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WHAT DO OTHER BANKERS DO?

Partnering With A Powerhouse
New York National Bank of Bronx, NY has formed an alliance with Shell Oil Company to expand the bank's capability to lend to minority and women-owned businesses. It became the only New York-based bank to join the Shell Community Banking Initiative. As a result of the alliance, Shell will make $7.5 million available through the bank for this type of lending. The oil company also has placed a $1 million deposit and purchased a $250,000 non-controlling interest in the bank.

The oil company's initiative was begun in 1998 and has formed partnerships to help a number of underserved communities in six cities. Loans are made to minority entrepreneurs for everything from a state-of-the-art children's school to low- to moderate- income, multi-family housing projects.

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 11, 11/01

First published on 11/01/2001

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