by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Aug 27 – In the battleground state of Michigan, a bank is trying to move into suburban Detroit via merger, with a disparate lending record. Fair Finance Watch with Inner City Press on the FOIA has filed a timely first comment on, the Applications ChoiceOne Financial Services, Inc., Sparta, Michigan; to merge with Fentura Financial, Inc., and thereby indirectly acquire The State Bank
Kelly Potes, ChoiceOne’s CEO said that the proposed "transaction will allow ChoiceOne to strengthen its presence in the suburbs of Detroit while adding the markets of Flint and Saginaw." But consider ChoiceOne's disparate lending record:
Consider that ChoiceOne Bank in Michigan in 2023 - data not yet included in any CRA exam - made 759 mortgage loans to whites, and only TWENTY to African Americans. Meanwhile it denied only 246 applications from whites, while denying 10 of the applications that, based on its marketing, it received from African Americans. ChoiceOne should be referred to DOJ.
Meanwhile The State Bank in Michigan in 2023 - data not yet included in any CRA exam - made 414 mortgage loans to whites, and only THREE to African Americans. Meanwhile it denied only 36 applications from whites, while denying one of the few applications that, based on its marketing, it received from African Americans. The State Bank should also be referred to DOJ.
Why would regulators even consider approving this merger? Watch this site.
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