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Old Kent Bank agreed to make $560 million in housing and small-business loans in economically disadvantaged parts of the Chicago area over the next three years. The loans are part of an agreement the Grand Rapids bank reached with the Chicago CRA Coalition, which is convened by the Woodstock Institute. The agreement, prompted by Old Kent’s planned acquisition of First National Bank of Evergreen Park, boosts Old Kent’s previous home loan commitment in the Chicago area by 56 percent and its small-business loan commitment by 45 percent.
