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Fraudster Sterling Bancorp Bid To Sell
Bank with Weak CRA to Everbank Shirking NY
by
Matthew R. Lee,
Patreon Substack
FEDERAL
COURT, Dec 24
–
Sterling Bancorp, which
settled with DOJ on securities
fraud, it trying to sell its
Sterling Bank & Trust
including in New York, where
it has a need to improve CRA
Investment Test rating to
Everbank. Fair Finance Watch
with Inner City Press on the
FOIA has filed a timely first
comment on, the Applications
This
is a request for a full copy
of, and a timely first comment
on, the Applications of
EverBank to acquire Sterling
Bank & Trust (with a rare
Needs to Improve CRA rating on
Investment Test in New York),
and not scandal plagued
Sterling
Bancorp.
Sterling Bancorp was recently
prosecuted by DOJ; EverBank
purports that by buying the
bank portion it is not touched
by the scandal. But what is
the showing that the criminal
conduct at the Bancorp was
entirely insulated from the
bank and those who work there,
and its
practices?
As a CRA matter, militating
for a hearing, Sterling Bank
has a rare Needs to Improve
rating on the investment test
in NY.
On December 24
Everbank wrote in to the Fed
stating that "EverBank
maintains the following two
office locations in New York,
neither of which is a
“branch”... Islandia, NY:
Located at 11 Oval Drive,
Suite 107, Islandia, NY
11749.11 This location
consists of an approximately
31,000 square-foot facility...
EverBank notes that its lease
for the Islandia, New York
location is due to expire in
2025, after which EverBank
expects to move the
back-office operations
currently conducted at that
location to another non-branch
office location on Long
Island, New York." Needs to
improve...
***
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