For Immediate Release
September 14, 2007, 3PM CT

Contact:
Erica Hade, SEIU Local 1, 312-343-0322

Statement Regarding Federal Reserve Decision to Forgo Public Hearing and Unilaterally Approve Bank of America-LaSalle Merger in Chicago

The Save Chicago Jobs and Community Investment Coalition is extremely disappointed in the decision by the Federal Reserve to forgo a public hearing and approve the acquisition of LaSalle Bank by Bank of America today.

Public outcry and concern from Chicagoans ranging from Congressional representatives, to academics, to faith, and community leaders over the impact of this merger on our neighborhoods and working families has been substantial—and the request for a public forum to discuss the tremendous harm this merger could cause our community has been widespread. Given historical precedent and the fact that the Federal Reserve has held requested hearings on every merger of similar size since 1998, this incredible failure by federal regulators intended to be the stewards of consumers and the health of our economy relegates the great city of Chicago and its residents to the kind of secondary status that cannot and should not be tolerated.

We already know this merger could devastate Chicago—likely costing the area more than 10,500 jobs, draining more than three-quarters of a billion dollars from our economy, and ultimately raising banking costs for all of us. We are also fully aware that while the Federal Reserve may have given its approval, other federal agencies including the Office of the Comptroller of the Currency must still weigh in before the merger can be completed.

As a diverse coalition of faith leaders, community organizations and labor unions, we are committed to provide Chicago with the public forum the Federal Reserve has failed to offer so our neighbors and our families can explore the full impact of Bank of America’s take over of LaSalle.

We will to continue to fight to ensure the merger between Bank of America and LaSalle Bank is a good deal—for Chicago.

Signed,

The Save Chicago Jobs and Community Investment Coalition

For more information about the hearing 1PM CT Saturday, September 15, visit www.savelasallejobs.org.