Chatham Square Association

Fair Haven is a Diverse Community with a Rich History and a Beautiful Waterfront

"take your money and run" NOT so FAST!

Event Details

"take your money and run" NOT so FAST!

Time: February 23, 2011 from 6pm to 7:30pm
Location: City Hall 2nd floor
Phone: 203 668 3552
Event Type: organizing, meeting
Organized By: Gabriela Matteson
Latest Activity: Feb 22, 2011

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Event Description

Organizing Meeting 
Stop New Alliance Merger w First Niagara from taking MILLIONS out of our community while eliminating 252 positions...
ORG MTG WED 23 FEB 2011 6PM 2nd FL City Hall
background:
As you know the board of New Alliance Bank has approved the merger with First Niagara Bank, a national bank based inBuffalo NYhttp://www.newhavenindependent.org/index.php/archives/entry/newalliance_shareholders_vote_/
First Niagara has a terrible reputation in other communities
 Jobs Lost:
In the Harleysville merger (PA) they layed -off approx 300 ;http://www.montgomerynews.com/articles/2010/02/07/souderton_independent/news/doc4b6734a76dd33989693083.txt(approx numbers) 100 in the Troy merger, 150 Hudson Merger, 100 in the Great Lakes merger....and in NEW HAVEN!...based on a letter they hand delivered to City Hall yesterday they are planning to lay off approximately 250 employees
 Lending Performance:
In aggregate lending average for low income  borrowers was 6.7%, meanwhile First Niagara loans to low income borrowers was 4.6% of alltheir loans. Similarly for moderate income borrowers the industry average was 21.8% while First Niagara's numbers were considerably lower at 15.8% (Office of Swift Supervision, CRA Performance Eval)
the Payout!
New Alliance is considered to be 124th in the country as far as size, should Payten Patterson get her "golden parachute" if the buy out goes through she will become the top paid bank executive in all of the country. Her prize approx 40 million, in addition to her 2 mil/year salary..in excess of 4million total compensation even as far back as 2006http://www.newhavenindependent.org/index.php/archives/entry/the_reverend_the_banker/  this is her second pay out - as she made sure to giver herself a nice payout when New Haven Bank demutualized....and by the way, she thinks so poorly of us who have enriched her that she found it necessary to hire three body guards from NY for the public hearing 7 years ago - truly sickening.

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Comment by Sean Matteson on February 22, 2011 at 8:04pm
BTW this was posted by Gabriela Campos-Matteson, just happen to be using Sean's computer : )

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