communities and this State as a | 11 |
| whole, the federal government needs to consider reforms to | 12 |
| assist and preserve community banks; therefore, be it
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| RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL | 14 |
| ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES | 15 |
| CONCURRING HEREIN, that we urge the United States House of | 16 |
| Representatives Financial Services Committee and the United | 17 |
| States Senate Committee on Banking, Housing, and Urban Affairs | 18 |
| to hold hearings to investigate the FDIC's seizure of Park | 19 |
| National Bank/FBOP and sale to U.S. Bank, for the impacts that | 20 |
| this action will have on the communities that Park National | 21 |
| Bank has served so well, and the wider implications for the | 22 |
| future of community banking; and be it further
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| RESOLVED, That suitable copies of this resolution be |
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| delivered to the members of the Illinois congressional | 2 |
| delegation, United States Representative Barney Frank, and | 3 |
| United States Senator Christopher Dodd.
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