Los Angeles Business Journal
by Matt Pressberg
Berkeley’s Greenlining Institute, a nonprofit organization that advocates for economic opportunity for ethnic minority communities, has withdrawn its opposition to downtown L.A.’s City National Bank’s Community Reinvestment Act plan and proposed merger with Toronto’s Royal Bank of Canada. That should help ease the merger.
In a May 5 letter to Ivan Hurwitz of the Federal Reserve Bank of New York, the institute said that although it announced on April 23 that it would not be supporting the deal, conversations with both banks led to a change of heart.
“After ongoing negotiations with City National Bank to ensure that California’s low-income consumers and businesses of color benefit from the proposed merger, we have reached an agreement with both banks and are satisfied with CNB’s proposed California Commitment,” Greenlining Executive Director Orson Aguilar and Economic Equity Director Sasha Werblin said in the letter.