CHICAGO, Ill., Oct. 4, 2000 — In an effort to promote local community redevelopment, Microsoft Corp. has established a $5 million dollar depository relationship with Seaway National Bank of Chicago, the largest black-owned bank in the nation, Seaway announced today.
“This deposit reflects Microsoft’s commitment to investing in minority banks around the country that are making a positive impact in their local communities,”
said Steve Ballmer, president and CEO, Microsoft Corp.
“This kind of investment is good for the community and it’s good business. Seaway provides excellent service and security for our investment, and it will use this deposit to support housing, employment and other community development opportunities,”
he added.
“The deposit from Microsoft is beneficial and Seaway National Bank is pleased to have such a meaningful relationship,”
said Walter E. Grady, president and CEO, Seaway National Bank of Chicago.
“This deposit supports our mission of fulfilling the dream of home ownership for people from all walks of life, especially low and moderate income families. Microsoft’s support will help enable us to extend our 1% down home mortgage program into the year 2001.”
“Microsoft has done a good thing and a smart thing,
“said Reverend Jesse Jackson, Sr.”
When corporate America expands its markets, and areas that have been historically redlined are greenlined, everybody wins. Smart business judgement leads to growth for everybody. Community banks like Seaway strengthen their neighborhoods by promoting home ownership and small businesses.” Rev. Jackson delivered the keynote address at the National Bankers Association annual meeting today, addressing the connection between corporate investments and community empowerment.
Seaway is dedicated to making credit and other bank services available to everyone. Innovative home mortgage programs that remove most of the obstructive barriers to home ownership and home improvement are a flagship offering. Traditional deposits from major corporate customers like Microsoft enable the bank to continue with special programs that support low- and moderate-income families, neighborhood businesses and the local economy generally.
Since June of this year Microsoft has made $15 million in deposits to minority-owned banks. These deposits include a $4.5 million deposit at the Citizens Bank of Atlanta, a $5 million deposit in the International Bank of Commerce in Texas and a $500,000 deposit in First Tuskegee Bank in Tuskegee, Alabama.
In addition, over the past three years Microsoft has given more than $231 million ($19.5 million in cash and $211.5 in software) to help thousands of organizations provide technology access to underserved communities.
“We are excited about working with Microsoft to expand our minority bank programs and our community development programs,”
said Emma E. Taylor, Senior Vice President Seaway National Bank of Chicago.
“We are proud to have Microsoft evaluate our banks for their financial strength and our tremendous value in the communities we serve. We are also proud to have Microsoft join our family of corporate friends.”
For press inquiries, please contact:
Emma E. Taylor, Senior Vice President Seaway National Bank of Chicago, (703) 602-4000
This release issued by Seaway National Bank has been reprinted by permission.
