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Senator Don
Harmon
News:
Harmon Resolution Moves to
House, Urges Congress to
Continue Park National Bank
Sale Investigation
SPRINGFIELD, Ill. — State Senator Don
Harmon’s (D–Oak Park) joint
resolution regarding a Congressional investigation into Park National
Bank’s sale passed the Illinois Senate late last week. The resolution
urges the United States House of Representatives Financial Services
Committee and the United States Senate Committee on Banking, Housing,
and Urban Affairs to hold hearings to investigate the FDIC’s seizure of
Park National Bank and the impact this action will have on the
communities that the bank served.
Illinois Representatives Karen Yarbrough, Angelo Saviano, LaShawn Ford and Marlow Colvin are now sponsors in the House; In addition to Senator Harmon, Senators Jacqueline Collins and Mattie Hunter sponsored the resolution in the Senate.
“I am pleased Senate Joint Resolution 81 is now advancing in the House, getting us closer to finding out more about what happened at Park National Bank and why,” Senator Harmon said.
The bank seizure has been the topic of a hearing held by the Financial Institutions and Consumer Credit Subcommittee. Community-based banks throughout Illinois have been seized by federal regulators while large banks were the beneficiary of taxpayer-funded bailouts.
“The citizens of Austin, Oak Park and our broader community want to know why this happened and what it means for the future of community banking here,” Senator Harmon said.
Park National Bank had $3.8 billion in deposits when its 30 branches were closed by federal and state bank regulators on October 30, 2009 along with eight other banks. According to the FDIC, the cost of the nine banks to the Deposit Insurance Fund was a combined $2.5 billion, and U.S. Bank's acquisition of all Park National Bank deposits was the "least costly" resolution for the FDIC compared to alternatives.
Illinois Representatives Karen Yarbrough, Angelo Saviano, LaShawn Ford and Marlow Colvin are now sponsors in the House; In addition to Senator Harmon, Senators Jacqueline Collins and Mattie Hunter sponsored the resolution in the Senate.
“I am pleased Senate Joint Resolution 81 is now advancing in the House, getting us closer to finding out more about what happened at Park National Bank and why,” Senator Harmon said.
The bank seizure has been the topic of a hearing held by the Financial Institutions and Consumer Credit Subcommittee. Community-based banks throughout Illinois have been seized by federal regulators while large banks were the beneficiary of taxpayer-funded bailouts.
“The citizens of Austin, Oak Park and our broader community want to know why this happened and what it means for the future of community banking here,” Senator Harmon said.
Park National Bank had $3.8 billion in deposits when its 30 branches were closed by federal and state bank regulators on October 30, 2009 along with eight other banks. According to the FDIC, the cost of the nine banks to the Deposit Insurance Fund was a combined $2.5 billion, and U.S. Bank's acquisition of all Park National Bank deposits was the "least costly" resolution for the FDIC compared to alternatives.
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