| NBT Bank Bid
To Combines Its Disparities With Salisbury
Is a CRA Litmus Test for the OCC
By Matthew
Russell Lee, Patreon Maxwell
Book
SOUTH BRONX, Feb
24 – New York and
Connecticut are portrayed as
diverse and progressive
places. But their banks, not
so much.
Consider
for example the proposed
merger between New York-based
NBT Bank NA and Salisbury Bank
& Trust with branches in
Connecticut and New York,
where it is closing one in
Poughkeepsie.
New York-based
Inner City Press and Fair
Finance Watch have long
exposed redlining - and in
this vein, on February 24 they
filed a Community Reinvestment
Act challenge with the Office
of the Comptroller of the
Currency:
This is a timely
first comment opposing and
requesting an extension of the
OCC's public comment period on
the Applications by NBT Bank
NA to acquire Salisbury Bank
&
Trust.
The applicant NBT Bank NA in
2021 based on its disparate
marketing made 1813 mortgage
loans to whites, with 666
denials to whites -- while
making only TWENTY THREE loans
to African Americans, with
fully 21 denials. This is far
out of keeping with the
demographics, and others
lenders, in NYS and beyond -
this is
outrageous.
NBT is in fact worse in New
York State, where in 2021 it
made 1332 mortgage loans to
whites, with 508 denials to
whites -- while making only 12
loans to African Americans,
with fully 18 denials. This is
even more
outrageous.
A combination with Salisbury
would be toxic. In Connecticut
in 2021, Salisburn made 125
mortgage loans to whites with
7 denied - and NO loans to
African Americans. Notably, in
preparation for this proposed
transction, Salisbury is
engage in branch closing:
SALISBURY BANK AND TRUST
COMPANY 5 Bissell Street,
Lakeville, CT 06039
Notice of intention to close
branch office at 2064 New
Hackensack Road, Town of
Poughkeepsie, Dutchess County,
New York
12603 There
is no public benefit to this
proposal.
FFW and Inner City Press have
been deeply concerned about
the rush by the OCC's penchant
to rubberstamp mergers by
redliners, contrary to its
rhetoric. We timely request
public hearings.
If the regulators
at the OCC mean what they
claim, this application should
be denied. Watch this site.
***
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