by Matthew Russell Lee, Patreon Book Substack
FEDERAL COURT, Feb 13 – How automatic do banks now think merger approvals are? Stock Yards Bancorp announced a proposal to buy Field & Main bank and its holding company - but has yet to apply to the Federal Reserve.
This while Stocks Yards' CEO is on a board of directors of the Federal Reserve Bank of St Louis.
On February 13 Fair Finance Watch filed challenges to the deal with the FDIC - and with the Federal Reserve, opposing any waiver:
Dear Regional Director Bottone and others at the FDIC: This is a timely first comment opposing and requesting an extension of the FDIC's public comment period on the Application by Stock Yards Bank & Trust Company to acquire Field & Main Bank. The application is on the FDIC's website where a public comment period running through April 3, 2026 . These comment, and supplements to come, are timely. Fair Finance Watch, which has commented to the FDIC that its proposal to eliminate public notice of branch applications violates the CRA, noting the FDIC's rationale that it receives few public comments, hereby timely informs the FDIC that is troubled by Stock Yards Bank & Trust's lending record and is requesting public hearings and denial of this application. In 2024 in Kentucky, from which Stock Yards is ostensibly regulated, Stock Yards made only 60 loans to African Americans while denying 46 applications from African Americans. By contrast in Kentucky in 2024 Stock Yards made 1,424 loans to whites while denying only 515. This comparison is striking. This application must be denied. In 2024 in Ohio Stock Yards made only 13 loans to African Americans while denying three applications from African Americans. By contrast in Ohio in 2024 Stock Yards made 53 loans to whites while denying only six. In 2024 in Indiana Stock Yards made only 27 loans to African Americans while denying seven applications from African Americans. By contrast in Indiana in 2024 Stock Yards made 209 loans to whites while denying only 59. This comparison is striking. This application must be denied
The same data has been sent to the Federal Reserve, along with this:
Dear Chairman Powell, others: This is a timely first comment opposing the Proposal of Stock Yards Bancorp Inc. to acquire Field & Main Bancorp, Field & Main Bank and affiliates - no waiver should be given to this holding company buying holding company proposal, esp given Stock Yards' CEO being named by the Reserve Bank to its Louisville branch Board of Directors: James A. Hillebrand Chairman and Chief Executive Officer Stock Yards Bank & Trust Louisville, Kentucky 2028 (here)
We are writing in at this time, the first day the proposal showed up on the FDIC website without being on the Fed's H2A, to oppose any waiver by the FRB of St Louis, including given its conflict of interest. That Reserve Bank named Stock Yards' CEO to the board of its Louisville branch - the Reserve Bank cannot be viewed as impartially granting approvals or waivers to Stock Yards bank. Shockingly, in response to Inner City Press' FOIA request, the Fed has said it has not record of reviewing or imposing any safeguards on such conflicts of interesting, including for example SVB having been on the FRB of SF board when it failed. This must go to the Board.
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