by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Feb 11 – In Florida, United Community Bank is trying to move into the Miami area 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 Application by UCB to acquire American National Bank.
But consider United Community Bank's disparate lending record:
In South Carolina in 2023, United Community Banks made 673 mortgage loans to whites with 282 denials. Meanwhile to African Americans in the state it made only FIFTY ONE loans, while denying fully 45 applications.
In Florida in 2023, United Community Banks made 240 mortgage loans to whites with 86 denials. Meanwhile to African Americans in the state it made only TWELVE loans, while denying five applications.
Nationwide, United Community Banks is scarcely better. In 2023 overall it made 5576 mortgage loans to whites with 4114 denials. Meanwhile to African Americans nationwide it made only 477 loans, while denying fully 1246 applications. That is to say, while UCB to whites had more loans then denial, to African Americans it had nearly three times as many denials as of loans.
To this, on February 11 UCB through outside counsel replied that while Fair Finance Watch "cites data for the Bank’s lending in South Carolina, Florida and 'nationwide,' the comment’s assertion that “nationwide” data is relevant is misplaced. The Bank has a Southeastern—not nationwide—mortgage lending footprint consisting of locations in Alabama, Florida, North Carolina, South Carolina, Georgia and Tennessee." Then, "the Bank’s self-assessments have not revealed any evidence of discriminatory practices." What a surprise. They ignore their disparities.
Watch this site.
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