| CRA Protest to
Gaming MVB Bank Bid On Hemp
Lender West Town Bank Yields
More Questions
By Matthew
Russell Lee, Patreon MVB File
BBC -
Honduras
- CIA
Trial book - NY
Mag
SOUTH BRONX NY,
March 23 –
Amid the focus on big mergers
like Bank of Montreal Harris -
BNP Paribas and the stalled
Flagstar / NYCB, there are
other also dubious smaller
merger proposals.
Fair Finance
Watch is on the lookout, with
Inner City Press on the FOIA,
and filed this:
Dear Chair
Powell, Secretary Misback and
others in the
FRS: This is
a request for a full copy of,
and a timely first comment on,
the Applications of MVB
Financial Corp., Fairmont,
West Virginia; to acquire
Integrated Financial Holdings,
Inc., Raleigh, North Carolina,
and thereby indirectly acquire
West Town Bank & Trust,
North Riverside, Illinois, and
acquire voting shares of West
Town Payments, LLC, Raleigh,
North Carolina, "and
more."
Fair Finance
Watch has been reviewing West
Town Bank including its 2021
HMDA data not taken into
account in any CRA exam and
finds it troubling. FFW in
looking into MVB Bank find its
offers of banking for gaming,
but for CRA questions, not
even an email address, only a
snail mail address. This is
not a best practice, far from
it.
In
terms of HMDA data, in 2021,
West Town Bank made 319
mortgage loans to whites with
seven denials. Meanwhile to
African Americans it made only
TWENTY FIVE loans, while
denying five applications. A
referral should be made to the
DOJ for fair lending
violations.
MVB, proposing to buy West
Town Bank including its hemp
lending, is engaged in gaming
lending, fintechs - but has
not put its CRA file online or
even available by emailing."
First
after the filing, MVB provided
Fair Finance Watch with what
it calls its 271-page CRA file
(for some reason, only "as of
April 2022") which we've put
on DocumentCloud here
to make it public as all CRA
files should be.
On March 23, 2023
- with no reference to SVB or
Signature, Fed questions
including
"MVB has agreed
to sell its Chartwell
Compliance subsidiary to the
consulting firm, Ankura. a.
Update the pro forma
organizational chart provided
in Confidential Exhibit A of
the Additional Information
Response, dated February 7,
2023, to reflect the sale of
this subsidiary. b. Discuss
whether MVB will retain any
personnel associated with its
Chartwell Compliance
subsidiary following
consummation of its sale to
Ankura. c. Describe any
anticipated changes to MVB’s
compliance function, as a
result of the proposed sale of
Chartwell Compliance. d.
Provide the date the
transaction is expected to
close. 2. Provide an update on
the status of IFHI’s sale of
and the dissolution of West
Town Insurance Agency, Inc.
Confirm whether any other IFHI
subsidiaries have been or are
expected to be sold or
disposed of prior to
consummation of the proposed
transaction. If yes, identify
each such subsidiary and
provide the status of the sale
or disposition. 3. In addition
to data conversion, discuss
proposed integration steps to
incorporate West Town Bank
& Trust with and into MVB
Bank, Inc. (“MVB Bank”),
Fairmont, West Virginia.
INTERNAL FR/OFFICIAL USE //
SECURE EXTERNAL 4. On page 21
of the FR Y-3, MVB states that
MVB Bank is in the process of
reviewing the products and
services of West Town Bank.
The additional information
submitted on November 30,
2022, stated that that review
was still ongoing and was
expected to be completed in
early 2023. Assuming that
analysis is now completed,
explain whether any products
and services offered by either
MVB Bank or West Town Bank
would be discontinued after
consummation of the proposed
transaction. Additionally,
discuss whether there would be
any changes to the terms or
provision of the products and
services currently provided,
including fees.
Watch this site.
***
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