by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Dec 6 – Sterling Bancorp, which settled with DOJ on securities fraud, it trying to sell its Sterling Bank & Trust including in New York, where it has a need to improve CRA Investment Test rating to Everbank. Fair Finance Watch with Inner City Press on the FOIA has filed a timely first comment on, the Applications
This is a request for a full copy of, and a timely first comment on, the Applications of EverBank to acquire Sterling Bank & Trust (with a rare Needs to Improve CRA rating on Investment Test in New York), and not scandal plagued Sterling Bancorp. Sterling Bancorp was recently prosecuted by DOJ; EverBank purports that by buying the bank portion it is not touched by the scandal. But what is the showing that the criminal conduct at the Bancorp was entirely insulated from the bank and those who work there, and its practices? As a CRA matter, militating for a hearing, Sterling Bank has a rare Needs to Improve rating on the investment test in NY.
On December 4 Everbank's outside counsel wrote in that FFW "selectively criticizes a single component of Sterling Bank’s most recent CRA performance evaluation from states in which Sterling Bank either no longer operates, will no longer operate upon completion of the Proposed Transaction, or maintains only a de minimis banking presence" -- that would be New York, no commitment to improve on the Needs to Improve. As to Michigan the outside counsel says, or brags, "EverBank intends to close Sterling Bank’s only Michigan branch following completion of the Proposed Transaction."
The proposal should be denied.
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