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THE KEY TO SUCCESS IS
TAKING PROACTIVE MEASURES
"Being proactive is the key to compliance with fair lending laws. If you are proactive, there is much that you can accomplish. You can reach historically marginalized communities and provide them new opportunities, all while increasing your institution’s overall lending activity – making this work a win-win for everyone"
- Assistant Attorney General, Kristen Clarke on 03/06/2024
Midwest BankCentre in Pagedale, MO
In 2011, Midwest BankCentre entered into a consent order resolving the United States’ allegations that it had redlined majority-Black neighborhoods in the City of St. Louis and North St. Louis County. As part of this settlement, Midwest opened a branch in the city of Pagedale, a part of the County that had never had a bank branch, and invested in partnerships with trusted community leaders to increase its lending in Pagedale and the surrounding neighborhoods. Within the first two years of opening, four hundred community members had established their first relationship with a bank. This branch helped spur other economic activity in the immediate area, including: a movie theatre; credit union; restaurants; a health care center; and the Carter Commons—a commercial development that houses numerous minority-owned businesses including shops, a food court, and a fitness center.
The Pagedale Town Center has transformed the community in every way—vacant lots and abandoned buildings have grown into attractive structures that meet residents’ needs, and instill pride, optimism, and a renewed feeling of community for Pagedale’s long-term residents.
Based on the success of the Pagedale Branch, in 2016, Midwest opened a branch on the campus of the Friendly Temple in the City of St. Louis. As of 2023, Midwest now operates five branches in majority-Black neighborhoods in and around the City of St. Louis. Midwest’s branches in these communities have helped reduce by half the rate of unbanked Black households in the St. Louis area.
