| CRA Problems with
ConnectOne Merger With First of
Long Island Lead to FDIC Condition
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX,
May 20 –As ConnectOne Bank and
First National Bank of Long
Island congratulate themselves
on a merger proposal, the
preliminary review by Fair
Finance Watch finds problems.
ConnectOne, taking deposits in
New York, New Jersey and
Florida, in 2023 made only one
mortgage loan to an African
American
applicant.
Inner City
Press FOIA-ed and challenged
the required applications for
regulatory approval, on
November 18 to the FDIC.
On November 25
the FDIC wrote to ConnectOne
Bank Frank S.
Sorrentino, III – Chairman and
CEO that Fair Finance Watch
"raises issues regarding both
bank’s records of lending to
African American persons
in New York and nationwide,
respectively." FDIC
letter on Inner City Press'
DocumentCloud here
A sign of
the laxity of analysts, when
ConnectOne's Sorrentino, Bill
Burns and Sia Vancia took
(only) three questioners, KBW,
Stephens and and Raymond James
- and none of them asking
about this aspect of the
merger, much less CRA. Blind
spot around ConnectOne,
disconnected...
In May the FDIC
imposed a CRA condition on
ConnectOne, after Fair Finance
Watch's challenge - letter
with condition on Inner City
Press' DocumentCloud here.
Watch this site
***
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