| Fraudster
Sterling Bancorp Bid To Sell Bank with
Weak CRA to Everbank Dismissive of NY
by
Matthew R. Lee,
Patreon Substack
FEDERAL
COURT, Dec 6
–
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.
On December 4
Everbank's outside counsel
wrote in that FFW "selectively
criticizes a single component
of Sterling Bank’s most recent
CRA performance evaluation
from states in which Sterling
Bank either no longer
operates, will no longer
operate upon completion of the
Proposed Transaction, or
maintains only a de minimis
banking presence" -- that
would be New York, no
commitment to improve on the
Needs to Improve. As to
Michigan the outside counsel
says, or brags, "EverBank
intends to close Sterling
Bank’s only Michigan branch
following completion of the
Proposed Transaction."
The proposal
should be denied.
***
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