Banc One Corp.'s merger with First Chicago NBD Corp. could
First Chicago has pledged about $10 billion to housing and development
Banc One, however, is not expected to renew these pledges because the
"We're philosophically opposed to it," said Julia Johnson, Banc One's
Mary Decker, First Chicago's top community reinvestment officer, said
That is "a decision the bank will have to make a long way down the
Ms. Johnson said Banc One tried to make deals with community groups in
"You can't manage them," she said.
That kind of talk sends shudders through activists, who have pressed the
"Imagine if she said that about all their corporate customers," said
Mr. Bush said it is "unfortunate" that Banc One shuns pacts with
"First Chicago has been very willing to sit down with us," he said.
After failing to negotiate a national agreement with Banc One, the
An Acorn official said last week that if Ms. Johnson is put in charge of
Ms. Johnson "has no relationships with any community groups," said
Activists said Ms. Decker, by contrast, has good rapport with Chicago-
The Clinton administration reportedly is considering Ms. Decker for a
Activists, however, do not have to worry that Banc One will pull the
Banc One chairman and chief executive officer John B. McCoy has said the
Activists fear that future deals with First Chicago may be in jeopardy.
In testimony at a Fed hearing on the deal last week, First Chicago
"I know that when companies merge, communities always fear loss of
"We heard that concern when First Chicago and NBD merged three years
"But as the earnings of the combined (company) have grown, so have our
Neither company wanted the Fed hearing, but Banc One officials seemed
"This whole thing is done for Acorn," one Banc One executive grumbled.