Identify sites and serve as preferred developer
NEED
In 1999 LaSalle National was the largest bank headquartered in Chicago. Bank executives needed to fill gaps in market coverage and also comply with governmental Community Reinvestment Act (CRA) regulations. They called us to help them open branches in several underserved markets.
Q2 PROCESS
We were hired as preferred developer. Using a disciplined checklist and working with staff, we mapped the existing branches and then identified the gaps in market coverage, including Chicago’s south side. Our work was transparent and open book to LaSalle. We conducted due diligence, site acquisition, entitlements, construction and build-out of these 5,000-square-foot banking centers, including drive-thru teller positions.
RESULTS
Over a five-year period we developed seven LaSalle branch banks, from Crystal Lake northwest of Chicago to 92nd and Commercial on the city’s southeast side. Four branches met national CRA (Community Reinvestment Act) requirements for low and moderate-income coverage. All the branches converted to Bank of America branches in 2007.
