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Sumitomo to Detail Investment in Founders

June 26, 1997|(Nancy Rivera Brooks)

Sumitomo Bank of California is expected today to reveal how much money it will invest in Los Angeles-based Founders National Bank, the state's largest black-owned bank. San Francisco-based Sumitomo, which has been criticized by community groups for inadequate lending to blacks and Latinos, recently announced a $1-billion community investment campaign. Part of that campaign involved a partnership with Founders in which the two banks would participate in joint loan ventures, Sumitomo tellers and managers would receive "sensitivity training" from Founders, and Founders employees would get executive and other training.

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