Evanston Considers Bank Swap As Occupy Protestors Urge Change
The city council approved a request for proposals for a new bank for city accounts, which are currently held by Chase Bank.
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Six months after Occupy Evanston activists began protesting the city’s investments in Chase Bank, aldermen approved a motion to solicit proposals for a possible banking transfer.
At Monday’s council meeting, aldermen unanimously authorized the city manager to issue a request for proposals for a local bank that could replace Chase. For the past 10 years, Evanston has used Chase and First Bank and Trust as its primary banks, and the city currently holds more than 30 checking and money market accounts between the two.
Occupy protestors spoke up at the meeting in support of the move—a point they have been making through protests outside the Civic Center on weekdays since January.
“There is serious citizen interest in seeing that funds of the city are moved to, wherever possible, banks that are local and have the interests of Evanston and Evanston residents at heart,” said Elliot Zashin.
Members of Occupy Evanston met with city manager Wally Bobkiewicz within the last couple of weeks to discuss their request that the city divest its holdings in Chase Bank and other major banks. Among those requests are to choose a commercial bank, rather than an investment bank, and to choose a bank that has a moratorium on foreclosures.
“We feel that this cannot be business as usual,” Zashin said. “Chase and the other five big banks wreaked havoc on millions of Americans through their financial manipulations.”
Jack Sigel, organizer of the protests against city involvement with Chase, said that he believed the investment a community bank would make locally would outweigh the difference in fees.
“Up to tonight, the city has been aligned with the one percent,” Sigel said. “I would offer that tonight, the city has the chance to shift that to being aligned with the 99 percent.”
The council unanimously approved the motion to seek proposals for a banking transfer without discussion, as part of a consent agenda vote on several items. Among the criteria for choosing a new bank will be the scope of services provided, fees for those offerings, willingness to work with the city and commitment to social responsibility.
Proposals will tentatively be due in August, with a contract awarded in September, according to city documents. If the council decided to go forward with the bank transfer, it would likely go into effect on or before January 2013.
jim
4:10 pm on Tuesday, June 26, 2012
Once again the City Council and Mayor makes decisions on lets then 5% of residents and doesn't even know if they live here.
Jim
4:22 pm on Tuesday, June 26, 2012
Oh boy! The People's Republic of Evanston. The problem is not switching banks, it is getting on the slippery slope with the occupy people who now will be pushing Evanston into all sorts of left wing nonsense. But of course our vaunted leaders are smart enough to resist that. Yeah, right!
Natalie Watson
4:46 pm on Tuesday, June 26, 2012
For what it's worth, I strongly support Occupy Evanston's demands to divest from Chase Bank. We ought to be supporting local banks rather than the too-big-to-fail mega banks that destroyed our economy.
Arlene Rakoncay
4:59 pm on Tuesday, June 26, 2012
I'm proud of the city of Evanston for considering the move to a community bank. After all, it was Chase Bank and their greedy coherts Bank of America, Wells Fargo, etc. who caused millions of people and military families to lose their homes. Kudos to the Occupiers! Arlene
jim
8:01 pm on Tuesday, June 26, 2012
Actually it was people that lost their jobs and the government pushing home loans Do some research.
Kristen S
7:27 pm on Tuesday, June 26, 2012
I always think it's a great idea to support local businesses - including banks. I would however just put it out there that many local Evanston residents - who are not part of the 1% - may be employed by these large evil banks. Perhaps even more than are employed by the small local banks (What used to be the local First Chicago is now Chase bank). While I consider myself a liberal and acknowledge that there is a need for change in this country, I can't help but be fearful of losing my job at a large national bank. The banking industry has been hit hard with many layoffs and closures since 2008. I wish people would understand that there are hardworking 99% people who work at banks too (like me, an Evanston resident!). It's not just the 1% guys at the top, it's mainly the small hardworking people who make up these conglomerates and we don't get golden parachutes.
jim
7:59 pm on Tuesday, June 26, 2012
Name your local. Define Local?
Jim
10:00 pm on Tuesday, June 26, 2012
The banks just caved to Barney Frank, Fannie Mae and Freddie Mac to give low cost no doc loans to people who should not have had them. The banks for better or worse are so tied to the government that the stupidity of the government hacks has infected the banks. you remember savings and loans which could only loan within 100 miles of their location and kept all mortgages in house. Then the congress changed the banking laws and kerpluie. People who borrowed money when they could not pay it back and bought overpriced houses cannot keep their houses no matter how compassionate the bank. Money doesn't work that way. Oh please,please. I am a nice person. Won't someone give me some money, a house, a car, some food and clothes.
Rob Marquardt
11:12 am on Wednesday, June 27, 2012
If anybody is interested in the truth about the financial meltdown Frontline made a four part series of the abuse and it should be watched by everybody!
june shellene
5:04 pm on Wednesday, June 27, 2012
This issue goes far beyond parties or left/right arguments. It's vast and complex, and the old, boxed-in paradigms will not serve should we wish to come to terms with what has happened in the banking industry. It is too complex to go into here, but I will say, should you be interested in understanding what has taken place, the information is plentiful. I recommend Predator Nation, the latest book by Charles Ferguson, who won the oscar for best documentary in 2011 for Inside Job, which was about the 2008 financial crisis. I will quote from page 160 of Predator Nation..."We are talking about deliberate concealment of financial transactions, nuclear weapons proliferation, and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression." Inside Job is not an easy film to watch, and Predator Nation is not an easy book to read...not because of they're too complex or not written with the reader/viewer in mind, but because we still want to believe...oh, THEY wouldn't do that. I say, no...YOU wouldn't do that, but they would, they are, and they WILL if enough of us do not wake up and put things right for ourselves and our children. JP Morgan is one of the most corrupt corporations on earth. Will blog on this tomorrow or so.
Jennifer Fisher
6:27 pm on Wednesday, June 27, 2012
I look forward to reading your post, June!
Cindy
12:58 pm on Thursday, July 5, 2012
How about not only the City but, other public insitutions in evanston should invest locally...
mij
1:22 pm on Thursday, July 5, 2012
Tell them to leave Evanston. Tell Cook County Treasurer to STOP using them.
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