Re: BANK CAMPAIGN UPDATE
by Prexy Nesbitt, Committee to Oppose Bank Loans to South Africa
New York, New York, United States
July 22, 1977
Committee to Oppose Bank Loans to South Africa
Contents: SOME CAMPAIGN ACTIVITIES • DEVELOPMENT FROM THE SEAMY SIDE: THE BANKS AND THEIR ACTIVITIES • NEW RESOURCES • APPENDIX: ADDITIONAL BANKS INVOLVED • Memorandum sent as a mailing to Friends working on the campaign to oppose bank loans to South Africa. The memorandum reports on recent activities on the bank campaign. The memorandum says the Furriers Joint Council of New York (FJC) withdrew more than $10 million from Manufacturers Hanover Trust protesting that bank's policy of loans to South Africa; in Chicago and Boston, organizers have held demonstrations, withdrawals, delegations to the banks, and press conferences; at a meeting with First National Bank of Chicago, the bank's Vice President said that their position is that "the bank will make no loans to South Africa [i.e., to the government or any of its agencies or corporations] in the near future"; in Northern California, various mass meetings have been held and withdrawals made from Bank of America; the New York Conference of the United Methodist Church in June voted unanimously to withdraw conference funds from banks participating in loans to South Africa and to urge congregations, individuals and denominations to do the same; sometime in mid-June, Citibank of New York concluded a $60 million loan to Phelps Dodge Corporation and the Consolidated Gold Fields of South Africa; research about EX-IM Bank guaranteed loans has identified 40+ new banks involved in either trade finance loans (loans to private U.S. companies for their activities in South Africa) or loans to South African government and parastatals. The memorandum discusses American Express International Banking Corp, NY (New York); American National Bank & Trust Co, Chicago; Bank of Boston International, NYC; Bankers Trust NY Corp.; Central Cleveland International Bank; Central National Bank of Chicago; Central National Bank of Cleveland; Chemical Bank, NY; Citizens and Southern National Bank of Atlanta; Cleveland Trust Co.; Continental Bank International, Houston; Continental Bank International, NY; Crocker Mid-America International Bank; Crocker National Bank, LA & SF (Los Angeles and San Francisco); European American Banking Corp, NY; Fidelity International Bank, NY; First Boston Corp., NY; First City National Bank of Houston First National Bank of Minneapolis; First National Citibank International, LA (Los Angeles); First Wisconsin National Bank of Milwaukee; Harris Bank International Corp., NY; Harris Trust and Savings Bank, Chicago; Mellon Bank NA, Pittsburgh; Merchants National Bank, Cedar Rapids, Iowa; National Bank of Detroit; North Carolina National Bank; Northern Trust Int'l Banking Corp, NY; Northwestern National Bank of Minneapolis; Northwestern National Bank, Omaha; Philadelphia National Bank; Philadelphia Int'l Bank, NY; Pittsburgh National Bank; Provident National Bank, Philadelphia; Society National Bank of Cleveland; Trust Co. of GA, Atlanta; Wells Fargo Bank, National - LA & SF; Morgan Guarantee; Chase Manhattan; Continental Illinois; First Chicago; ICCR (Interfaith Center on Corporate Responsibility); W. McDonough; the United Church of Christ (UCC); the National Council of Churches (NCC); EX-IM (Export-Import Bank); and WCC (World Council of Churches).
Used by permission of former staff and members of Campaign to Oppose Bank Loans to South Africa.
Collection: Alan Zaslavsky Africa Collection, Michigan State University Libraries Special Collections