Board of Governors of the Federal Reserve System

Public Meeting Regarding First Chicago and Banc One

Held on Thursday, August 13, 1998, at the Federal Reserve Bank of Chicago

Transcript of the Public Meeting held on August 13, 1998, on the application of Banc One Corporation to merge with First Chicago Corporation. 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 (21 MB PDF)
 

Thursday, August 13, 1998
Opening Remarks	Dolores S. Smith, Presiding Officer, Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
Panel One	Verne G. Istock, Chairman and Chief Executive Officer, First Chicago NBD Corporation John B. McCoy, , Chairman and Chief Executive Officer, Banc One Corporation Exhibits (290 KB PDF)
Panel Two	The Honorable Julia Carson, 10th Congressional District, Indiana The Honorable Danny Davis, 7th Congressional District, Illinois The Honorable Stephen Goldsmith, Mayor, City of Indianapolis, Indiana The Honorable Scott King, Mayor, City of Gary, Indiana Exhibits (189 KB PDF)
Panel Three	The Honorable Hiawatha Davis, Jr., Councilmember, City of Denver, Colorado Leo J. Ries, designee for the Honorable John Norquist, Mayor, City of Milwaukee, Wisconsin Lawrence Flood, designee for the Honorable Jim Ryan, Illinois Attorney General, Springfield, Illinois Ralph Smithers, designee for the Honorable Gregory Lashtuka, Mayor of Columbus, Ohio Exhibits (2.6 MB PDF)
Panel Four	Cora Coleman, SEIU Local 880 in Chicago and Local 100 in Louisiana and Texas and Illinois Association of Community Organizations for Reform Now ("ACORN"), Chicago, Illinois Ted Thomas, President, Illinois ACORN, Chicago, Illinois Nelson Soza, Organizer, Illinois ACORN, Chicago Illinois Shirley Vargas, Texas ACORN, Dallas Texas Michael Shea, Executive Director, ACORN Housing Corporation, Chicago, Illinois Morris Williams, Executive Director, Coalition of Neighborhoods, Cincinnati, Ohio Exhibits (446 KB PDF)
Panel Five	Malcolm Bush, President, Woodstock Institute, Chicago, Illinois Ted Wysocki, Executive Director, Chicago Association of Neighborhood Development Organizations ("CANDO"), Chicago, Illinois Kevin F. Jackson, Executive Director, Chicago Rehab Network, Chicago, Illinois Dory Rand, Attorney, Poverty Law Project, National Clearinghouse for Legal Services, Inc., Chicago, Illinois Kate Monter Durban, Assistant Director, Cleveland Housing Network, Inc., Cleveland, Ohio Mark S. McDaniel, President, Michigan Capital Fund For Housing, Lansing, Michigan Exhibits (1.2 MB PDF)
Panel Six	Panel members did not appear as scheduled -- some members shifted to later panels.
Panel Seven	Frank Hagaman, President, Partners in Housing Development Corporation, Indianapolis, Indiana Jerome Odem, Organization of the Northeast ("ONE"), Chicago, Illinois Cora Morris, Owner, Greek Grandeur, Champaign, Illinois Liz Ryan, National Training and Information Center ("NTIC"), Chicago, Illinois Raymond Schmidt, Executive Director, Select Milwaukee, Inc., Milwaukee, Wisconsin Exhibits (469 KB PDF)
Panel Eight	Rev. John Buzza, Hope Presbyterian Church, Springfield, Illinois Rev. Jack Cramer-Heuerman, Countryside United Methodist Church, Urbana, Illinois Mike Matejka, Second Ward Alderman, Bloomington, Illinois Rev. Joel Erickson, Resurrection Lutheran Church, Bloomington, Illinois Exhibits (113 KB PDF)
Panel Nine	Bessie Cannon, President of Local 880 in Illinois and SEIU Local 100 in Louisiana and Texas, and Illinois ACORN, Chicago, Illinois Rev. Cary Long, Organization for a New Eastside, Indianapolis, Indiana Bobbie Rice, Texas ACORN, Dallas, Texas Rev. Wesley Sims, Texas ACORN, Dallas, Texas Rev. James Taylor, Organization for a New Eastside, Indianapolis, Indiana Exhibits (460 KB PDF)
Panel Ten	Rashmi Rangan, Executive Director, Delaware Community Reinvestment Action Council, Inc. ("DCRAC"), Wilmington, Delaware Jerry Reynolds, Director of Information Services, delivering remarks of Rebecca Adamson, President, First Nations Development Institute, Fredricksburg, Virginia Hubert van Tol, Co-chair, Legislative Committee, on behalf of John Taylor, President and Chief Executive Officer, National Community Reinvestment Coalition ("NCRC"), Washington, D.C. Betty Wilkins, Colorado ACORN, Denver, Colorado Exhibits (3.8 MB PDF)
Panel Eleven	Honorable Bernard Parker, Co-chair, Detroit Alliance for Fair Banking, Detroit, Michigan Rev. Wendell Anthony, Co-chair, Detroit Alliance for Fair Banking, Detroit, Michigan Hugo Cardona, President and Chief Executive Officer, SER-Jobs for Progress National, Inc., Dallas, Texas Gladys Hunt, Community Collaboration for Economic Development, Champaign, Illinois Charlie H. Smith, Jr., Executive Director, Wilmington Housing Authority, Wilmington, Delaware Jim Reid, President and Founder, Southern Dallas Community Development Corporation, Dallas, Texas Exhibits (3.8 MB PDF)
Panel Twelve	Charles H. Bromley, Director, Metropolitan Strategy Group, Cleveland Heights, Ohio Matt McDermitt, Executive Director, Chicago Coalition for the Homeless, Chicago, Illinois Rev. Casimir F. Gierut, Palos Hills, Illinois Marv Kamp, Wisconsin Rural Development Center, Inc., Mount Horeb, Wisconsin Hubert Van Tol, President, Bank Watchers, Sparta, Wisconsin Exhibits (3.6 MB PDF)
Panel Thirteen	Rita Carrillo, Executive Director, Neighborhood Housing Services of Phoenix, Phoenix, Arizona Marva Coleman, Executive Director, Five Points Business Association, Denver, Colorado Steve Fairfield, Executive Director, Fifth Ward Community Redevelopment Corporation, Houston, Texas Charles Garcia, President and Chief Executive Officer, GM Construction Company, Inc., Indianapolis, Indiana Debbie Gnau, Chesapeake Group, Cincinnati, Ohio Printice Gary, Carleton Residential Properties, Dallas, Texas Exhibits (160 KB PDF)
Panel Fourteen	Paul Bellamy, Coalition for Reinvestment in Lorain County, Lorain, Ohio Rebecca A. Jones, Wellington, Ohio, presenting remarks on behalf of the Honorable Joseph F. Koziura, Mayor of Lorain, Ohio Rashmi Rangan, reading written statement of Matthew Lee, Executive Director, Inner City Press/Community on the Move & Inner City Public Interest Law Center ("ICP"), Bronx, New York Adenike Sharpley, Board Member, Zion Community Development Corporation, Oberlin, Ohio Dawn Tyler, Housing Policy Director, Coalition on Homelessness and Housing in Ohio, Columbus, Ohio Marge Walker, South Lorain Merchants Association, Lorain, Ohio Exhibits (3.5 MB PDF)
Panel Fifteen	Fritz Ruf, Executive Director, Wisconsin Housing and Economic Development Authority ("WHEDA"), Madison, Wisconsin Mark Barbash, Columbus Countrywide Development Corporation, Columbus, Ohio Moira M. Carlstedt, President, Indianapolis Neighborhood Housing Partnership, Indianapolis, Indiana Jenice Jones-Kibby, Chair, Illinois State Microenterprise Initiative, Chicago, Illinois Ken A. Kudek, Vice President and Assistant Director, Focus: HOPE, Detroit, Michigan Hedy M. Ratner, Co-President, Women's Business Development Center, Chicago, Illinois Exhibits (1.4 MB PDF)
Panel Sixteen	Walter Ellis, United Affirmative Action Development Corporation ("UAADC"), Perris, California Nancy Hain, Secretary/Treasurer, Paul Stradtman Construction Company, Cleveland, Ohio Robert Hawthorne, Indianapolis Coalition for Neighborhood Development, Indianapolis, Indiana Bridgette Haste Wisconsin ACORN, Milwaukee, Wisconsin Minnie Howard, Wisconsin ACORN, Milwaukee, Wisconsin
Panel Seventeen	Whitney Johns, Capital Across America, Nashville, Tennessee Rosalyn Paycheaud, Executive Director, Neighborhood Development Foundation, New Orleans, Louisiana John Pritscher, President, Community Investment Corporation, Chicago, Illinois John D. Roberts, President, Mezzanine Capital Management, Inc., Noblesville, Indiana Mike Traylor, Program Manager, Southern Indiana Rural Development Project, Indiana Anthony Wilkinson, President and CEO National Association of Government Guaranteed Lenders, Inc. ("NAGGL"), Stillwater, Oklahoma Exhibits (1.7 MB PDF)
Panel Eighteen	Ken Goldstein, Krislov & Associates, Ltd., Chicago, Illinois William J. Harrington, President, Harrington Properties, Inc., Gary, Indiana Bennie Simmons, Jr., President and Chief Executive Officer, Marshall Plan for Gary, Gary, Indiana Exhibits (2.4 MB PDF)
Panel Nineteen	Tony Reyes, Comite De Bienestar, Inc., Phoenix, Arizona Larry Gigerich, President, Indianapolis Economic Development Corporation, Indianapolis, Indiana Cornelius Lewis, Gulf Coast BIDCO, Baton Rouge, Louisiana Vicky Vaughn, (replacing Mark Sissman), Vice President, Enterprise Social Investment, Columbia, Maryland Wendy K. Werkmeister, President, Wisconsin Women's Business Initiative Corporation, Milwaukee, Wisconsin F. Leroy Pachero, Accion Chicago, Chicago, Illinois