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FINANCIAL INDUSTRY & NONPROFIT PARTNERSHIP SUCCESS FOR NEIGHBORHOODS

 FINANCIAL INDUSTRY & NONPROFIT PARTNERSHIP SUCCESS FOR NEIGHBORHOODS
 WASHINGTON, Sept. 16 /PRNewswire/ -- A community banker with staff members who speak 30 different languages, a thrift providing the only branch office in a deteriorated West Palm Beach neighborhood, a $38 billion lender in California with one-third of its mortgage portfolio in low- to moderate-income and minority neighborhoods, and an insurance company which for over a decade has sponsored a program to rebuild four L.A. neighborhoods were among ten financial services companies honored today by The Social Compact. Social Compact is a consortium of 200 CEOs of financial services companies committed to promoting investment in America's lower income neighborhoods, urban and rural.
 "Through the Outstanding Community Investment Awards program, we are promoting establishment of voluntary industry standards for service, investment and involvement that will make a substantive difference in the quality of life in America's neighborhoods," said Preston Martin, Social Compact's chairman and the Federal Reserve System's former vice chair. "We're celebrating examples of leadership in the financial services industry that merit recognition as models."
 Leland Brendsel, chairman and CEO of Freddie Mac, C.C. Hope Jr., director of the FDIC, and Dan Evans, the newly appointed head of the Federal Housing Finance Board, joined Martin in presenting the awards at a program sponsored by Freddie Mac. In addition, $5,000 grants were given to ten neighborhood nonprofit organizations which worked in partnership with the recognized financial institutions to strengthen their local communities.
 The financial institution honorees represented all segments of the financial services industry:
 Commercial Banks:
 Citibank (Arizona)
 Devon Bank in Chicago, Ill.
 The Peoples Bank of Mt. Washington, Ky.
 West One Bank, Idaho
 Thrift Institutions:
 The Dime Savings Bank of New York, New York
 Fidelity Federal Savings Bank of Florida, West Palm
 Beach, Fla.
 Great Western Bank, Chatsworth, Calif.
 World Savings & Loan Association, Oakland, Calif.
 Insurance Companies:
 State Farm Fire and Casualty Company, Bloomington, Ill.
 The St. Paul Companies, St. Paul, Minn.
 The financial institutions were recognized for:
 -- originating a significant percentage of their loan portfolio in low- to moderate-income neighborhoods; maintaining an active and visible presence in communities which have suffered from deterioration; providing below-market rate financing; creating affordable housing in partnership with local nonprofit organizations; and contributing long- term support to further the work of neighborhood nonprofit organizations.
 The grant awards to the neighborhood nonprofit organizations were funded by The State Farm Insurance Companies. "Our decade of rebuilding deteriorated neighborhoods in partnership with the local Neighborhood Housing Services organizations has shown us the critical role played by neighborhood-based nonprofit organizations in helping our neighbors in disadvantaged neighborhoods," said Roger Joslin, board chairman of State Farm Fire and Casualty Company. "By funding this grant program, we hope to reinforce the Social Compact's efforts to increase support for this activity."
 The honored neighborhood nonprofit organizations were:
 Boise Neighborhood Housing Services, Boise, Idaho; Cypress Hills Local Development Corporation, Cypress Hills, N.Y.;
 The East Side Neighborhood Development Company, St. Paul, Minn.;
 Habitat for Humanity, Americus, Ga.;
 The Mt. Washington Lionesses, Mt. Washington, Ky.;
 Nehemiah West Housing Corporation, Los Angeles;
 Neighborhood Housing Services of Los Angeles;
 Neighborhood Housing Services of Phoenix, Ariz.;
 Northwood Neighborhood Association, West Palm Beach, Fla.;
 Peoples Housing, Chicago.
 Social Compact is sponsored by Neighborhood Housing Services of America, a national, private nonprofit corporation supporting the affordable housing and neighborhood revitalization efforts of the NeighborWorks network.
 For specific information regarding accomplishments of the honorees and/or local interview contacts, call the contact below:
 -0- 9/16/92
 /CONTACT: Lynn Reilly at the Office of the Social Compact, 202-296-9758/ CO: Social Compact ST: District of Columbia IN: FIN SU:


TS -- NY038 -- 0110 09/16/92 12:18 EDT
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Date:Sep 16, 1992
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