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Article: Shell Oil Program Lends a Hand to Bronx Bank.(Shell Oil Co.'s Community Banking Initiative gains new partner, New York National Bank)(Brief Article)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- January 3, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Shell Oil Co.'s Community Banking Initiative is now in the South Bronx.
The newest partner in the Houston giant's inner-city development program is $145 million-asset New York National Bank. It will use an investment from the Royal Dutch/Shell Group unit to lend more to businesses owned by minorities and women, said Serafin Mariel, New York National's president.
The three-year-old program "enables banks to make loans to undercapitalized businesses and gives them a chance to succeed," Mr. Mariel said. "It creates jobs in the community and increases the tax base."
Shell started the program as a test in Los Angeles and Houston; it took it ...