| Burke & Hebert
Challenged on Bid for LINKBANK
on which FFW got CRA Condition
by
Matthew Russell Lee, Patreon Book
Substack
Federal
Court,
Dec 22 – As banks rush to
merge given rubberstamping
signals from US regulators,
LinkBank has done too far with
Burke &
Herbert. Back in
2023 Fair Finance Watch got
the FDIC to impose a Community
Reinvestment Act condition on
LINKBANK, here.
Now with no
indication of compliance,
LINKBANK proposes to sell
itself to also-disparate Burke
& Hubert. FFW
on December 22 filed
challenges with the Federal
Reserve Board and FDIC. FRB
version:
Dear
Chairman Powell, Secretary
Misback: This
concerns the proposal by Burke
& Herbert to acquire
LINKBANCORP and
LINKBANK.
This is
opposition at the earliest
possible time. In light of a
recent proposal in which only
the OCC is considering a
multi-billion merger, we are
submitting this to the FRB as
soon as possible. Please
immediate inform FFW if Burke
& Herbert is applying to
the FRS, and consider this
comment on any and all Burke
& Herbert
applications.
FFW
previously raised disparities
of LINKBANK to the FDIC -
resulting on a CRA condition
being opposed on October 3,
2023. It is imperative
that compliance be reviewed,
including at the requested
public evidentiary hearing.
Given recent developments,
there is no reason to believe
that the FDIC would or will
enforce even its own
conditions.
Burke &
Herbert in Virginia in 2024
made 83 mortgage loans to
whites, and only SEVEN to
African Americans. Meanwhile
it denied two applications
from African Americans, and
only four from
whites. This is
disparate.
Burke & Herbert in West
Virginia in 2024 made 165
mortgage loans to whites, and
only TWO to African Americans.
Meanwhile it denied one
application from an African
Americans, and only 29 from
whites.
Burke & Herbert in
Maryland in 2024 made 18
mortgage loans to whites, and
only TWO to African
Americans.
Now Burke
& Herbert wants to buy
LINKBANK, on which FFW had a
CRA condition imposed. The
FDIC wrote: CRA Protest
In the course of reviewing
public input on the
application, the FDIC received
an adverse comment from a
protester that was considered
a CRA protest... the FDIC
decided to approve the
application with the following
condition.
Watch this
site.
***
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