Bank holding Company Question

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Thank you for your reply. We are in the process of trying to organize a
community development with the non-profit FOUNDATION FOR ECONOMIC JUSTICE as
the primary shareholder. I appreciate your lead.

Tom Wakely

Greg Morishige wrote:

> I believe that TELACU in Los Angeles is the only example of a nonprofit
> organization that "owns" a community development bank (Community Commerce
> Bank).
>
> =====================
> Greg Morishige
> Shorebank Advisory Services
> 7054 S. Jeffery
> Chicago, IL 60649
> 773-753-5140
> 773-753-5880 fax
>
> Shorebank Advisory Services is a consulting firm that works with CDFIs,
> banks, nonprofits, and other organizations, helping them revitalize
> communities throughout the U.S. and abroad.
>
> -----Original Message-----
> From: Thomas Wakely [mailto:thomaswakely@faith-based.org]
> Sent: Friday, October 20, 2000 3:47 PM
> To: communitydevelopmentbanking-L@cornell.edu
> Subject: Bank holding Company Question
>
> While we know that a federally chartered bank must be organized as a
> "for-profit" corporation; if the organizers of a new bank chose to raise the
> capital through the creation of a bank holding company, can the holding
> company be a "non-profit" corporation ?
>
> Thomas Wakely



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