As Peoples Bancorp Tries Buy Kentucky Bank Fair Finance Watch and Locals Oppose It

As Peoples Bancorp Tries Buy Kentucky Bank Fair Finance Watch and Locals Oppose It by Matthew Russell Lee, Patreon Book Substack SOUTH BRONX/SDNY, June 2 – Peoples Bancorp of Ohio proposes to expand into Kentucky by buying Citizens Bank there - then dumping its securities business to game the system and stay under the $10 billion line and away from the defanged CPFB.   Fair Finance Watch, after the Federal Reserve refused to act to ensure public access to Home Mortgage Disclosure Act data,  has commented to the Fed on the 2024 HMDA data of Peoples - and on the scam: Dear Chairman Warsh, Secretary Misback:     This is early opposition to the application of Peoples Bancorp Inc. of Marietta, Ohio to acquire Citizens National Corporation, and thereby indirectly acquire Citizens Bank of Kentucky, Inc., both of Paintsville, Kentucky.    What is most striking about this proposed acquisition, and calls for inquiry, hearing and denial, is the gaming of the system. The proposed acquisition would take Peoples over $10 billion - to avoid that, and fly under the radar, Peoples proposes to buy Citizens and then immediately sell off its securities portfolio and more.     It's like consciousness of guilty - what is People's so afraid of? The CFPB?     Seemingly relatedly, Fair Finance Watch hereby entered into the record, at the earliest time, Peoples Bank's disparate records of lending in its home state, Ohio.    In 2024 in Ohio, People's Bank (LEI I70W3N0Z6KOX8FYIH023) made fully 981 mortgage loans to whites, while denying only 272 - meanwhile it made only 28 loans to African Americans, while denying fully 14.        Evidentiary hearings are needed on this application. There are consumer complaints, but the FRB has declared that even CFPB database complaints, no matter the volume, are not "substantive." We disagree - and ask for a hearing on these issues as well. And on these - beyond Chair Warsh, it would seem that Governor Bowman should take a close listen to, for example Sharon Collins, who worked at and is a shareholder in the target bank: "I am totally against this merger approved by the board . As a stockholder I am making my voice known. Every person in my community that I hear from is not pleased. Help us stop this unwanted merger in our community. Help the voice of the community be heard." Angela Johnson: ""Citizens is not in any kind of financial trouble, so it makes no sense. As a shareholder of Citizens, I was not informed of this decision beforehand and have still not been permitted to vote on it. It is very disheartening to learn about this decision second hand and on social media." Antitrust - Deborah Ferguson wrote, "customers will not have abundant amounts of choices when it comes to a bank because People’s bank will be too abundant in these areas. As a member of this area I wish you would please consider not letting this merger go through." Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron. Feedback: Editorial [at] innercitypress.com SDNY Press Room 500 Pearl Street, NY NY 10007 USA Mail: Box 130222, Chinatown Station, NY NY 10013 Reporter's mobile (and weekends): 718-716-3540 Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.  Copyright 2006-2025 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com