by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, Sept 5 – Amid the FDIC's bid to eliminate public notice of and public comment on branch applications, TowneBank will be applying to the FDIC to acquire a bank in North Carolina, Dogwood Bank, for $476 million.
Fair Finance Watch, which has commented to the FDIC that its branch proposal violates the CRA, has compared TowneBank's lending record in North Carolina in 2023 to 2024. It has gotten worse and more disparate.
In 2023 in North Carolina, TowneBank made 80 loans to African Americans while denying 10 applications from African Americans. In 2024 it made fewer loans to African Americans - 77 - while denying more: 13. Now it wants to expand there.
Inner City Press disputed the FDIC's withholding of TowneBank information under FOIA. Watch this site.
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