Banks Join CU For Development Loan

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Security Services FCU joined six banks in a syndicated $16 million loan to help the San Antonio Development Foundation buy 1,700 acres to develop a Toyota manufacturing plant.

The unusual syndicate provided the development corporation with short-term funding until the city was able to float a bond to buy the property and sell it to the car maker.

The participating banks were: Broadway Bank, Bank of America, Jefferson State Bank, JP Morgan, Chase Bank, Bank One, and Frost Bank. Toyota plans to open an assembly plant for its Tundra models in 2006.

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