Full Text of SJR0081 96th General Assembly
SJ0081enr 96TH GENERAL ASSEMBLY
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| SENATE JOINT RESOLUTION NO. 81
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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, a subsidiary of FBOP Corp., | 16 |
| was a model community bank that successfully provided the | 17 |
| quality services, access to capital, and commitment to | 18 |
| community reinvestment that all financial institutions should | 19 |
| provide, such as creating jobs for local residents; investing | 20 |
| in new schools, start-up businesses, and affordable housing; | 21 |
| supporting the work of local non-profit and cultural | 22 |
| organizations; and exemplifying innovation, fairness, and |
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| flexibility; and
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| WHEREAS, On October 30, 2009, after FBOP Corp.'s request | 3 |
| for $500 million in Troubled Asset Relief Program assistance | 4 |
| was denied, the Federal Deposit Insurance Corporation seized | 5 |
| the assets of Park National Bank; and
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| WHEREAS, The closure of this bank came hours after Treasury | 7 |
| Secretary Timothy Geithner attended a ceremony in Chicago that | 8 |
| awarded Park National Bank $50 million in tax credits to help | 9 |
| spur community-development projects in low-income communities; | 10 |
| and
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| WHEREAS, The rules of the FDIC create a double standard | 12 |
| that harms our communities because community banks are seized | 13 |
| and sold, even though the Treasury Secretary says Park National | 14 |
| Bank is doing all the right things to help turn itself around; | 15 |
| and
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| WHEREAS, Other community banks that make the spirit and | 17 |
| letter of the Community Reinvestment Act their core mission may | 18 |
| be in jeopardy; and
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| WHEREAS, A coalition of church and community leaders from | 20 |
| across Chicago's neighborhoods have taken the initiative to | 21 |
| raise awareness about the FDIC's actions against Park National |
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| Bank; the Coalition's initial steps have included conducting | 2 |
| research on the impact that the FDIC's seizure of Park National | 3 |
| Bank will have on minority lending and mortgage foreclosures in | 4 |
| the community; developing a petition drive calling for a | 5 |
| Congressional Hearing investigating the FDIC's actions and the | 6 |
| apparent lack of federal aid for a model community bank, and | 7 |
| holding a Community Town Hall Meeting; and
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| WHEREAS, For community banks to continue being an integral | 9 |
| part in the development of our communities and this State as a | 10 |
| whole, the federal government needs to consider reforms to | 11 |
| assist and preserve community banks; therefore, be it
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| RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL | 13 |
| ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES | 14 |
| CONCURRING HEREIN, that we urge the United States House of | 15 |
| Representatives Financial Services Committee and the United | 16 |
| States Senate Committee on Banking, Housing, and Urban Affairs | 17 |
| to continue hearings to investigate the FDIC's seizure of Park | 18 |
| National Bank for the impacts that this action will have on the | 19 |
| communities that Park National Bank has served so well, and the | 20 |
| wider implications for the future of community banking; and be | 21 |
| it further
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| RESOLVED, That suitable copies of this resolution be | 23 |
| delivered to the members of the Illinois congressional |
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| delegation, United States Representative Barney Frank, and | 2 |
| United States Senator Christopher Dodd.
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