WASHINGTON -- A Bronx, N.Y.-based community group has persuaded a second major bank in as many weeks to expand its services in the predominantly low-income and minority borough.
Republic New York Corp. agreed Oct. 19 to establish a loan production office in the Bronx and lend at least $15 million to small businesses there.
The bank also agreed to add the Bronx to its service area as part of its Community Reinvestment Act plan.
Republic made the deal with Inner City Press/Community on the Move, which had filed CRA complaints with the Federal Reserve Bank of New York. The group dropped those complaints as part of the agreement.
"They have expanded their delineation to cover the entire Bronx," said Matthew Lee, the group's executive director. "We are happy with that."
Republic community affairs officer Phyllis Rosenblum said in a prepared statement that the bank "looks forward to working with residents of the Bronx."
The community group had dropped a similar complaint last week against Marine Midland Bank after the institution agreed to open a loan production office and commit itself to lending $15 million to Bronx residents.
