Testimony of Mayor Dannel Malloy - Federal Reserve Bank of New York 

June 251998 

I am Mayor Dannel Malloy. I would like to begin by thanking you for the opportunity 

as the Mayor of Stamford, Connecticut to testify on behalf of Citibank. Stamford is 

the Connecticut headquarters for Citibank. Since the bank opened its first of 

seven branches only four years ago, I have been impressed with the Bank’s 

commitment to be a major community force in Stamford and within the State of 

Connecticut. 

As the Mayor of the 4th largest city in Connecticut with the 3rd largest concentration 

of Fortune 500 corporate headquarters in the country - I know first hand that 

corporate partners like Citibank are vital to continued urban growth. If Citibank’s 

current activities are a reflection of broader available resources that result from the 

Citicorpnravelers Group merger, then I can only look forward to stronger 

partnerships with the proposed Citigroup in Stamford and throughout the State. 

To illustrate the depth of the Banks commitment to the community, I would like to 

highlight three key areas of creative initiatives that Citibank has lead. 

FIRST KEY AREA - EDUCATION 

Citibank and the City of Stamford share a personal commitment to the excellence of 

public education for children of all ages. 
Citibank has partnered to spearhead TWO Stamford School Readiness Programs. 

These programs promise that all Stamford children will have an opportunity to be 

ready to learn before entering school. The initiatives are: 

I. The Hillandale Child Development Center - This will be the first program in 

the state to fully integrate state-of-the-art learning strategies with health, nutrition and 

parenting modules in a child care environment for pre-school children. 

2. Success By 6 - Citibank is a key member of the Leadership Council. SuccessBy-6 will ensure that all children enter kindergarten with the foundation needed to 

prepare them to succeed in school. 

In addition to the above educational activities Citibank: 

* Adopted the Hart Magnet School Read-A-Loud program 

* Received major awards for Junior Achievement of Southwestern Connecticut 

l Funded Connect’96 - Established Internet access for both Stamford High Schools. 

* Developed and implemented a summer associate program with The Urban League 

of Southwestern Connecticut. 

SECOND KEY AREA- HUMAN AND SOCIAL SERVICE. 

Two examples of leadership: 

1. Citibank helped plan and fund with the City of Stamford, United Way and Infoline, 

The lnfoline Referral Center. The center is a unique staffed “storefront” 

operation offering community agency information, access to caseworker services 

and job shopping through a Department of Labor kiosk. The referral center is the 

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result of the partners concern that people moving from welfare -to-work needed a 

place to connect with local, regional and statewide agencies that can help them 

become self-sufficient. 

2. Sheryl Adkins Green , Citibank F.S.B. President will serve as Chair of the 

United Way of Stamford 1998-99 fundraising campaign which will raise over 

$2 million for local agencies. This is another example of the personal commitment 

Citibank’s senior management demonstrates. 

THIRD KEY AREA -ACCESS TO CREDIT FOR LOW-AND MODERATE-INCOME 

AREAS AND HOUSEHOLDS. 

Citibank is an active lender in all Stamford neighborhoods. The Bank has 

made substantial inroads into the Enterprise Zone with small business loans to 

help retain jobs and help businesses grow. Additionally, the leadership of the 

Community Development Loan Program is well recognized. 

The bank became a pacesetter two years ago for new Connecticut banks when it 

committed $1 million to the Housing Development Fund for affordable housing in the 

City and directed more than $2 million in community development investments to 

Bridgeport, Norwalk and Stamford. Citibank loans have extended to statewide 

initiatives including a $2 million loan for the Connecticut Preservation Loan Fund and 

an approval to fund $3 million for a Child Care Loan Fund this month. 

Citibank knows that money alone cannot build neighborhoods. Therefore, in 1995 

the bank helped establish a Fairfield County Local Initiatives Support Corporation 

office located in Bridgeport. 

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I would like to conclude my testimony with Benefits of the proposed Merger for the 

community of Stamford and the State of Connecticut. 

Unlike the traditional in-market bank merger that I have seen in Connecticut where 

physical locations overlap and savings are achieved by consolidation, the formation 

of Citigroup is different. This merger will not eliminate available resources as other 

mergers have; rather the combination will greatly increase the value and 

convenience for customers through offering access to a broader range of high quality 

financial services and products, all from one convenient location in Stamford and 

other Connecticut sites. 

Additionally, the wide range of products and services offered by the combined 

company will add breadth and depth to the career opportunities in Connecticut. The 

stronger company will bring more jobs. 

As I stated at the beginning of my testimony, I believe that the merger of Citicorp 

and Travelers Group will only enhance the Bank’s deep commitment of human and 

financial capital to Stamford and the State of Connecticut. 

Thank You. 
THE ASSEMBLY 

STATE OF NEW YORK 

ALBANY 

June X,1998 

I am Assemblyman Stephen B. Kaufman and I represent the 82”6 

Assembly District in the Bronx. My districts’ boundaries Co-op City, Throggs 

Neck, Eastchester Gardens, Westchester Square and Castle Hill Avenue. 

I am here today to tell you that Citibank has demonstrated again and 

again its commitment to the social and economic well-being of the Bronx, and 

as the borough undergoes a renaissance in many of its neighborhoods, 

Citibank has been there to play a major role. 

Citibank has focused its resources, technical assistance, leadership 

and grants to foster business development, home ownership, comprehensive 

economic development and educational programs for schoolchildren, high 

school students, and college students, as well as welfare to work 

participants. 

Citibank fervently seeks to ensure that the unique needs of senior 

citizens are not only met, but also exceeded through superior service and 

customer satisfaction. In fact, Citibank’s work with legislators like myself 

and community leaders led to innovative and creative initiatives that have 

resulted in safer, more convenient alternatives to accomplish their banking. 
For example, while responding to the need for greater education around direct 

deposit and familiarity with using the phone for banking. Citibank also 

discovered and responded to the need for transportation services and 

protection against con games. 

In response to concerns expressed by seniors in the Pelham Manor/Coop City area, Citibank offered to present its consumer education series to 

seniors on a range of issues from how to use ATM’s and PC banking; how to 

access basic checking; how to call into its phone service and speak with a 

representative; and how to protect themselves from con games. Citibank 

consumer educators worked one-on-one with seniors to teach them what to 

watch for and how to protect themselves. From one of these sessions with 

seniors at Co-op City’s Einstein Loop Senior Center, Citibank learned of 

seniors’ concerns over access to their branch and a discomfort with direct 

deposit. 

As a result of this meeting, when the Citibank branch closed in Co-op 

City, Citibank set up a free shuttle bus so seniors could continue to bank with 

Citibank at another branch. The shuttle bus also allowed time for the seniors 

to do shopping at a nearby mall. Through this initiative, every participant in 

the shuttle bus program is signed up for diiect deposit, showing that seniors 

will respond when you take the time to work with them. Through the 

consumer education program, Citibank also worked one-on-one with senior 

citizens who travel often to Puerto Rico and Florida. Many seniors were not 

aware that Citibank offers free bill payment services through its l-800 service 
line. In one instance, a senior was able to avoid surcharges on her rent when 

she was in Puerto Rico by having Citibank pay her bills. Overall, Citibank 

consumer educators have conducted over 600 seminars in English and 

Spanish, 20% of which were conducted in the Bronx in senior citizen centers, 

schools, hospitals and local businesses. 

Beyond the bricks and mortar of its branches, however, Citibank uses 

the strength of its human resources to invest time, leadership and technical 

assistance to community groups and residents. In my own district, Citibank 

staff has volunteered for the 45’” Precinct’s “Night Out Against Crime” and 

other health fairs in Co-op City and Throggs Neck assisting in the creation of 

KidCare ID Cards for hundreds of area schoolchildren. Citibank has also cosponsored with me a wonderful summer bus trip for senior citizens who were 

treated to an all day picnic and barbecue. Citibank staff spent the entire day 

with me at the barbecue pit, cooking and making sure that over 150 seniors 

had a great day to remember. This is surely dedication to the community. 

Staff at the Citibank branch on Castle Hill Avenue found out I was 

sponsoring a teddy bear drive for the physically and emotionally abused 

children who are brought into the Montefiore Child Protection Center and 

immediately took up my cause and collected over 200 teddy bears for the 

children. These are the kind of wonderful people who are the backbone of this 

institution. Citibank has worked hand-in-hand with many community 

associations in my district on numerous different issues. Citibank has also 

participated in Read Aloud programs in schools in my district and has also 
taken part in a clothing drive for people making the transition from welfare to 

work. In my community, Citibank has sorely made a difference. 

In the Bronx last year, through its Partnership in Progress program, 

Citibank committed $150,000 to three creative and innovative community 

development corporations for the creation of affordable housing, commercial 

stores and community revitalization. 

For 25 years, Citibank has had a long standing commitment to 

improving the quality of life in the communities it serves. It is clear from these 

activities in my Assembly district and also those throughout the Bronx that 

Citibank demonstrates its pledge to CRA by providing access to the highest 

quality financial services and products, making them available to everyone 

regardless of where they live or how much they earn. I look forward to 

continuing my office’s strategic partnership with Citibank to effect positive 

change in the Bronx.