| CRA Problems with
ConnectOne Merger With First of
Long Island Lead to Challenge
& Delay
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX,
Nov 25 –As ConnectOne Bank and
First National Bank of Long
Island congratulate themselves
on a merger proposal, the
preliminary review by Fair
Finance Watch finds problems.
ConnectOne, taking deposits in
New York, New Jersey and
Florida, in 2023 made only one
mortgage loan to an African
American
applicant.
Meanwhile
First National Bank of Long
Island, after a weak and
disparate lending performance
in 2023, now lists on its
website that mortgages are
only offered through Rocket
Mortgage. How do and would
these two banks - which should
be kept separate and not be
allowed the merge, under the
Community Reinvestment Act,
serve communities. It appears
that they don't.
Inner City
Press has now FOIA-ed and
challenged the required
applications for regulatory
approval, on November 18 to
the FDIC.
On November 25
the FDIC wrote to ConnectOne
Bank Frank S.
Sorrentino, III – Chairman and
CEO that Fair Finance Watch
"raises issues regarding both
bank’s records of lending to
African American persons
in New York and nationwide,
respectively. The
anticipated time and review
required to investigate
these issues has necessitated
the removal of the application
from expedited processing."
FDIC letter on Inner City
Press' DocumentCloud here
Watch this site
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