| As Huntington Bids to Buy
Cadence Disparities Extend from
Mississippi to Alabama &
Beyond
by
Matthew Russell Lee, Patreon Book
Substack
SDNY/SOUTH
BRONX, Oct 27 – As US
bank regulators loosen rules -
including the FDIC moving to
eliminate public comment
altogether on branch expansion
applications - now more big
banks are moving to get
bigger.
On
October 27, amid the pending
PNC - FirstBank, Pinnacle -
Synovus and Fifth Third -
Comerica proposals, Huntington
announced it will apply to buy
Cadence Bank.
Fair
Finance Watch has been
concerned about both banks.
For now, consider Cadence in
2024:
In Mississippi in
2024 Cadence made 2447
mortgage loans to whites and
only 556 denials to whites. To
African Americans, Cadence
made only 558 loans while
denying fully 355
applications. Thus, for white
Cadence made 4.40 loans to
whites for every denial, while
for African Americans only
1.57 loans for every denial.
This is disparate.
In
Alabama in
2024 Cadence
made 1122
mortgage loans
to whites and
only 262
denials to
whites. To
African
Americans,
Cadence made
only 187 loans
while denying
fully 100
applications.
Thus, for
white Cadence
made 4.29
loans to
whites for
every denial,
while for
African
Americans only
1.97 loans for
every denial.
This is
disparate.
There is more,
including as
to Huntington.
Watch this
site.
Inner City
Press, which has opposed the
FDIC's moves to close itself
to public scrutiny - American
Banker op-ed here
- will be submitting FOIA
requests on all this. The FDIC
said it will eliminate public
notices because it does not
receive enough public
comments. That is now
changing. Watch this site.
***
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