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Fraudster Sterling Bancorp Bid To Sell
Bank with Weak CRA to Everbank Hit by FFW
by
Matthew R. Lee,
Patreon Substack
FEDERAL
COURT, Nov 20
–
Sterling Bancorp, which
settled with DOJ on securities
fraud, it trying to sell its
Sterling Bank & Trust
including in New York, where
it has a need to improve CRA
Investment Test rating to
Everbank. Fair Finance Watch
with Inner City Press on the
FOIA has filed a timely first
comment on, the Applications
This
is a request for a full copy
of, and a timely first comment
on, the Applications of
EverBank to acquire Sterling
Bank & Trust (with a rare
Needs to Improve CRA rating on
Investment Test in New York),
and not scandal plagued
Sterling
Bancorp.
Sterling Bancorp was recently
prosecuted by DOJ; EverBank
purports that by buying the
bank portion it is not touched
by the scandal. But what is
the showing that the criminal
conduct at the Bancorp was
entirely insulated from the
bank and those who work there,
and its
practices?
As a CRA matter, militating
for a hearing, Sterling Bank
has a rare Needs to Improve
rating on the investment test
in NY. The rest of that
Performance Evaluation is not
credit - it talks about and
praises mortgage lending when
the HMDA data show negligible
volume. Inner City Press
is requesting an extension of
the public comment period,
public / virtual evidentiary
hearings and that, on the
current record, the
applications not be
approved
FFW and Inner City Press have
been deeply concerned about
the rush by the Federal
Reserve to rubber-stamp
mergers by redliners, money
launderers and predatory
lenders. This has been killing
the Community Reinvestment Act
and we timely request public
hearings
***
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