By Becky Yerak |
Minneapolis-based U.S. Bank, which last October took over failed Park
National Bank in Chicago, has pledged $4 million, including a $2 million
matching grant, to Christ the King Jesuit College Preparatory High
School on the West Side.

The $4 million pledge is the biggest donation ever  by U.S. Bank, a
company spokeswoman said. It includes a $2 million donation for a
work-study program. And the “U.S. Bank Capital Challenge” grant will
enable Christ the King to receive  $2 million in capital funding if it
receives at least that much from donors by May of 2015.

U.S. Bank also committed to continuing a $22 million interest-free building loan that had been originated through Park National Bank, as well as a $2 million operating line of credit.

Park National was one of nine U.S. banks owned by Oak Park-based FBOP Corp. and its chief, Michael Kelly. All nine were seized last October by banking regulators, prompting a community outcry and eventually a congressional hearing. According to testimony, Kelly donated 27 percent of his banks’ profits to charities and community groups. U.S. Bank contributed less than 1 percent of earnings.

Christ the King had been worried about what would happen after the failure of socially active Park, but sounds relieved now.

“U.S. Bank’s support advances our mission of affordable, college prep education for young men and women in economically challenged areas who would not otherwise have this opportunity,” Rev. Christopher Devron, Christ the King president, said in a statement. “We are gratified by U.S. Bank’s commitment.”