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The opening day of last year’s Pullman / Roseland Parade of Homes was, according to the residents I interviewed there, “a great day for Pullman.”
That great day was made possible, in part, by Park National Bank’s commitment to the community, reports Ninth Ward Alderman Anthony Beale in the video above. We recently reported that the non-profit development arm of Park National planned to build thousands of new homes in Pullman, extending the bank’s commitment.
As most of you probably know by now, Park National was one of the banks seized by the FDIC on Friday. That has to be very bad news for Pullman and other south side communities..
See more about Park National’s role in Pullman and Roseland at our YouTube playlist.
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{ 5 comments… read them below or add one }
Sadly banks are failing everyday. FDIC forces many banks to raise more capital and then these banks are seized when they can’t. Park Nat’l I always thought of as a successful bank. One can only wonder what happened that after making lofty plans for the revitalization of an historic neighborhood that it was ultimately seized by FDIC.
I applied for a job with this bank years ago and they never responded. I guess they got what they deserve. What comes around goes around…RIP FBOP!!
Joe,
Any idea if/how this may affect the building at Michigan and Madison?
dave,
I’m guessing you’re referring to Six North Michigan.
I don’t know enough about the building’s situation to speculate. About the only thing certain is that there’s increased uncertainty due to the ownership / control transition.
Crain’s reports that the project’s status will be unchanged after the takeover.