Printer Friendly

NATIONSBANK CORPORATION AND NAACP TO ESTABLISH COMMUNITY DEVELOPMENT RESOURCE CENTERS

 NATIONSBANK CORPORATION AND NAACP TO ESTABLISH
 COMMUNITY DEVELOPMENT RESOURCE CENTERS
 NationsBank Corporation and the NAACP are teaming up to establish five Community Development Resource Centers in a first- of-its-kind pilot program to promote community development lending.
 NationsBank Corp. is the company to be formed by the pending merger of NCNB Corp. (NYSE: NCB) and C&S/Sovran Corp. (NYSE: CVN) The merger is to be completed December 31.
 NationsBank is committing $1.1 million to fund the Resource Centers for three years. The facilities, located in five key NationsBank cities, will be staffed by the NAACP.
 Bennett Brown, who will be chairman of NationsBank; Hugh McColl, who will be chief executive officer of NationsBank; (Dr.) W.F. Gibson, NAACP national board chairman, and (Dr.) Benjamin Hooks, executive director of the NAACP, made the announcement today at a news conference in Atlanta.
 Also participating was Earl Shinhoster, regional director of the NAACP.
 "Last summer we unveiled a $10 billion, 10-year commitment to community-development lending for the markets that will be served by NationsBank. This partnership with the NAACP reflects the strong tie between our organizations and presents us with a unique opportunity to implement our program," Brown said.
 "Our intention is to make a difference in the communities we serve," McColl said. "The Community Development Resource Centers help us identify those people who historically have been underserved or left on the sidelines of economic progress," McColl said.
 "The NAACP extends its hand and experience to NationsBank in our mutual objectives of better serving all of the people in our communities," Gibson said. "This partnership should be viewed as a vital link that can greatly facilitate the important $10-billion, 10-year commitment of NationsBank."
 The Resource Centers will be in Austin, Atlanta, Charlotte, Columbia and Richmond. Staff at each center will work with NationsBank employees to provide consumer and business education and counseling, economic development advocacy and technical assistance. Specific products and services will include consumer loan counseling programs, loan packaging, education programs for high school students, corporate credit policy analysis and minority business development.
 McColl said the partnership is a "natural one because the NAACP's vast network represents an effective delivery system for the products and services we want to provide."
 Hooks stated that the involvement of the NAACP should foster strong identification at the community level and ease any fears of new and unfamiliar programs.
 The partnership program will begin as soon as possible after NCNB and C&S/Sovran merge. The five-city pilot program will be evaluated after two years and, if successful, will be expanded to other cities within the NationsBank market with NAACP chapters. The centers will target clients throughout the states where they are located.
 NationsBank will be the fourth-largest financial institution in the country and will have approximately 1,900 banking offices in the District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Texas and Virginia.
 -0- 12/19/91
 /EDITOR'S NOTE: A news conference will be held this morning at 10:00 a.m. in the C&S/Sovran Main Office at 35 Broad Street in Atlanta to announce specifics regarding the partnership and program.
 A telephone bridge has been set up to accommodate news media representatives. Individuals who wish to listen and ask questions may call (913) 749-9278 and request identification number 5N17.
 /CONTACT: At NCNB and C&S/Sovran, national news media may contact Virginia S. Mackin or John Cleghorn at (704) 386-5501 or 386-8571; in North Carolina, Mary Waller (704) 386-5469; in South Carolina, Chris Spencer (803) 758-2348; in Georgia and Virginia, Scott Scredon (404) 581-5555; in Texas, Martha Larsh (214) 508-0633. Contacts at the NAACP are Jimmy Williams (301) 358-8900 or Earl Shinhoster (404) 688-8868/
 (NCB CVN) CO: NationsBank; NAACP; NCNB Corporation; C&S/Sovran Corporation ST: North Carolina, Georgia IN: FIN SU: JVN TNM


DF -- CH002 -- 3748 12/19/91 09:32 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 19, 1991
Words:646
Previous Article:EMIRATES SELECTS ROLLS-ROYCE TRENT FOR BOEING 777 FLEET; TRENT ORDERS NOW EXCEED $2.5 BILLION
Next Article:FISCHER & PORTER REPORTS SPECIAL CHARGES
Topics:


Related Articles
NAACP AND NATIONSBANK OPEN COMMUNITY DEVELOPMENT RESOURCE CENTER
NATIONSBANK, NAACP OPEN CHARLOTTE COMMUNITY DEVELOPMENT RESOURCE CENTER
NATIONSBANK PLANS TWO NEW BRANCHES IN ATLANTA
NATIONSBANK, NCNB, C&S ESTABLISH FLORIDA RECOVERY/ASSISTANCE CENTER
NATIONSBANK AND NAACP OPEN VIRGINIA NAACP COMMUNITY DEVELOPMENT RESOURCE CENTER
NATIONSBANK REACHES LENDING INITIATIVE MORE THAN 5 YEARS AHEAD OF SCHEDULE
U.S. BANK OF NEVADA RECEIVES NAACP CORPORATE RECOGNITION AWARD
NationsBank To Participate In Presidents' Summit For America's Future, Commits To Establish After-School Programs For Youth
NationsBank Opens Make A Difference Center in Nashville
NationsBank Foundation Pledges $10,000,000 to United Way of America

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters