Enterprise Bank & Trust Commits to Increasing Banking Services in Low-Income and Minority Communities

Press Releases, SLEHCRA

St. Louis, MO – The Metropolitan St. Louis Equal Housing Opportunity Council (EHOC)  announced today a commitment from Enterprise Bank & Trust that will significantly increase banking services and investments in low-income and minority communities in St. Louis and Kansas City. The commitment from Enterprise Bank & Trust totals $3.1 million over the next three years and results from a settlement agreement with the U.S. Department of Housing and Urban Development. EHOC filed a fair housing complaint against Enterprise Bank & Trust working as a member of the St. Louis Equal Housing and Community Reinvestment Alliance (SLEHCRA).

The commitment includes additional advertising and marketing to African-American and Hispanic communities, increased financial literacy, $350,000 in support for developing affordable housing, and $1.5 million in a special financing program for discounted mortgage loans. Enterprise Bank & Trust will also open a full-service bank branch in their current administrative support center on Warson Road, which is located in a predominately minority census tract. The bank also revised their assessment area to include the City of St. Louis and created positions for community development specialists.

Enterprise Bank & Trust made commitments in their Kansas City market for increased financial literacy, $1 million in support to a community development financial institution, and expanded their assessment area to include all of Wyandotte County.

Will Jordan, Executive Director of EHOC stated: “We are happy to see Enterprise Bank & Trust make such commitments to our community. Our communities have been underserved by banks for too long. We need more banks to be opening new branches, providing new products, and increasing investments that provide resources for low-income and minority communities. Enterprise Bank & Trust should be applauded for responding to the needs of the community with significant and meaningful services.”

Press Release [pdf]

Read articles by the Post-Dispatch and the St. Louis Business Journal.

Read the press release issued by Enterprise Bank & Trust here.

Midwest BankCentre settles with Department of Justice

In the News, SLEHCRA

The Department of Justice announced on Thursday June 16th it had reached a settlement with Midwest BankCentre.  According to the agreement, the bank will open a new branch in a predominately African-American neighborhood and will provide $1.45 million in additional products, services, and outreach to African-American communities.

SLEHCRA applauds Midwest BankCentre’s commitments!

See the DoJ press release here.

Also check out some of the press on this story:

St. Louis Beacon

St. Louis Post-Dispatch

St. Louis Business Journal

St. Louis Public Radio

and BET

SLEHCRA in St. Louis Beacon

In the News

“There is nothing catchy about the acronym SLEHCRA — St. Louis Equal Housing and Community Reinvestment Alliance — but the nonprofit coalition is making a name for itself with its efforts to promote bank investment in local minority and poor communities…”

Read the full article about SLEHCRA in the Beacon here.

Upcoming Events

SLEHCRA

Check out some upcoming events from our member organizations!

Join Justine Petersen on Saturday, April 2, 2011  from 10 am to 2:30 pm for Family Financial Fitness Fair at the Emerson Park MetroLink Station. Part of Money Smart Week Illinois. Click here for more information.

Join R.A.A! Committee on Saturday, April 9, 2011 from 1 pm to 4 pm for a Community Health & Resource Fair at Mt. Bethel M.B. Church, 1600 Belt Ave., St. Louis, MO 63112. Click here for more information.

Join the Equal Housing Opportunity Council on Monday, April 11, 2011 from 11 am to 1:30 pm for a Martin Luther King Jr. Luncheon and Auction celebrating 43 years of MLK’s Fair Housing legacy, as well as recognizing 2011 Open Door Award Recipients. Tickets are $20 in advance or $25 at the door and includes lunch. The event is at EHOC’s offices at 1027 S. Vandeventer Ave., 6th floor, St. Louis MO 63110. For advance tickets, you can send a check to EHOC or pay by credit card here.

Join the Human Development Corporation (HDC) on May 7th for a Resource Fair. Stay tuned for more information.

Redlined: A Fair Lending Analysis of the St. Louis Metropolitan Area

Press Releases, SLEHCRA

The Metropolitan St. Louis Equal Housing Opportunity Council (EHOC), a SLEHCRA member organization,  recently released their report entitled “Redlined: A Fair Lending Analysis of the St. Louis Metropolitan Area.”

The report examines home mortgage lending trends in the St. Louis metro area, finding substantial decreases in lending to low-income and minority borrowers and communities over the last three years. African-American borrowers and neighborhoods are still more likely to be denied a loan, and are still more likely to receive a high cost loan than white borrowers and communities.  The report also examines the performance of the  top ten mortgage lending institutions.

Executive Summary [PDF]

Redlined: A Fair Lending Analysis of the St. Louis Metropolitan Area [google document]

Press Release, March 2, 2011 [PDF]

Seminar – March 8, 2011

SLEHCRA

Come hear from SLEHCRA members about our work on fair lending and community reinvestment!

Fair Access to Financial Services: What is the Problem and What Can We Do About It?

Tuesday, March 8th, 2011 – 3:00-4:30pm

J.C. Penney Conference Center, Room 126

University of Missouri-St. Louis

One University Boulevard

FREE parking in Lot C

Panel:

Todd Swanstrom, Des Lee Professor of Community Collaboration and Public Policy Administration, University of Missouri – St. Louis

Mira Tanna, Metro St. Louis Equal Housing Opportunity Council

Elisabeth Risch, Metro St. Louis Equal Housing Opportunity Council

Ed Wartts, U.S. Department of Housing and Urban Development

Eddie G. Davis, Center for the Acceleration of African-American Business

According to a 2009 FDIC study the St. Louis metro area has the highest percentage of “unbanked” African American households in the nation (31 percent). A recent Equal Housing Opportunity Council (EHOC) Fair Lending Study has collected data on the practices of top St. Louis mortgage lenders and used the data to open up new dialogues with area banks.  How is the Community Reinvestment Act (CRA) being used in St. Louis?  What is happening as a result of EHOC’s new discussions?  How can neighborhoods use CRA to insure fair access to lending and financial services?

For more information, view the attached flyer or call 314.516.6392.  This seminar is free.  No registration required.

This seminar is brought to you by the Community Partnership Project at UM-St. Louis in cooperation with University of Missouri Extension.

Flyer [PDF]

SLEHCRA Applauds First National Bank of St Louis’s Commitment to Strengthen Low-Income Communities

In the News, Press Releases

On December 21, 2010, members of SLEHCRA gathered to applaud a commitment from First National Bank of St. Louis to invest resources in communities in north St. Louis County, St. Louis City and northwest St. Clair County. The bank is adding these areas to its assessment area and its investment in this expanded service area will total $2.75 million over the next four years.

First National Bank of St. Louis has agreed to undertake the following activities to invest in minority communities:

  • the bank will expand its assessment area to include north St. Louis County, St. Louis City and northwest St. Clair County;
  • the bank will open a branch location in its new service area within 18 months;
  • the bank will commit $2 million in community development loans and investments within the newly incorporated service area;
  • the bank will offer a discount mortgage loan product for residents of these areas, which includes up to $2500 in closing costs and/or a 1/2 % discount in interest rate, setting aside up to $500,000 for the discounts;
  • the bank will commit $100,000 for Fair Lending and Community Reinvestment Activities;
  • the bank is hiring two new community development specialists, and will be increasing its visibility in minority and low-income communities through marketing and financial literacy training.

See our Press Release for more details!

Or read all the details in the complete agreement.

The event and announcement was covered by the following news sources:

St. Louis Post-Dispatch

KMOX

St. Louis American

St. Louis Beacon

Belleville News Democrat

New Members!

SLEHCRA

We are pleased to announce new member organizations! Welcome!

  • Community Action Agency of St. Louis County (CAASTLC)
  • Ready, Aim, Advocate! Committee
  • MoKan
  • NAACP St. Louis
  • Union Sarah Community Corporation

If your organization is interested in joining SLEHCRA, contact us!