| Lakeland Bank
Redlined in NJ and NY Now Set to
Cash Out to Provident, Lawsuits
Filed
By Matthew
Russell Lee, Patreon Maxwell
book
BBC -
Honduras
- CIA
Trial book - NY
Mag
SOUTH BRONX, Nov
23 – It is said the fair
lending is being taken more
seriously. Or is it being
gamed more?
Take the example
of Lakeland Bank. In New York
State in 2021, it made 27
mortgage loans to whites, and
NONE to African Americans,
Fair Finance Watch has found.
In
New Jersey, it made 19 loans
to African Americans - but
1224 to whites. It is
redlining. That
week the Justice Department
announced a $13.2 million fair
lending settlement with
Lakeland.
But it was
a game - in the same week,
Landland announced it would
apply to be bought by
Provident Bank with $1.3
billion - that's billion - and
its CEO Thomas Shara Jr. would
stay on as executive vice
chairman. Call it
impunity.
In
fact, it would appear that the
Federal government is in on
it, with the merger and the
minimal fine being
coordinated, a sort of
pre-approval of the merger
despite the Community
Reinvestment Act. It shouldn't
be, and all parties should be
required to make full
disclosure.
Before the FDIC's
comment period's set closing
on December 1, and Federal
Reserve on December 15, two
separate shareholders'
lawsuits were filed in SDNY
against Lakeland Bancorp and
its directors Thomas J. Sahra,
Mary Ann Deacon, Bruce D.
Bohuny, Brian Flynn, Mark J.
Fredericks, Briang Gragnolati,
James E. Hanson II, Janeth C.
Hendershot, Lawrence R.
Inserra, Jr., Robert E.
McCracken, Robert Micholson,
III, and Robert F. Mangano.
We'll have more on this.
Inner City Press
on the FOIA - watch this site.
***
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