Word: sneed
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Hayden and Sneed laid the plans for Unity, contacting faculty members at the Business School and black professional people in Roxbury for advice. The Unity Bank Association, consisting of 88 organizers of the bank was formed in late 1966, and carried on the work without Hayden when he was drafted soon after graduation...
Unity became the first state chartered bank to over capitalize prior to opening for business and now, in a mere 90 business days of existence, it is on the verge of making a profit, a feat that, according to Sneed, usually takes a commercial bank three to five years. Since the stockholders are chiefly citizens of Roxbury and Dorchester, Unity's success will profit the entire community...
...Sneed, a tall, dark brown pillar of a man, works out of a seven-by-seven foot office allotted for the president. He is involved--unlike most bank presidents--in the day-to-day business of the bank and spends almost half his time assisting individual customers in the bank's main room. "We give really human service here and know our customers by name, not number," he boasted in a recent interview. But Unity is probably one of the only banks in the country where all customers have access to the executives at almost any time...
...publicized by urban politicians and ghetto leaders, it would seem that Unity faces a dilemma. The bank must be concerned with extending new loan oportunities to people who may not have upheld their commitments in the past and must be concerned with its own success as a financial endeavor. Sneed and Fulp see this problem differently. "There are factions of both the black and white community that are watching to see whether we are going to pass the supreme test of survival," Sneed said. But Fulp refuses to succumb to this pressure...
...Sneed is the president of the bank and the chairman of the board of directors and must be concerned with Unity's success. And he also speaks from experience. When he first approached the State Board of Banking Corporation to obtain a charter for Unity, the bank was required to capitalize at $1 million. According to Massachusetts statute, the capitalization requirement is determined by the population of the area where the bank is located. On that basis, Unity should have been able to capitalize at $450,000, not $1 million. "They figured we wouldn't be able to meet that...