| CRA Problems with Planters
Bank and Trust Cross Keys Bank
Merger Lead to Challenge
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/Federal
Court,
June 9 – A proposed
merger by Planters Bank &
Trust in Mississippi and
Tennessee with Cross Keys Bank
in Louisiana and Texas has
brought into focus Planters'
disparate lending.
On June 9
Fair Finance Watch, reviewing
Home Mortgage Disclosure Act
patterns nationwide, filed a
timely Community Reinvestment
Act protest with the FDIC:
The applicant
Planters Bank & Trust
Company in 2023 in Mississippi
had a denial rate for the
mortgage loan applications of
African Americans more than
twice as high as for white
applicants. For whites it
originated 11.53 loans for
every denial to whites; for
African Americans it
originated only 4.59 loans for
every denial.
Planters Bank & Trust
Company in 2023 in Louisiana,
in which it proposes now to
further grow, made three loans
to whites with no denials to
whites; one to an African
American applicant with also
denying an African Americans'
application.
Planters
Bank & Trust Company in
2023 in Tennessee originated
eight mortgage loans to whites
and NONE to African Americans.
These
practices should not be
allowed to expand, and should
not be introduced into
Texas. This merger and
expansion proposal should be
denied.
As ConnectOne
Bank and First National Bank
of Long Island congratulated
themselves on a merger
proposal. Inner City Press
FOIA-ed the required
applications for regulatory
approval.
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."
In
May 2025 the
FDIC imposed a
CRA condition on
ConnectOne,
after Fair
Finance Watch's
challenge -
letter with
condition on
Inner City
Press'
DocumentCloud here.
And
on Planters Bank
& Trust?
Watch this site
***
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