{news} Fwd: First Niagara Press Conference Monday, Public Hearing Wednesday and Engine 8 shut down

[Allan Brison]

 [image: allan_masthead_2010.bmp]

Friends and Neighbors
March 6, 2011

Two important Public Hearings are happening this week:

*First - On the proposed take-over of the New Alliance Bank*

Most of you are probably somewhat familiar with the situation currently
occurring with the merger of the New Alliance Bank with First Niagara Bank.

As you may remember, New Alliance Bank was formed seven years ago, out of
the take-over of the 160-year old New Haven Savings Bank. Now it, in turn,
is being taken over by First Niagara Bank, headquartered in Buffalo, NY.

The Mayor's Office and many community groups and activists are fighting this
take-over. There will be a Public Hearing on this Wednesday March 9 from 5
to 9 PM in the auditorium of the Conte West Hills School, located at 511
Chapel Street in the Wooster Square neighborhood. This Public Hearing is
being held by the Banking Commissioner. It is the opportunity for local
folks to have a voice in this important decision.

Under state law, this merger cannot take place unless the Banking
Commissioner determines that it will "produce benefits to the public… [that]
*clearly outweigh* possible adverse effects."

We need to fill the auditorium!

Here are some of the possible adverse effects of the take-over:

   - Banking decisions will pass out of local control to First Niagara's
   headquarters in Buffalo, NY.
   - First Niagara has a *poor track record* of eliminating hundreds of good
   jobs and closing bank branches in communities where they have merged,
   bought, or taken over local banks. Right off there will be 250 confirmed job
   losses.
   - First Niagara has a *poor record* for lending to low and moderate
   income families, considerably lower than New Alliance.
   - First Niagara has a *poor record* of making loans to local small
   businesses. This will critically affect small business growth, so necessary
   for job growth.

While many local people will lose their jobs, and New Alliance customers get
less service, CEO Peyton Patterson stands to personally make up to $30
Million this year if the merger deal goes.

*The control of the assets built up over the lifetime of the New Haven
Savings Bank should stay in the city of New Haven.*

It should be noted that First Niagara has a *lower government rating* than
New Alliance, when it comes to loans in lower and middle income
neighborhood, and *lower ratings* for small business loans under $100,000.

In 2004, New Alliance promised that demutualization would not lead to a
takeover by an outside bank. *They should be held to that promise* unless it
can clearly be shown that this new merger benefits the citizens of New
Haven.

For more information, go to the Facebook page:
http://www.facebook.com/pages/Say-NO-to-First-Niagara/185404671495550

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The Commissioner needs to hear from us. Please come out to the Public
Hearing on Wednesday evening starting at 5 pm, and help make our voices
heard.
--------------------------------------------------------

*2. On the proposed shut-down of engine 8
*

I received this post from Ray Saracco and Kevin Donohue:

 We are just finding out that the city scheduled a meeting for Tuesday night
March 8th at little Hooker school, on Livingston St. at 5:30 PM.  This
meeting is to explain why the city will shut down engine 8, our neighborhood
fire engine.  Notify all your neighbors and friends who live in the
neighborhood. This is an important subject, because if this happens it could
mean slower response times for fire and medical services.  This is NOT due
to budget cuts.  Please come and hear the city explain why they are doing
this to just our district.   PLEASE SPREAD THE WORD.

Thanks, Ray Saracco and Kevin Donohue
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Please try to come to both of these important events.

Thanks, Allan

Allan Brison
203-782-6808
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