Bank Says It Will Consider Loan to Pay Workers in Factory Sit-In

NYT - Bank of America said Tuesday that it hoped to provide a limited amount of credit to allow a closed window and door factory here to pay money owed to workers who have been peacefully occupying the plant for five days to protest losing their jobs.

“We’re trying to make that happen,” a bank spokeswoman, Julie Westermann, said early Tuesday evening.

She said the company, Republic Windows and Doors, was meeting with union officials to determine how much compensation was owed to about 250 employees affected by the factory’s closing last Friday.

“They need to come up with a number, and we’re prepared to talk about a loan to cover those benefits,” Ms. Westermann said, adding that because Republic’s credit “had run out,” the company would need a new loan.

Ms. Westermann said late Tuesday evening that a representative from Chase Capital, which she said had a 40 percent stake in Republic as an equity owner, had joined the talks. “We’re reaching out and trying to get everyone to come to the table,” she said.

Earlier on Tuesday, union officials and workers gathered at the factory on the city’s North Side said they blamed not only the factory owner, but also Bank of America, which cut off the company’s credit line, workers said, and thus its ability to pay them for previously earned vacation time and severance.

Workers, who received just three days’ notice before the plant shut down, argued that the company violated federal law because employees were not given 60 days’ notice that they would be losing their jobs.

The sit-in has attracted attention nationwide and has become a symbol of resistance for workers laid off at other factories and businesses across the country.