CHICAGO, Mar 17, 2010 (BUSINESS WIRE) -- U.S. Bank, which acquired the deposits and assets of Park National Bank last October, announced plans today to create an independent not for profit organization. The new organization, known as Chicago Neighborhood Initiatives, will carry on Park Bank Initiative's community development mission in low- and moderate-income Chicago neighborhoods.
Lynn M. Rosinsky, market president of U.S. Bank in Chicago, said the creation of the stand-alone organization will ensure that Park National Bank Initiatives' New Markets Tax Credit allocation, awarded last year, is preserved and utilized to benefit economically challenged areas of Chicago. It will also position Chicago Neighborhood Initiatives to continue their redevelopment and rehabilitation projects in economically challenged neighborhoods in Chicago.
"U.S. Bank is one of the largest investors of New Markets Tax Credits in the country, and plans to support Chicago Neighborhood Initiatives in the retention of the former Ryerson Steel site and the completion of the site work and infrastructure required for the first phase of retail development," said Rosinsky. "In addition, U.S. Bank will provide capital to get Chicago Neighborhood Initiatives started in a manner that will make the organization sustainable for years to come."
The new Chicago Neighborhood Initiatives program will be headed by David Doig, former president of the Park Bank Initiatives and will include an independent board of directors. David Doig said, "The outcome is a win for everyone involved. Chicago Neighborhood Initiatives will continue the mission of community development in our local neighborhoods. The support of U.S. Bank further strengthens our mission by providing expertise in New Market Tax Credit transactions that we haven't had in the past."
Ultimately, the overall success of the Chicago Neighborhood Initiatives depends on the collaboration and support of local government, community partners, U.S. Bank and the Chicago Neighborhood Initiatives Team.
"We are thrilled that U.S. Bank is providing the philanthropic and financial support for important community development projects, such as the new Pullman Park development," said Alderman Anthony Beale (9th Ward). "Under the leadership of Chicago Neighborhood Initiatives, and with the support of U.S. Bank, this project promises to bring vital retail services, jobs, and affordable housing to the far south side of Chicago."
Once U.S. Bank's business integration of Park National and Community Bank of Lemont is complete by May, it will have 82 U.S. Bank branches in the Chicago area.
U.S. Bancorp (NYSE: USB), with $281 billion in assets as of Dec. 31, 2009, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,015 banking offices in 25 states and 5,148 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bank
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