| BancFirst Bid for
American Bank of Oklahoma Amid
Redlining Settlement Leads to
Challenge
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/Federal
Court,
July 3 – A proposed
acquisition by BancFirst of
American Bank of Oklahoma
after the latter's redlining
settlement, and deteriorating
record since, have given risen
to a challenge under the
Community Reinvestment Act.
On July 3
Fair Finance Watch, reviewing
Home Mortgage Disclosure Act
data of both banks from 2019
to 2024, filed a CRA challenge
to the merger with the Federal
Reserve Board:
"American Bank of
Oklahoma settled redlining
charges with DOJ for its
lending to 2021, while pushing
to have reference to the Tulsa
Race Riot removed from the
complaint it settled.
But since 2021,
American Bank of Oklahoma's
lending has hardly gotten
better, including in 2024 a
year for which data has not
been considered in any CRA
exam. And BancFirst is
scarcely better. Public
evidentiary hearings are
needed and hereby requested.
In 2024 American
Bank of Oklahoma made 9 loans
to African Americans in
Oklahoma, and 225 loans to
whites. For whites it made
20.45 loans for every denied,
versus only 4.5 originations
for even denial to whites. In
2023 American Bank of Oklahoma
though still low made more
loans to African Americans
(15) while fewer to whites
(223) then in 2024.
American
Bank of Oklahoma is getting
worse over time. (Back in 2019
in Oklahoma it made 14 loans
to African American).
The proposed
acquirer BancFirst is
problematic. In Oklahoma in
2024 BancFirst made 69 loans
to African Americans, and 2413
loans to whites. For whites it
made 7.18 loans for every
denied, versus only 2.55
originations for even denial
to whites.
This application
should not be approved;
particularly in light of the
redlining settlement public
evidentiary hearings are
needed
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