The mailing discusses the campaign against bank loans to South Africa in Virginia, Philadelphia and New York. In October, a delegation sponsored by the Central Atlantic Conference of the United Church of Christ, including representatives of the United Virginia Bankshares and Campaign and ACOA, met with Richard Dilworth and Thomas Carr, President and International Vice President, respectively, of United Virginia Bank. A delegation from local churches, community groups, and ACOA met with First Pennsylvania Bank Chairman James Bunting on December 3; Bunting confirmed the bank's new policy of making no future loans to South Africa, for businesses there or the South African government. He noted...
The mailing discusses the campaign against bank loans to South Africa in Virginia, Philadelphia and New York. In October, a delegation sponsored by the Central Atlantic Conference of the United Church of Christ, including representatives of the United Virginia Bankshares and Campaign and ACOA, met with Richard Dilworth and Thomas Carr, President and International Vice President, respectively, of United Virginia Bank. A delegation from local churches, community groups, and ACOA met with First Pennsylvania Bank Chairman James Bunting on December 3; Bunting confirmed the bank's new policy of making no future loans to South Africa, for businesses there or the South African government. He noted the bank had $13 million in outstanding loans there, most to corporations such as General Motors for business operations in South Africa. In December, a delegation sponsored by the National Council of Churches, including national church and ACOA representatives, met with Harry Ekblom and Klaus Jacobs, Chairman and Vice Chairman, respectively, of the European American Banking Corporation. European American recently acquired the bankrupt Franklin National Bank of New York. The bank confirmed new involvements in loans to the government-owned S.A. Iron and Steel Corporation for huge expansion of the Saldhana Bay complex; the representatives denied knowledge of the loan intended for Rhodesia's Iron and Steel Corporation (RISCO) and noted that the Treasury Department sent a representative to investigate the sanctions violation. The mailing mentions ACOA (American Committee on Africa), major Philadelphia banks, and the sharp downturn in the Euro-dollar market. [Note: A publication included in this mailing apparently was Stop Banking on APARTHEID, published by the American Committee on Africa, which is available on this website.]
