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
First Niagara has a terrible reputation in other communities
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)
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.