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HOUSING PRODUCTION 7477 DELMAR BOULEVARD

ST. LOUIS, MO 63130-4000

CORPORATION (314) 862-8130

AN INTERFAITH ORGANIZATION FAX (314) 862-5006
OFFICERS Federal Reserve Bank of San Francisco
Parick Amel 101 Market Street
President San Francisco, Ca. 94105
Teress Spillane
Vice President
Joe Cavato The following are comments given by Mr. Chris Krehmeyer,
s ice Fide Executive Director, on behalf of Ecumenical Housing regarding the
"Secretary proposed NationsBank/Bank of America merger:
Paul Wentzien
Treasurer Thank you for the opportunity to speak today on behalf of the
EXECUTIVE DIRECTOR proposed mctger of NationsBank and Bank of America. ; ;
Ctwistopher Krchmcyer Ecumenical Housing is the largest not-for-profit housing provider in
St. Louis County, Missouri owning and operating almost 200
BOARD OF IRECTORS scattered site, single family rental homes. In addition, we provide
Pues Benoist an array of support services to all the families living in our homes,
‘Theodore C. Chrismer typically a single mother with three children. Through secure
yen chelt Deyen housing in good neighborhoods and the provision of educational, .
John G. D. Dubuque employment, money management and parenting skills we help our
Fay Fleming families along a continuum to economic independence and self
Frances S. Green sufficiency.
Rev. Gary Hamp
Newey ‘alhionn When NationsBank first entered our community, buying the largest
Harry Richman banking institution and a friend of the not-for-profit sector, there
Oe er Sch was the fear that this huge, out of town monolith would not be the
Youu Sparks partner and leader that it’s predecessor was. While the dialogue to
John J. Stretch the community was good the old Missouri adage of "Show Me" was
Kelly B. Sullivan very prevalent. I am extremely pleased to report that NationsBank
Wer” Se has exceeded most of our expectations in being a partner in our
work and has become a leader in better neighborhoods and the lives
BOARD OF ADVISORS of the families living there. They have been proactive and
Lym R. Broeder ke aggressive at looking our local problems and helping us fix them.
Robert L. Hamess | Their product experience in other markets has been invaluable to
Robert Herleth us. St. Louis has a reputation of being unwilling to try new things
Muy nee Holden but NationsBank has shown us that community development
John Padgew problems can have many solutions.
Fred Perabo
cane anaes NationsBank has taken a Jeadership role in the Much needed
Monsignor John Shocklee revitalization of our downtown area and has committed significant

resources to the new Regional ‘Neighborhood Support Collaborative
which provides much needed operating resources for neighborhood
based community development corporations. In addition, the bank
has impressed us by hiring key 3iaif from our community. Two of

"Do justice... love mercy... walk humbly wiiit your God." Micah 6:8


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Ecumenical Housing Comments
NationsBank/Bank Of America Merger
July 10, 1998

Page 2

their leaders in the community investment/development division are the former Executive
Director of our local Neighborhood Housing Services affiliate and the former Director of
Community Development for St. Louis City and County. These two individuals bring a
wealth of knowledge about our community to the bank staff. Further, these two
individuals are well respected and accessible to the front line folks who toil everyday to
better the lives of the people in their community.

Our experience with NationsBank has becn very positive. I appears that as Ecumenical
Housing, NationsBank believes in the adage that "doing good is good business", We
strongly support the proposed merger and hope that our comments somewhat allay the
fears of those who may oppose it. Thank you.

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