Word: succession
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Dates: during 1960-1969
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What the Daily lacked in finesse, it made up for in aggressiveness. A psyched-up Jacobs, roving the field with uncanny success, nearly found himself in a bit of a scrap with an annoyed receiver at the four-beer mark...
This was, of course, the season opener for the CRIMSON. Saturday's success story, however, prompted remarks that this same journalistic force is eager to match athletic prowess with any team The Daily Pennsylvanian dares to send this Saturday...
...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...
...black entrepreneurship is much 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...