South Side leaders want to save small banks

August 12, 2010 3:12:36 PM PDT
Clergy members and community leaders on Chicago's South Side are calling for a moratorium on the closing of community banks.

They say the federal government should do more to save small institutions like the troubled ShoreBank.

State Representative Marlow Colvin says, as a former community organizer, President Obama should understand the importance of small banks to their communities.

"It is who the president is, so we are not asking him to become something he is not, we're asking him to be what we always believed him to be, and that is concerned about these communities," said Marlow.

People attending Thursday's event say, when small banks fail, neighborhoods suffer.

The Wall Street Journal reports that ShoreBank has asked for $75 million from the federal tarp program.


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