Board of Governors of the Federal Reserve System

Public Meeting Regarding Citicorp and Travelers Group

Held on Thursday, June 25, and Friday, June 26, 1998, at the Federal Reserve Bank of New York

Transcript of the Public Meeting held on June 25 and June 26, 1998, on the application by Travelers Group Inc. to acquire Citicorp, both in New York, New York. Transcripts and exhibits are presented by speaker panel; each day's transcript and exhibits are also presented in their entirety after the last panel of each day.

Complete Thursday transcript | Complete Thursday exhibits (19 MB PDF)
 

Thursday, June 25, 1998
Opening Remarks	William J. McDonough, President, Federal Reserve Bank of New York Glenn Loney, Presiding Officer; Deputy Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System Elizabeth McCaul, Acting Superintendent of Banks, New York State Banking Department
Applicant Presentation	John S. Reed, Chairman and CEO, Citicorp Charles O. Prince, Executive Vice President, General Counsel and Secretary, Travelers Group Pamela Flaherty, Senior Vice President, Citicorp Exhibits (311 KB PDF)
Panel One	Nellie Santiago-Fernandez, Senator, New York State David Nocenti, Queens Borough President Clair Shulman's Office Dannel P. Malloy, Mayor, City of Stamford Stephen Kaufman, Assemblyman, New York State Robert Elliot, Mayor of the City of Croton-on-Hudson Exhibits (267 KB PDF)
Panel Two	Matthew Lee, Inner City Press/Community on the Move Gwendolyn Jacobs, National and New York ACORN Gloria Waldron, New York and Illinois ACORN Chitra Desai, New York ACORN Narcisco Ortiz, Inner City Press/Community on the Move Jose Torres, South Bronx Inner City Small Business Association Exhibits (5.6 MB PDF)
Panel Three	Glenn Van Nostritch spoke for Mark Green, Public Advocate, New York Walter L. McCaffrey, NYC Council Member Dennis M. Walcott, New York Urban League Peter Rivera, Assemblyman, New York State Exhibits (253 KB PDF)
Panel Four	Bill Traylor, Local Initiatives Support Corp. Jacqueline O'Garrow, FannieMae New York Partnership Office Suzanne Israel Tufts, American Woman's Economic Development Corp. Edwin Reed, Jamaica Business Resource Center Michael D. Lappin, The Community Preservation Corp. Exhibits (101 KB PDF)
Panel Five	Karen M. Thomas, Independent Bankers Association of America Mark Silverman, Citicorp-Travelers Watch Hilary Botein, Neighborhood Economic Development Advocacy Project Sarah Ludwig, NYC Community Reinvestment Task Force Josh Zinner, South Brooklyn Legal Services Exhibits (466 KB PDF)
Panel Six	Howard Sommer, New York Community Investment Company, LLC George C. Schmitz, Leviticus 25:23 Alternative Fund, Inc. Eric Powell, New York City Housing Partnership John J. Ferrandino, National Academy Foundation Mark A. Emmert, University of Connecticut Howard A. Banker, Low Income Housing Fund Exhibits (888 KB PDF)
Panel Seven	John Shemo, Connecticut Capitol Region Growth Council F. Peter Libassi, Children's Fund of Connecticut Kathleen Gordon, Working Capital Florida Ceasar J. Claro, Staten Island Economic Development Corp. Paul C. Christie, Center City Churches, Inc. Carol Aranjo, National Federation of Community Development Credit Unions Exhibits (1.6 MB PDF)
Panel Eight	Alan Fisher, California Reinvestment Committee [letter read into record by Narcisco Ortiz of Inner City Press] Hubert Van Tol, Wisconsin Rural Development Center [letter read into record by Matthew Lee of Inner City Press] Phyllis Salowe-Kaye, New Jersey Citizen Action Rashmi Rangan, Delaware Community Reinvestment Action Council, Inc. Ruhi Maker, Greater Rochester Community Reinvestment Coalition Exhibits (4.6 MB PDF)
Panel Nine	Mark Pinsky, National Community Capital Corporation Clara Miller, Non-Profit Facilities Fund Paula L. Gavin, YMCA of Greater New York Peter J. Elkowitz, Jr., Long Island Housing Partnership, Inc. William C. Dorsey, Grow Bridgeport Fund Exhibits (1.9 MB PDF)
Panel Ten	Douglas E. Schallau, Junior Achievement of New York Ralph Porter, MBD Community Housing Corp. Phillip Morrow, South Bronx Overall Economic Development Corp. Lisa Gerrol, National Multiple Sclerosis Society, Greater Connecticut Ted Buerger, Welfare to Work Foundation/Coalition for Welfare to Work Eddie Torres, BCA Development Corp. Exhibits (345 KB PDF)
Panel Eleven	Cesiah Mullane, The Reinvestment Committee of Cypress Hills & City Line Michelle Neugebauer, Cypress Hills Development Corporation Jennifer Lee, The Reinvestment Committee of Cypress Hills & City Line Michael Green, Inner City Prospective Homeowners Association Claudino Otenez, Inner City Press/Homesteader's Association Exhibits (529 KB PDF)
Panel Twelve	Patricia O'Neill Galin, These Our Treasures, Inc. Raymond C. Bowen, LaGuardia Community College, CUNY Amalia Betanzos, Wildcat Service Corporation Sue Bastian, Teaching Matters, Inc. Peter Barnett, Wynandach Homes & Property Development Corp. Exhibits (203 KB PDF)
Panel Thirteen	Rev. Dennis Dillon, E. Fulton St. Group/21st Century Partnership Rev. James H. Daniel, Jr., E. Fulton St. Group/21st Century Partnership [statement read by son - James H. Daniel Exhibits (365 KB PDF)
Panel Fourteen	Jane Perkinson, SHORE, Inc. David Wolin, Habitat For Humanity Roslyn D. Goldmacher, Long Island Development Corp. M. Vicki Wacksman, New York State Association of Black Women Owned Enterprises, Inc. Monique Spyke, Hartford Public High School Naomi Brown, Hartford Public High School Exhibits (1.1 MB PDF)
Panel Fifteen	James H. Wyche, Leadership Alliance Lydia Tom, The Enterprise Foundation Douglas E. Warns, United Way of Tri-State Exhibits (152 KB PDF)
Panel Sixteen	Maria Rosado, MHR Management, Inc. Donna Panton, The Nonprofit Connection Peter Kiernan, Brooklyn Sports Foundation Exhibits (340 KB PDF)

Complete Friday transcript | Complete Friday exhibits (3.0 MB PDF)
 

Friday, June 26, 1998
Welcome	Glenn Loney, Presiding Officer; Deputy Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
Panel Seventeen	Marie S. Nahikian, Queens County Overall Economic Development Corp. George McDonald, the Doe Fund Fredy Espaillat, Louis Brandeis High School Margaret Chen, Asian Americans for Equality Exhibits (1.6 MB PDF)
Panel Eighteen	Jerry Weber, New York Association for New Americans, Inc. Jane Canner, Classroom, Inc. Amb. Dr. Francois de Cassagnol, Dr. Cassagnol Foundation Exhibits (407 KB PDF)
Panel Nineteen	Robert S. Sanchez, National Hispanic Business Group Carmelo Loran, Occupational Training Institute Truda Cleeves Jewett, The Children's Aid Society
Panel Twenty	Lillian Rodriguez-Lopez, Hispanic Federation Shirley Middleton, WLM Bridge the Gap Family Day Care Network Grace Johnson-Claxton, Johnson Home Care Services, Inc. Antonio M. Gotto, Jr., Joan & Sanford Weill Medical College, Cornell University Exhibits (92 KB PDF)
Panel Twenty-One	Edward S. Sheeran, City of Yonkers Vickie Hurewitz, SENSES April G. Tyler, West Harlem Independent Democratic Club Greg Todd, BEC New Communities Florence M. Rice, Harlem Consumer Education Council, Inc. Exhibits (1.4 MB PDF)
Panel Twenty-Two	Mark Winston Griffith, Central Brooklyn Partnership Exhibits (252 KB PDF)
Panel Twenty-Three	Rev. Floyd Flake, Allen AME Church Carlisle Towery, Greater Jamaica Development Corp. Anne C. Robinson, Bridgeport Neighborhood Fund/Trust Ronda Kotelchuck, Primary Care Development Corporation Samuel C. Hamilton, Hartford Economic Development Corp. Audi Abernathy, Harlem YMCA Exhibits (267 KB PDF)
Panel Twenty-Four	Nancy Roberts, Coordinating Council for Foundations Abdul-Rahmaan Muhammad, The Village for Families and Children Joanne M. Oplustil, Church Avenue Merchants Block Association Robert W. Davenport, National Development Council Jennifer Adolph Blum, Brooklyn Chamber of Commerce Exhibits (446 KB PDF)
Panel Twenty-Five	Gerry Vazquez, New Visions for Public Schools Amos Brown, Board of Supervisors of San Francisco, NAACP Charles Siegel (for Mahesh Shah) Pam Martens, National Organization for Women Galen Sherwin, President, NOW, NY City Karen Lin, District Counsel, Office of State Senator Catherine Abate Lloyd Williams, Greater Hartford Chamber of Commerce Exhibits (635 KB PDF)