by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Dec 24 – 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 24 Everbank wrote in to the Fed stating that "EverBank maintains the following two office locations in New York, neither of which is a “branch”... Islandia, NY: Located at 11 Oval Drive, Suite 107, Islandia, NY 11749.11 This location consists of an approximately 31,000 square-foot facility... EverBank notes that its lease for the Islandia, New York location is due to expire in 2025, after which EverBank expects to move the back-office operations currently conducted at that location to another non-branch office location on Long Island, New York." Needs to improve...
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