Prepared by Woodstock Institute for the Legal Assistance Foundation of Chicago
Authors: Swift, Larry and Heald, James
Summary
This report analyzed the reinvestment record of Beverly Bank, the Beverly Bancorporation, Inc., and the Matteson-Richton Bank, the Woodstock Institute analyzed many sources of information. The conclusion was that the Beverly Bank Community Reinvestment Act area contains many of the most desirable residential lending markets in both the black and white communities of Chicago. There is a high proportion of single-family homes and a high percentage of owner occupancy. Moreover, the income level of all of the white communities and all but three of the black communities is well above the citywide median. The Beverly Bank Community Reinvestment Act area has good housing stock, many credit-worthy borrowers, and a strong lending market (as shown in the 1984 Community Lending Fact Book.) In addition, it contains a large number of strong community development organizations which can help to identify unmet credit needs and win any subsidies or guarantees needed to make more difficult lending both safe and profitable. Unfortunately, many of the communities within the Beverly Bank CRA area, especially the black communities, are receiving inadequate levels of credit.
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