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Firstar Corp. plans to use a division from its most recent acquisition to help speed along its investments in low-income residential property and guarantee the loans are more profitable for the bank.
As part of its purchase of Mercantile Bancorp., St. Louis, Firstar acquired a community development corporation that examines the tax benefits of lending money to developers who want to construct low-income housing units.
Milwaukee-based Firstar has an active community investment corporation that puts bank money into various projects, including neighborhood redevelopment, commercial projects and low-income housing.
"The growth of our community …