Wednesday, October 12, 2005
September 2, 1998
Mr. Walter Ellis
Executive Director
United Affirmative Action Development Corporation 203 E. 7th St.
Perris, CA 92570
Dear Mr. Ellis,
This letter is being written, at your request, so as to provide a definitive position by Banc One with you and your organization. The conclusions reached are based in part on the following:
· Your organization is not incorporated in Louisiana or any other state, does not have a 501c3 designation, and has never filed a tax return.
· Your organization, at this time does not have an active membership.
· You reside in California and Banc One has no charter in that state.
We are prepared to continue discussions with you about how your organization and Banc One can work together in communities where we have a banking presence; but we do not feel that your organization, at this time, would warrant any funding.
We agree with your contention that Premier Bank and you had discussions about a proposed agreement with your group in 1995 and that there were continued discussions after Banc One acquired Premier Bank in early
1996. However, no agreement was ever finalized nor executed. During the last two plus years since those discussions, you have moved back to California, not obtained any legal status for the U.A.A.D.C. group, not developed the organization, nor have any substantiated clients.
We further acknowledge that during the discussions about a proposed agreement that Premier was reviewing whether it would be appropriate to pay you a commission for transactions referred to Premier when a closed loan resulted; however, this was a part of the proposed agreement discussed above that was never executed. We further contend that there have never been any closed loans from any referral origination from yourself.
Our public file is available for your review at anytime.
Sincerely,
Jerry Killingsworth
Mr. Walter Ellis
Executive Director
United Affirmative Action Development Corporation 203 E. 7th St.
Perris, CA 92570
Dear Mr. Ellis,
This letter is being written, at your request, so as to provide a definitive position by Banc One with you and your organization. The conclusions reached are based in part on the following:
· Your organization is not incorporated in Louisiana or any other state, does not have a 501c3 designation, and has never filed a tax return.
· Your organization, at this time does not have an active membership.
· You reside in California and Banc One has no charter in that state.
We are prepared to continue discussions with you about how your organization and Banc One can work together in communities where we have a banking presence; but we do not feel that your organization, at this time, would warrant any funding.
We agree with your contention that Premier Bank and you had discussions about a proposed agreement with your group in 1995 and that there were continued discussions after Banc One acquired Premier Bank in early
1996. However, no agreement was ever finalized nor executed. During the last two plus years since those discussions, you have moved back to California, not obtained any legal status for the U.A.A.D.C. group, not developed the organization, nor have any substantiated clients.
We further acknowledge that during the discussions about a proposed agreement that Premier was reviewing whether it would be appropriate to pay you a commission for transactions referred to Premier when a closed loan resulted; however, this was a part of the proposed agreement discussed above that was never executed. We further contend that there have never been any closed loans from any referral origination from yourself.
Our public file is available for your review at anytime.
Sincerely,
Jerry Killingsworth
# posted by walter @ 2:15 PM 
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The CRA was enacted in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods. It extends and clarifies the longstanding expectation that banks will serve the convenience and needs of their local communities. The CRA and its implementing regulations require federal financial institution regulators to assess the record of each bank and thrift in helping to fulfill their obligations to the community and to consider that record in evaluating applications for charters or for approval of bank mergers, acquisitions, and branch openings. The federal financial institution regulators are: Office of the Comptroller of the Currency; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision.
The law provides a framework for depository institutions and community organizations to work together to promote the availability of credit and other banking services to underserved communities. Under its impetus, banks and thrifts have opened new branches, provided expanded services, adopted more flexible credit underwriting standards, and made substantial commitments to state and local governments or community development organizations to increase lending to underserved segments of local economies and populations.
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The law provides a framework for depository institutions and community organizations to work together to promote the availability of credit and other banking services to underserved communities. Under its impetus, banks and thrifts have opened new branches, provided expanded services, adopted more flexible credit underwriting standards, and made substantial commitments to state and local governments or community development organizations to increase lending to underserved segments of local economies and populations.
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