A New York financial watch dog organization claims the merger of Whitney Bank with Mississippi-based Hancock Bank is a bad deal for minorities.
The Times-Picayune reports that Inner City Press/Fair Finance Watch of New York, in a letter of opposition sent to the Federal Reserve March 6, lists gaps between the loan approval rates for whites and blacks who applied for home loans through Hancock Bank. Fair Finance executive director Matthew Lee says Hancock’s record of home loans for minorities is worse than Whitney’s, but did not say what Whitney’s record is.
A Hancock spokesman responded in a statement and said the information the group based its complaint on “provides a very limited view of covered loans or conditions such as factors related to creditworthiness:”
In checking out the merger, Lee’s group looked at data that Hancock reported under the Home Mortgage Disclosure Act, a 1975 law that requires banks to report loan data so that the Federal Reserve can monitor whether banks are serving their communities’ housing needs and whether they’re discriminating.
The protest highlights six Gulf Coast markets where there are racial gaps in Hancock’s lending.
In Hancock’s hometown of Gulfport, Miss., for example, the bank denied conventional home loans to African-American and Hispanic applicants twice as often as those of white applicants, Fair Finance Watch said.
The complaint could further slow the timeline for the Whitney-Hancock merger to close, a timeline The Times-Pic says is already moving slower than Hancock had planned.
Read more on the Fair Finance complaint here.
For more on the Whitney-Hancock merger, check out The Independent Weekly’s Feb. 16 story “Don’t Bank On It.”
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Mellow Mushroom Pizza Bakers opens on Johnston.
Acadiana's Top 50 Private Companies
It would be an understatement to say Schumacher Group had a challenging year in 2013.
Hampton Toyota has been serving Acadiana as the premier Toyota dealership for more than 10 years. And now, the glossy Johnston Street dealership is looking forward to a makeover.
Even when Floyd Degueyter is on “vacation” he’s hard at work.
As the second largest metal heat treating company in the country, Analytic Stress Relieving Inc. has grown by leaps and bounds since its inception in 1979.
When the Prohibition era came to an end in 1933, Joseph R. Streva saw an opportunity to make a little extra money to supplement his day job.
When a hurricane hits, Brent Mouton doesn’t run. The convenience store chain owner is proof that the challenges of mother nature can almost break a business, but Mouton learned to grow out of temporary closure from near devastation in 2002 and of lost potential revenue.
By launching a Super PAC to end all Super PACs, our Top 50 keynote speaker hopes to change the game in Washington.
Oil Center-based private facility extends its offerings with special events venue in failed women’s store.
One year later, is his expansion plan paying off?
Newspaper industry insiders question John Georges’ expansion plan.
How the U.S. has gotten itself into another fine mess
The Heymann Center was transformed into a culinary adventure in mid-June for the EatLafayette kick-off event, A Taste of Lafayette, and for the third consecutive year, a sellout crowd filled the Cajundome Convention Center June 19 to hear LEDA chief Gregg Gothreaux’s State of the Economy report.
A look at recent hirings, promotions and other announcements from Acadiana's business community.
Anne Pyle puts a bow on a stellar, expectations-defying career with her latest venture.
The company currently has 10 branches throughout Louisiana, including an Ambassador Caffery location which opened last year.
Lawmakers have added $15 million to the attorney general's budget to pay for Louisiana's ongoing legal case against BP for damages caused by the 2010 Gulf oil spill.
The state's jobless rate rose to 5 percent in June from 4.9 percent in May. Louisiana's unemployment rate was 6.4 percent in June 2013.
Long-established private club opening special events venue in failed women’s store at Kaliste Saloom Road and Camellia Boulevard.
High-dollar legal teams are preparing to spar in federal court over the regional levee authority’s historic lawsuit against oil and gas companies, but a panel of volunteers could preempt those efforts when they meet in August.
May sales, the highest on record for the month at $534 million, increased 6.1 percent over May 2013.
Trendy Shi Shi is heading to the Ranch, longtime retail institution Partners’ Ltd. is relocating to Parc Lafayette, and ariel artist haven Vertical Barre is moving downtown.
There’s another debit/credit card scam making the rounds — the second this year — this time via a robo call purportedly from MidSouth Bank.