WASHINGTON, May 3 /PRNewswire/ -- On Wednesday, May 5, national leaders
 will come together to celebrate and learn from 11 of the most successful and
 innovative corporate-community alliances that are redefining the norms for
 doing business in America's lower-income markets.  Selected as recipients of
 the highly competitive Social Compact Award, these corporate-community
 partners will showcase their community investment and growth strategies during
 a two day program of events in Washington, D.C., including a Congressional
 Symposium and a Forum on America's Neighborhoods.
     Considered the "Baldridge" for corporate performance in lower-income
 communities, the value of this award is reinforced by the participation of
 national decision-makers and opinion leaders such as Sen. John McCain,
 Republican presidential candidate, Dr. Lawrence Lindsey, former member, Board
 of Governors, Federal Reserve System and American Enterprise Institute
 resident scholar and Edward M. Gramlich, member, Board of Governors, Federal
 Reserve System.
     "By investing in the future of our nation's under-served communities,
 these partnerships are demonstrating how businesses share a vested self-
 interest in the long-term competitiveness and growth of America's
 neighborhoods," said Gov. Gramlich.
     Throughout the two-day awards program, these and other decision-makers
 will gather to learn from and discuss successful strategies for building
 community investment and wealth.  House Banking Committee leadership will be
 drawing on the pragmatic insights to help guide public policy.  At the
 National Press Club, a dialogue between the award winners and national opinion
 and thought leaders will be moderated by Dr. Lindsey, and Sen. McCain will
 enter into a dialogue with the award winners regarding their shared visions
 for the future for America's neighborhoods.  The Federal Reserve will be the
 sight of a national celebration to recognize the power of leadership and
 partnership.
     "They are the new faces of leadership for America's neighborhoods,
 pioneering the most effective ways to attract private investment and build
 wealth in our country's under-served communities," said Sen. McCain.
     Recipients of the award each receive a $10,000 grant to advance the work
 of their nonprofit neighborhood partner, and the partnership is the focus of
 an ongoing program of case studies, site visits and briefings for decision-
 makers and media.
     Social Compact is a coalition of diverse corporate officers who have
 joined forces to marshal private sector investment in and leadership for
 America's neighborhoods.  The Social Compact Awards are the foundation of a
 comprehensive, high-impact program that is redefining corporate performance,
 mobilizing leadership and educating decision-makers about the benefits of
 strategic corporate alliances that build upon core market strengths and
 capitalize upon business opportunities in lower-income communities.
     This year's awards are made possible through the leadership of many.  The
 Mortgage Bankers Association of America for its sponsorship of the National
 Press Club Forum and lead program sponsors: Bank United, Bankers Trust, Branch
 Banking & Trust, Dime Bancorp, Driehaus Capital Management, Fannie Mae, First
 American Financial Group, First Union Corporation, Fleet Financial Group,
 Freddie Mac, Goldman Sachs, Principal Financial Group, Prudential Insurance
 Company, State Farm Insurance Companies, the Federal Home Loan Bank System and
 Wachovia Corporate Services.
     This year's award-winning partnerships, by industry sector, are:
 
     Commercial Banking:
     Bank of America and Marshall Heights Community Development Organization,
 Washington, D.C.
     The Chase Manhattan Corporation and the Abyssinian Development
 Corporation, Harlem, N.Y.
     CitiGroup and The Unity Council, Oakland, C.A.
     J.P. Morgan and Primary Care Development Corporation, New York, N.Y.
 
     Thrift:
     Roosevelt Savings Bank and Neighborhood Housing Services of Bedford-
 Stuyvesant, Inc., Brooklyn, N.Y.
 
     Community Banking:
     Northern State Bank and Impact Seven, Ashland, W.I.
 
     Diversified Financial Services:
     PMI and the Chickasaw Nation, Ada, O.K.
 
     Industrial:
     Eaton Navy Controls Division and the Northwest Side Community Development,
 Milwaukee, W.I.
 
     Manufacturing:
     General Mills, Glory Foods, Siyeza, Inc., U.S. Bancorp and Stairstep
 Foundation, Minneapolis, M.N.
 
     Retail:
     Community Pride and the Richmond Public Schools, Richmond, V.A.
 
     Healthcare:
     Saint Mary's and Neighborhood Renewal Services of Saginaw, Inc., Saginaw,
 M.I.
 
 

SOURCE  Social Compact