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home : news : news

1/26/2010 10:00:00 PM Email this articlePrint this article 
Mike Kelly, chairman of FBOP Corp. and former president of Park National Bank, testifying Thursday morning in Washington at a Congressional hearing on the future of community banking.
Feds told they got it wrong
West Siders join their banker Mike Kelly in denouncing FDIC takeover of Park National

By HELEN KARAKOUDAS
Managing Editor

First reported 1/21/2010 4:09 p.m.

WASHINGTON, D.C. - It took a Congressional hearing for Mike Kelly to find his public voice. And just after the attention-resistant banker from River Forest did start respectfully speaking up Thursday morning, his cheering section from the West Side and Oak Park met up with him to suggest a next step.

"We're bold. We're here. We're demanding accountability for what happened, and we're demanding a reversal," Beth Harvey, owner of Harvey House Bed & Breakfast in Oak Park, said to Kelly, looking him straight in the eye.

In a room at the Rayburn House Office Building that was on loan Thursday afternoon from U.S. Rep. Danny Davis, Harvey coached her fellow bus riders - and Kelly, "Say it: Right the wrong."

"Right the wrong. Right the wrong," chanted dozens of members of the grassroots Coalition to Save Community Banking as a jaw-dropped Kelly looked to his wife, Jana, his FBOP Corp. colleague Jack Crowe and the prayer meeting they'd found themselves in.

"Now, Mike, I have never seen one white man bring together so many black and white folks," Jacqueline Reed of Westside Health Authority said, calling Kelly over for a group photo. Everyone with a camera jostled back and forth to snap their own pictures, too.

"I am overwhelmed. Thank you. Thank you for being here. Thank you for taking the bus to be here," Kelly said in a whirlwind of hugs, pats on the back, and observant conversations, even with the press.

Plain talk in Room 2247, aka the chamber of Oversight and Government Reform, flowed from everyone. Jackie Leavy, a veteran community organizer steering the coalition in D.C., walked up, shook Kelly's hand, and said, "I've lived in Oak Park 25 years and I'd never met you. But for all you've done, and for as big as Park National's impact is, at the end of the day, this is not about Park National. This is about us. It's about whether we get a fair shake," Leavy said.

A lot got said Thursday in Washington, tucked into conversation or flat-out punctuating it. Kelly, who started his testimony before the House finances subcommittee so timidly he had to give his name three times, wound up his time on the panel having boldly covered several points:

He donated 28 percent of the profits of his privately held bank to community causes. That compares with less than 1 percent by the publicly held U. S. Bank.

He didn't get promised government help in the form of TARP funds - twice.

He didn't get one more week to stave off a takeover.

"I believe U.S. Bank was already lined up and that was it," Kelly said in answering the last question.

In the written testimony that he filed, a conclusion shows he's proud of the standard he set and that he was able to set out a challenge: "To whom much is given, much is expected."

Expectations are running high among the local group still pinching themselves that they scored a hearing on Capitol Hill because of the stink they made about a community loss. In his testimony on behalf of the coalition, Steve McCullough of Bethel New Life, a West Side non-profit, was clear in asking for Congressional action to rescind the takeover of Kelly's banks.

In one follow-up question to Kelly, a subcommittee member used the phrase "unring the bell."

In the testimony that Oak Park Village President David Pope filed in writing, he said: "We had a bank that cared, truly cared, about Main Street; about our shops, about our neighborhoods, about our schools, about our parents and our children, and about us. The FDIC has taken that away from us. We hope that you will help to give it back."

Harvey, who says she's in business only because of a loan that Kelly shepherded through Park National seven years ago, was the last one aboard the bus for the return trip to Chicago. She'd gone to the call on Nancy Pelosi's office with members of the coalition who were flying home. Once onboard the bus again, she got back to running her bed-and-breakfast's reservation system from her iPhone.

"When something's important, you work it. You do what you have to do," she said.





Reader Comments


Posted: Friday, January 22, 2010
Article comment by: Joan Rappaport

Mike Kelly's FBOP donated 27% (!) of its profits to community needs and was still quite profitable. On 1/22, the Chicago Tribune reported that U.S. Bank scoffed, "We certainly never would have given away 27% of our profits." Really. What a surprise. Like we don’t already know what we lost.
How wonderful it would indeed be to "unring the bell." Go for it!


Posted: Friday, January 22, 2010
Article comment by: Lanny Lutz

Bravo, bravo to Mike Kelly, for all he's done for our community, and to all those who've supported him in this time of crisis.

Posted: Thursday, January 21, 2010
Article comment by: Terry Finegan

Great work, Helen. The WJ stood tall with our community members and served a vital service - thanks to all the staff for giving this story the prominence it has deserved. From the day of the seizure forward, the Wednesday Journal has been the paper of record on this story. And Helen taking the bus trip proves your commitment. Bravo!

Posted: Thursday, January 21, 2010
Article comment by: Les

Who did this to Mike???!! Who destroyed the institution that regularly bailed out OP, and Forest Park, and provided the cash for a west side school when the kids were too crowded? Who did this??!! Uhhhhh...Tim Geithner. Well, who does he work for???!!! Uhhhh....the President. Who??!??!!?? President Barack Hussein Obama. Isn't that the same guy who swept Oak Park by about 90% of the vote?? Yep. You mean, the guy that Oak Parkers loved SCREWED Oak Park. Well....I wouldn't put it that way...he just screwed the biggest philanthropist that OP has ever known. Barack Hussein Obama. You mean the same guy who has adopted all of "HATE BUSH's" Iraq policies? And the same guy who has decided, instead of pulling out the troops from Afghanistan like he promised, a "surge" -- the same "surge" that "HATE BUSH" used to stop the downspiral in Iraq? The same Barack Hussein Obama whose incompetence nearly led to a 9-11 on December 25? The same Barack Hussein Obama who promised a $60 billion bailout during his campaign which has turned into a $800 billion bailout. The same Barack Hussein Obama who had his keister slammed in the bluest of blue states...whose ineffectiveness lost the "Kennedy Seat" to the GOP? Well, uhhh, I guess. You voted for him, Joke Parkers, suffer with him.

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