by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX, May 20 –As ConnectOne Bank and First National Bank of Long Island congratulate themselves on a merger proposal, the preliminary review by Fair Finance Watch finds problems.
ConnectOne, taking deposits in New York, New Jersey and Florida, in 2023 made only one mortgage loan to an African American applicant.
Inner City Press FOIA-ed and challenged the required applications for regulatory approval, on November 18 to the FDIC.
On November 25 the FDIC wrote to ConnectOne Bank Frank S. Sorrentino, III – Chairman and CEO that Fair Finance Watch "raises issues regarding both bank’s records of lending to African American persons in New York and nationwide, respectively." FDIC letter on Inner City Press' DocumentCloud here
A sign of the laxity of analysts, when ConnectOne's Sorrentino, Bill Burns and Sia Vancia took (only) three questioners, KBW, Stephens and and Raymond James - and none of them asking about this aspect of the merger, much less CRA. Blind spot around ConnectOne, disconnected...
In May the FDIC imposed a CRA condition on ConnectOne, after Fair Finance Watch's challenge - letter with condition on Inner City Press' DocumentCloud here.
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