Lakeland Bank Redlined in NJ and NY Now Set to Cash Out to Provident, Lawsuits Filed

By Matthew Russell Lee, Patreon Maxwell book
BBC - Honduras - CIA Trial book - NY Mag

SOUTH BRONX, Nov 23 – It is said the fair lending is being taken more seriously. Or is it being gamed more?

Take the example of Lakeland Bank. In New York State in 2021, it made 27 mortgage loans to whites, and NONE to African Americans, Fair Finance Watch has found.

   In New Jersey, it made 19 loans to African Americans - but 1224 to whites. It is redlining.   That week the Justice Department announced a $13.2 million fair lending settlement with Lakeland.

  But it was a game - in the same week, Landland announced it would apply to be bought by Provident Bank with $1.3 billion - that's billion - and its CEO Thomas Shara Jr. would stay on as executive vice chairman. Call it impunity. 

   In fact, it would appear that the Federal government is in on it, with the merger and the minimal fine being coordinated, a sort of pre-approval of the merger despite the Community Reinvestment Act. It shouldn't be, and all parties should be required to make full disclosure.

Before the FDIC's comment period's set closing on December 1, and Federal Reserve on December 15, two separate shareholders' lawsuits were filed in SDNY against Lakeland Bancorp and its directors Thomas J. Sahra, Mary Ann Deacon, Bruce D. Bohuny, Brian Flynn, Mark J. Fredericks, Briang Gragnolati, James E. Hanson II, Janeth C. Hendershot, Lawrence R. Inserra, Jr., Robert E. McCracken, Robert Micholson, III, and Robert F. Mangano. We'll have more on this.

Inner City Press on the FOIA - watch this site.

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