NAACP Survey: Banks Must Try to Do Better
New York Times (10/27/00) Vol. 104, No. 42 p.E1; Thompson, A. P.

Bank of America received the highest rating in the NAACP's recently released survey of the U.S. banking industry. The bank received a B rating, with First Union ranked second with a C+, while the overall ranking of 15 major national banks was a C-. SunTrust, which was in the process of merging with Crestar of Washington, D.C., as well as incorporating 28 smaller community banks into its operations, received an F. The bank did not respond to the study because it did not have enough time to do so when it received the survey in June. The NAACP surveyed the banks for their records in the black community in the areas of employment, community reinvestment, advertising and marketing, vendor development, and charitable giving. Not enough black companies are receiving contracts to work with large banks, the survey found. The banks averaged a D+ for employment, D for advertising, an A for community reinvestment, and a C for charitable giving.

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