Another bank merger drawing fire from activists

June 25, 1998
Community groups who say that Citicorp and Travelers Group don’t do enough business in low-income neighborhoods are lining up to oppose the proposed merger of the two financial giants.
      The latest salvo was fired Wednesday as a national community organization filed complaints in 11 cities with the federal department of Housing and Urban Development against the two companies.
      ACORN and other groups are expected to argue that Citibank, Citicorp’s banking subsidiary, has no better record in poor and minority neighborhoods than Travelers’. “Both parties are poor actors when it comes to servicing low- and moderate-income residents,” said Patrick Woodall, policy director for ACORN. “Here are two entities with bad records serving low-income communities, and it is very poor public policy to put them together.”