by Matthew R. Lee, Patreon Substack
SOUTH BRONX / SDNY, Aug 2 – When First Republic Bank failed / was given to JP Morgan Chase, a small list of other regional banks came into focus as in danger, banks whose lending Inner City Press and Fair Finance Watch had been scrutinizing, even more so that the 2023 data is out.
This week Inner City Press filed with the Fed, a timely first comment on, the Applications of SouthState Corporation to merge with Independent Bank Group, Inc., and Independent Bank.
SouthState in South Carolina in 2023 - data not yet included in any CRA exam - made 5013 mortgage loans to whites, and only 228 loans to African Americans. Meanwhile it denied only 670 applications from whites, and fully 195 from African Americans. SouthState should be referred to DOJ.
SouthState in North Carolina in 2023 - data not yet included in any CRA exam - made 1334 mortgage loans to whites, and only FIFTY SEVEN loans to African Americans. Meanwhile it denied only 173 applications from whites, and fully 20 from African Americans.
SouthState in Florida in 2023 - data not yet included in any CRA exam - made 2755 mortgage loans to whites, and only 165 loans to African Americans. Meanwhile it denied only 958 applications from whites, and fully 69 from African Americans.
SouthState in Georgia in 2023 - data not yet included in any CRA exam - made 1176 mortgage loans to whites, and only 318 loans to African Americans. Meanwhile it denied only 304 applications from whites, and fully 88 from African Americans.
SouthState in Alabama in 2023 - data not yet included in any CRA exam - made 945 mortgage loans to whites, and only FIFTY ONE loans to African Americans. Meanwhile it denied only 87 applications from whites, and fully 17 from African Americans. SouthState should be referred to DOJ.
Nationwide in 2023, SouthState made 7798 mortgage loans to whites, and only 947 loans to African Americans. Meanwhile it denied only 2491 applications from whites, and fully 558 from African Americans.
Why would regulators even consider approving its expansion? Inner City Press is requesting an extension of the public comment period, public / virtual evidentiary hearings and that, on the current record, the applications not be approved
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