| After Being IDed
As Shaky Regional UMB Bank Wants
to Buy Heartland But Disparities
by
Matthew R. Lee,
Patreon Substack
SOUTH
BRONX / SDNY, May 1 –
When First Republic Bank
failed / was given to JP
Morgan Chase, a small list of
other regional banks came into
focus as in danger. Among them
was UMB - a bank whose lending
Inner City Press and Fair
Finance Watch had been
scrutinizing.
Now UMB,
paradoxically, is asking its
regulators to allow it to
expand, buying Denver-based
Heartland. The application,
Fair Finance Watch says,
should not be
approved. In 2022,
the most recent year for which
Federal data is available, UMB
Bank, N.A. made over 2000
mortgage loans to whites, and
only 117 loans to African
Americans.
For every
denial to an African American,
it made only 2.02 loans. But
for whites, for every denial
it made 3.45 loans. It should
be referred to
DOJ.
There is
litigation, there is also
this, reported at the time of
Silicon Valley Bank's failure:
"UMB Bank, a regional bank
headquartered in Kansas City,
Missouri, and with branches
across the Midwest, Southwest,
and Western United States, has
total assets of $38 billion
and deposits totaling $32
billion, according to the
FDIC. However, only 16% of
deposits fall under the
$250,000 FDIC insurance
threshold, leaving 74.11%
(equivalent to $28.36 billion)
vulnerable to potential
losses."
Why would
regulators even consider
approving its expansion? Watch
this site.
***
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