Security Pacific Targeted: In its latest attempt...
From Times Staff and Wire Reports
Security Pacific Targeted: In its latest attempt to block Security Pacific National Bank’s acquisition of 20% of Mitsui Manufacturers Bank, a coalition of community and consumer groups filed a petition asking the Federal Reserve to require Security Pacific to join other banks and provide low-income housing loans. The California Reinvestment Committee noted that Wells Fargo recently agreed to a $1-billion community reinvestment commitment over seven years and that Bank of America sets aside $50 million a year for affordable-housing loans.
