By Matthew Russell Lee, Patreon
FEDERAL COURT / BRONX, Dec 30 -- How out of control is the merger rubber stamping of the U.S. Federal Reserve and other regulators, even as they are ostensibly working to improve?
Today it's reported that Cadence Bank is looking to settle with DOJ on lending discrimination. But Inner City Press / Fair Finance Watch protested Cadence to the Federal Reserve in 2018 - and the Fed approved the merger.
Inner City Press / Fair Finance Watch wrote: "timely first comment on, the Applications of Cadence Bancorporation, Houston, Texas; to acquire State Bank Financial Corporation, Atlanta, Georgia, and thereby indirectly acquire State Bank and Trust Company, Macon, Georgia As an initial matter, this is a request that the FRS immediately send by email to Inner City Press all non-exempt portions of the applications / notices for which the Applicants have requested confidential treatment.
Fair Finance Watch has been tracking Cadence Bank: In 2017 in the Dallas, Texas MSA for convention home purchase loans, Cadence made 99 such loans to whites - and NONE, not a single origination, to African Americans. In 2017 in the Houston Texas MSA for convention home purchase loans, Cadence made 236 such loans to whites - and only 15 to African Americans, and only 23 to Latinos. This is not in keeping with the aggregate, which made 37,128 such loans to whites, 3151 to African Americans and 8215 to Latinos.
In 2017 in the Birmingham, Alabama MSA for convention home purchase loans, Cadence made 66 such loans to whites - and only ONE to African Americans. Even combining in Table 4-1, it was 79 home purchase loans to whites and only THREE to African Americans. This should also be address in this proceeding, including at the requested evidentiary hearing: “Cadence Bank - Racist manager 2800 Post Oak Blvd Suite 101, Houston, TX 77056, USA Oct 14, 2017 NOT RESOLVED I had my 2 business accounts at the Williams tower location, I tried talking to the manager about small business loans she always avoided me looking at me kind of weird whenever I done withdrawals she always asked me why I'm taking money out after 3 months she sent me a Leter saying she's going to be closing my account because I take money out ones a week for payroll and she didn't like that”
This was covered not only in Inner City Press, here on FOIA abuses the Fed did nothing about, but also, for example, Barron's, here.
And the Fed rubber stamped the merger.
Jump cut to December 2024 when Cadence had to adjourn its shareholders meeting, to try to "solicit proxies from preferred shareholders in favor of a proposal (Proposal 2) to authorize the Cadence Bank board of directors to implement repurchases of stock in accordance with Regulation H." Watch this site.
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