Bank One to Invest $3.1 Billion More in Detroit Homes, Families, Businesses

Bank One to Invest $3.1 Billion More in Detroit Homes, Families,
Businesses 


DETROIT, May 27  /PRNewswire/ -- Bank One and the Detroit Alliance for Fair
Banking today announced plans for the bank to invest an additional $3.1 billion
in Detroit between 2005 and 2007.  This extends the previous three-year
commitment, which expires this year.  The bank has been making commitments in
Detroit with the Detroit Alliance for Fair Banking since 1990.

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"Our bank wants to support Detroit's rebirth by providing lending and
investment tools its residents and businesses need," said Dick Wade, president
of Bank One in Michigan.  "We can achieve the best results by partnering with
community leaders like the Detroit Alliance for Fair Banking."

Bank One plans initiatives in the following areas:

Workforce diversity: Bank One will continue to enhance diversity initiatives in
Detroit as it works to attract and retain minorities and women.

Small business lending: Bank One will continue to work with the U.S. Small
Business Administration to maximize opportunities to increase small-business
lending in Detroit.

Supplier diversity: Bank One will provide procurement opportunities for
minority businesses in Detroit.

Philanthropy and education: Bank One will continue to support the city through
charitable contributions to non-profit groups and money-management educational
initiatives.

"We are pleased with Bank One's lending and service commitment to the residents
and small businesses within the city of Detroit," stated Bernard Parker, Wayne
County commissioner and chairman of the Detroit Alliance for Fair Banking. 
"With the anticipated merger between Bank One and JP Morgan Chase, this
investment pledge demonstrates and establishes the bank's continued commitment
to the city of Detroit."

  Bank One's lending goals under the plan include:

  -- $2.7 billion for businesses
  -- $100 million for home mortgages
  -- $215 million for consumers
  -- $120 million for commercial real estate



In Michigan, Bank One operates a network of 240 branches -- including 24
Detroit locations -- and 370 ATMs.  Bank One Corp. is the nation's sixth-
largest bank holding company, with assets of more than $320 billion.  Bank One
can be found on the Internet at http://www.bankone.com/ . 

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DATASOURCE: Bank One



CONTACT:  Mary Kay Bean of Bank One Media Relations, [phone],

 



Web site:  http://www.bankone.com/ 

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